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SBI Car Insurance: How To Buy & Renew Car Insurance Online

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SBI Car Insurance Complete Details

SBI Car insurance offers comprehensive insurance coverage for the insured vehicle. The policy works in accordance with the Motor Vehicles Act, 1988 by offering third party coverage as well. The policy comes in handy in covering any loss or damages sustained by the insured four wheeler

SBI Car Insurance is a popular product offered by SBI General Insurance Co. Ltd., which was established as a joint venture between SBI, i.e., State Bank of India, and Insurance Australia Group in 2010. Since then, it has been offering motor insurance products customized according to various customers’ needs.

What is SBI Car Insurance?

SBI General Car insurance is an insurance policy that aims to provide motor vehicle insurance coverage for cars. Any car owner can avail of four wheeler insurance to obtain cover for him, i.e., the insured party, his car, i.e., the insured vehicle, and even third parties, which cover other people and their vehicles.

Car Insurance can be purchased for both new as well as pre-owned cars. It covers all liabilities in case of theft or an accident and damages caused by the insured person. The court settlement decides the amount payable towards the third party.

SBI General Car Insurance provides its customers with comprehensive coverage with third party property coverage up to 7.5 lakh, personal accident cover up to Rs 15 lakh for the owner driver and Rs 2 lakh for the occupants. It also comes with various add-on covers such as Zero Depreciation, NCB Protector, Return to Invoice, Key Replacement etc.

Why Choose SBI Car Insurance?

SBI Insurance is among the top 4 car insurance providers in the country and is recognized in the market for its reliable service and credibility. The company offers a host of customized plans according to the needs of customers. Here is a look at the reasons why one should choose SBI General Car Insurance:

SBI Car Insurance Features

SBI General Car Insurance offers a wide range of personalized car insurance plans that provide complete protection to the vehicle. Here are some of the features of this car insurance policy.

Benefits of SBI Car Insurance

This SBI Motor Insurance policy provides a host of benefits to its owners. They are as follows:

*All savings are provided by the insurer as per the IRDAI approved Insurance plan. Standard T&C apply

Types of SBI Car Insurance Policies

There are two types of SBI Vehicle Insurance plans provided by SBI. They are:

  1. SBI General Private Car Insurance – This insurance plan offers coverage for any accidental vehicle loss or damage, third-party cover for liability, and even a cover for personal accidents. Policyholders can also avail of extra add-on covers, like Return to Invoice, No Claim Bonus, Depreciation Reimbursement, Engine Guard covers and, also covered for any roadside assistance.
  2. Motor Act Only Private Car (Long Term) Insurance – This version of the policy offers secure coverage through a 3-year liability cover for any third-party, Personal accident Individual cover for drivers and passengers, and cover for drivers for any legal liabilities. There is also no need to renew the policy every year, and an additional Biofuel (CNG or LPG) kit cover and Consumables Cover is also provided. The policy also includes PA cover of Rs 15 lakh for the owner driver and Rs 1 lakh for the passengers.

Besides, there are various add-on covers.

SBI Car Insurance: Eligibility

For any SBI Vehicle insurance policy purchase, whether for a new car or an old one, the person should be an Indian citizen and be 18 years and above. He/she should have a valid driving license and RC of the car. This rule holds good for any plan or add-on policy.

SBI Car Insurance: Scope of Coverage

Plan Name Type Features
SBI Private Car Insurance Policy Basic Accidental cover for owner and passengers, third party liability, accidental car damage, along with below-listed add-ons
Motor Act Only  Insurance Policy(Long Term) Basic Accidental cover for owner and passengers, third party liability, accidental car damage for 3 years, along with below-listed add-ons, plus Consumables cover and BioFuel Kit cover.
Additional Legal Liability Cover Add-on Cover for any legal liabilities on a/c of a car accident
BioFuel Kit Cover Add-On Allowance to buy CNG or LPG kit for your car
Consumable Cover Add-On Cover for damaged car consumables, like washers, bearings, engine oil, etc.
Depreciation Reimbursement Add-On Cover that allows reimbursement of damaged parts in an accident without depreciated value
Engine Guard Cover Add-On Coverage for damage to the car engine and gearbox due to water ingression and oil leakage
Enhanced Personal Accident Cover Add-On Reimbursement amount cover for death/injury of insured, driver or passenger
EMI Protector Cover Add-On Coverage for EMI payment to the bank if the car is damaged in an accident and is in garage repair
Hospital Cash Cover Add-On Coverage for hospital cash in case of hospitalization of the insured due to accident or injury
Inconvenience Allowance Add-On Daily cash benefit to the insured up to 10 days if the damaged car is in the garage for 3+ days
Key Replacement Cover Add-On Coverage for the cost of vehicle key replacement, only once in policy lifetime
NCB Cover Add-On Coverage for maintaining No claim benefits even in case of claims
Personal Accident Cover(Owner) Add-On A benefit to the insured’s family in case of his death/ disability in an accident
Personal Accident Cover(Passenger) Add-On Cash benefit to co-passenger who got injured in an accident while travelling in the same vehicle
Personal Belongings Loss Cover Add-On Coverage for any lost or stolen items from a locked car
Roadside Assistance Cover Add-On ●      Roadside assistance in case the vehicle becomes immobile

