Overview of SBI Car Insurance Plans
Established in the year 2010 as a joint venture between State Bank of India and Insurance Australia Group, SBI insurance offers insurance products designed to cater to the needs of the customers. With a mission to serve complete insurance solutions in a transparent and with empathy, SBI general insurance offers product range in health, motor, personal accident, home, fire, aviation, marine, construction, engineering and liability insurance packages.
Car is a treasured possession for everyone and has now become one of the most used modes of personal transportation. Just as how having a car is important these days, having motor insurance for your car is not just important but mandatory in India. Given the numbers of road accidents and damage caused to vehicles because of reasons uncertain, SBI General Insurance has curated SBI Car Insurance to provide comprehensive coverage which helps the policyholders to get the best benefits of insurance coverage while driving. With over 21000 IRDAI certified employees, 8000 agents, SBI insurance is available in remotest areas of the country. Being one of the oldest companies, SBI is trusted by the masses and has a customer base of more than 68 million happy customers all over which is why the motor insurance offered by SBI is also trusted by many.
So why should anyone buy SBI Car Insurance Plan?
SBI General Insurance Company Limited is one of the premier insurance companies offers a plan which satisfies the quest of policyholders of having an insurance plan which protects them and their car. SBI should be one’s choice because
- SBI Car Insurance provides personalized pricing based on the profile of the customer
- SBI offers a discount to customers ageing between 36-60 years of age
- It offers some exceptional add-on benefits enhancing the overall insurance policy and providing exclusive coverage
- SBI has the best transparent working and operations
Benefits of SBI General Car Insurance Plans:
SBI Car Insurance has various benefits added with it to the advantage of the policyholders. Some of them are:
- SBI Car Insurance provides Personal Accident Cover compulsorily to the car owners
- SBI Car Insurance provides third party legal liability cover to protect the interest of the policyholders from the liabilities arising out of third-party damages
- SBI Car Insurance offers discounts on opting for voluntary excess along with compulsory excess
- Offers add-on covers to enhance the user experience and provide extra benefits to the customers
- Offers easy issuance and renewal of the insurance policy without hassle
- It also provides emergency assistance when in trouble
- SBI Car Insurance hassle-free and transparent claim settlement process to ease out the claim procedure.
Features of SBI General Car Insurance Plans:
Some of the features of SBI Car Insurance which makes it distinct and very useful are
- Third-party coverage: SBI Car Insurance provides third party liability coverage and covers the cost of legal liability arising out of damage to third party property or bodily injury or death of the third party. Coverage of up to 7.5 lakh is provided for third party coverage under the SBI Car Insurance policies.
- Personal Accident insurance: SBI Car Insurance provides coverage for the personal accident of up to INR 2 lakh for owner given that the owner while driving, had a valid driving license. It also offers personal accident cover for occupants. The personal accident cover can be increased upon payment of additional premium.
- Network garages: SBI Car Insurance has a network of more than 16000 certified garages in its network for providing cashless services to the policyholders across the country. Allowing the policyholders to drive stress free, SBI Car Insurance ensures that the policyholders can avail the service upon any inconvenience on the road.
- No Claim Bonus: SBI gives its alert policyholders discounts in the form of No Claim Bonus wherein the policyholder gets discount upon renewal for making zero claims during the policy term. The no-claim bonus is an incurred bonus which increases every year with no claims made. A maximum of 50% discount is allowed by SBI Car Insurance upon renewing the insurance policy within 90 days of the expiry of the insurance policy. Another benefit of No Claim Bonus with SBI Car Insurance is that it can be transferred from one policy to another or from one company to another company, without compromising on the benefits of the No Claim Bonus.
- Incurred Claim Ratio: Incurred Claim Ratio is the ratio of the claims settled against the premiums received. In other words, the proportion of the claims which the company paid to the policyholder’s claims against the total premiums received by the company is called the Incurred Claim Ratio. Higher the claim settlement ratio means that less rigorous is the claim settlement process of a company. SBI Car Insurance has an incurred claim ratio of 52.93% and 50.12% claim settlement ratio.
- Additional cover for legal liabilities: SBI Car Insurance also offers additional covers for the legal liabilities arising towards the driver, co-passengers, etc.