●      Available as basic and additional

Return to Invoice Add-On Coverage for getting the ex-showroom value (less taxes and registration charges)of the car in case of theft or loss
Tyre & Rim Guard Cover Add-On Coverage for tyres, tubes, or rim repair and damage On a/c of accident or damage

SBI Car Insurance: Exclusions

The policy doesn’t offer coverage for the following:

Claim Process of SBI Car Insurance

SBI General Car Insurance provides both Cashless and Reimbursement Claims facility. The first thing you need to do in case of an accident or theft or any damage to the vehicle is to inform the SBI Motor Insurance authorities. Their official website has a ‘Locate Branch’ option to identify the nearest branch offices. There is also a garage locator option that will give you a list of network garages all over India, where you can avail of the cashless claim settlement facility.

Here are the steps to follow in case of filing a car insurance claim:

Claim Intimation

Claim Filing and Processing

Claims Settlement

SBI Car Insurance Renewal Process

Any SBI Motor Insurance policyholder needs to renew his/her policy to enjoy uninterrupted motor insurance coverage and benefits. Plan renewal is also necessary for filing claims as any claim for an accident or loss outside the policy period will be rejected. The SBI Car Insurance Renewal process is a straightforward one and can be done without any hassles with official website. The renewal steps are as follows:

How to buy SBI Car Insurance

SBI Vehicle Insurance has arranged for a convenient and straightforward process to buy their policies. You can compare plans online to get a detailed understanding of various plan features and benefits.

Documents Required

Once you compare plans online and decide to buy the SBI Car insurance policy, you need to submit some documents. Here is a list of such documents that you can either submit in person to the nearest SBI General insurance office or scan and submit copies online.

FAQs

Q.1 What is meant by a Zero Dep cover?

Ans: Generally, in case of claim settlement of accidental cars, the reimbursement is done after the depreciation deduction of parts of the vehicle. A Zero Dep cover is protection against depreciation, where the insured person arranges for any future claim amount to include the depreciation amount by paying extra. SBI Motor Insurance also provides Zero depreciation or a Nil Dep policy.

Q.2 Does car insurance not cover any specific situations?

Ans: Yes, the insurer provides a list of exclusions as per the policy document, which is not covered by the policy. SBI Motor Insurance will not cover any claim that arises out of the following situations:

Q.3 Can I cancel my SBI Motor Insurance policy?

Ans: Yes, you can cancel your car insurance policy with SBI Vehicle Insurance without any hassles. You need to inform the insurer and submit your policy papers. If you cancel the policy, the company will reimburse any remaining premium amount after deducting nominal cancellation charges.

Q.4 Does my car insurance premium get affected by any factors?

Ans: The car insurance premium gets influenced by these factors:

Q.5 Will my car insurance policy become ineffective if I move out of my city?

Ans: No, the car insurance policy remains unaffected by your movement outside your city. You need to inform the insurance company about the change of address and update the new address online or in writing at the nearest insurance centre. The subsequent policy premiums will be calculated as per the new city of residence of the insured person.

Q.6 What is the IDV of a vehicle in my SBI Vehicle Insurance policy?

Ans: The IDV is the Insured Declared Value in Insurance terms. It means it is the maximum assured sum that has been specified by the insurance company, which will be provided in case of theft or total loss of the vehicle. In simple terms, this value stands for the current market value of the car. IDV is the compensation that the insurer will provide to the insured person in the event of the vehicle’s total loss.

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