- Nil depreciation: SBI Car Insurance policyholders get an opportunity to nullify their depreciation costs by opting for nil depreciation rider.
- Special discounts on premiums: SBI gives numerous discounts to its policyholders. These discounts fall under different categories like vintage cars, installation of the anti-theft device, vehicles specially designed for blind, handicapped, etc.
Types of Plans with SBI General Car Insurance Plans
SBI provides two types of car insurance plans
- SBI General Private Car Insurance Plan
This plan covers the policyholder for the following
- Accidental Damage to the vehicle
- Third-Party Liability
- Personal accident cover
- Return on invoice add-on cover
- Depreciation reimbursement add-on cover
- Engine guard and roadside assistance add-on cover
- No Claim Bonus
- Cover for a consumables add-on cover
- SBI General Private Car (Long Term) Insurance Policy
This policy provides protection through
- Third-party liability for 3 years
- Personal accident cover for individual owners
- No need for annual renewals
- Personal accident to passengers
- Legal liability cover to driver
- Bio-fuel kit
Coverage under SBI General Car Insurance plans
- Comprehensive coverage
SBI Car Insurance provides comprehensive coverage under which the policyholder gets third party liability along with insured vehicle coverage. The insured vehicle cover protects the policyholder against:
- Damage caused due to man-made calamities like fire, theft, burglary, terrorist activity or any malicious act
- Damage caused to the vehicle due to natural calamities like flood, earthquake, fire, cyclone, landslide, hailstorm, rockslide, etc.
- Damage caused to the vehicle due to external factors like fire, self-ignition, accident, etc.
- Damage caused during transit by rail, road, airways, waterways, elevator or lift.
- Third-Party Liability
SBI Car Insurance provides coverage against the loss or any damage to the third party. It covers the loss to property or any bodily injury or death of the third-party and compensates for the losses. This is a compulsory coverage as mandated by the Motor Vehicle Act.
- Personal Accident cover
SBI Car Insurance provides personal accident cover of INR 15 lakh for the owner of the vehicle while driving subjected to that the owner has a valid driving license. SBI Car Insurance also provides personal accident cover of up to 2 lakhs for owner/driver. The policyholder can also get personal accident cover for the occupants and driver as well. This does not apply for commercial vehicles.
Add-on features of SBI Car Insurance plans
SBI Car Insurance also has some additional coverages that are available upon payment of extra premium.
- Bi-fuel kit cover:
The policyholder can enjoy the cover for CNG, LPG bi-fuel kit after payment of extra premium
- Zero depreciation:
Every vehicle has a depreciated value which is deducted from the claim. This add-on cover protects the policyholder and allows a full claim of the damage or repair cost. This allows the policyholder to get the damaged parts replaced with new ones. Battery, tyres and tubes are exempted from zero depreciation cover
- No Claim Bonus Protection:
No Claim Bonus is the bonus for zero claims during a policy term and the discount is availed upon renewal of the policy. The discount rate increases with each no claim year. No Claim Bonus protection saves you from waiver of the No Claim Bonus even if you have made a claim by protecting you for the claim and lets you enjoy the discount on the premium
- Key replacement:
This add-on cover provides you coverage for loss or theft of keys by compensating for the cost of repair or total replacement of the lock but within specified limits and when the replacement or repair was done in the authorized network garage of SBI insurance. The SBI Car Insurance will reimburse the replacement cost of up to INR 65,000 one time during the term of the policy subjected to the condition of co-share of 10% replacement cost or minimum INR 500.You can avail this given the following conditions:
- Deposit all the duplicate or spare keys to the insurance company, in case of theft or losing the keys
- Deposit keys if the vehicle lock has been broken for burglary
- Submit the copy of the FIR to confirm the date of the incident
- Replacement is allowed only once during the term of the policy
- Personal belonging cover:
Under this add-on cover, the SBI Car Insurance compensates for the loss or damage to the personal belonging in the car, of the policyholder provided the following conditions:
- In case of loss or damage to the personal belongings of the policyholder only
- Submission of copy of FIR to confirm the date of the incident
- It includes personal belongings like clothes, jewellery, laptop, mobile, tapes, etc. and excludes belongings like credit/debit cards, money, cheque, security papers, tickets, etc.
- The maximum amount under this add-on cover is INR 50,000 with subjected deductibles ranging between INR 500-5000
- Inconvenience Allowance:
SBI Car Insurance allows daily allowance or daily cash to the policyholder when the insured vehicle is in repair under this add-on cover provided:
- The insured vehicle is in repair for more than 3 days
- The policyholder gets the daily cash benefit for maximum 10 days when the vehicle is under repair for over 3 days
- The repair is carried out in the network garage of SBI insurance
- This cover is allowed only twice for own damage during the tenure of the policy.
- Return on invoice:
This add-on cover allows the policyholder to receive the difference between the claim paid and the actual amount of the car or the invoice value, when the claim is made. In simple words, the insurance company pays for any shortfall of registered insured amount received by the policyholder and the purchase price along with the first-time registration charges as mentioned in the invoices in case of theft or total loss of vehicle during the term of the policy.
- Engine guard:
SBI Car Insurance also offers protection against consequential damages to gear box and its parts and engine due to water ingression, oil leakage. This cover helps in transporting the vehicle or towing it to the garage within two days of water receding from areas logged with water. Under this add-on cover, losses covered in recall campaign and manufacture warranty are excluded.
- Consumable cover:
This add-on cover compensates the policyholder for expenses incurred towards consumable items damaged due to causes covered under the policy. The consumable items include screw, bolt, grease, washer, lubricants, gearbox oil, AC gas, bearings, distilled water, engine oil, oil filters, break oil and fuel filters.
- Additional Roadside Assistance:
SBI Car Insurance also provides additional and basic roadside assistance to help in towing the vehicle under certain circumstances. Towing assistance is provided for electrical and mechanical breakdown and cases like:
- Dead battery
- Flat tyre
- Running out of fuel
- Vehicle keys locked inside the car, etc.
- EMI Protector:
This add-on cover pays the EMI for the insured vehicle to the financial institution for the duration during which the vehicle is under repair in the garage because of damages caused by reasons covered under the policy. This is applicable when the repair time is more than 21 days. The SBI Car Insurance will pay the sum insured or maximum two month’s EMI, whichever less. This benefit covers only one-time incidents.
- Tyre and Rim guard:
This add on cover compensates for the expenses of replacement or repair of tyre and tube damages, and damaged rim. This also covers any charges paid for the service or to the labor. The condition under this add-on is that it covers only RUN FLAT technology manufactured tyres.
Discounts offered by SBI Car Insurance:
Under SBI Car Insurance, a policyholder can claim the following discounts:
- No Claim Bonus: This is the bonus given on making zero claims during the policy tenure. Offering upon renewal, the No Claim Bonus is provided to the maximum of 50% depending upon the years of zero claim and if the policy is renewed within 90 days of the expiry of the policy. The No Claim Bonus is transferable from one company to another with full benefits.
- Voluntary excess: This is another discount offered by SBI Car Insurance in addition to Compulsory excess.
How to buy SBI Car Insurance Plans?
Buying or renewing a car insurance policy from SBI is very easy as it involves few simple steps when done online. In case of offline process, all you have to do is contact a sales representative and they will handle everything from there. For online, you will have to follow the following steps
- Log in to the official website https://www.sbigeneral.in/portal/
- Choose the vehicle type and enter your registration number
- You can also go ahead without entering the vehicle registration number
- You will be directed to a page where you will have to select the brand of the car and select the car model to continue
- You will now have to provide vehicle details like registration year, city, policy details, policy type, existing policy (if any), no claim bonus (if any)
- After providing the information you will get the quote of the premium
- Once you are satisfied with the quote, you can make the payment online
Buying or renewing the SBI Car Insurance through Turtlemint
You can also buy or renew your car insurance policy from Turtlemint by
- Visiting https://www.turtlemint.com/car-insurance/
- Enter your vehicle registration number or location of registration
- Enter details like vehicle type, model, fuel type, manufacturing year, car variant, personal details, insurance policy details, etc.
- You will be directed to a page where various policy quotes are displayed for you to compare and choose
- You can choose SBI Car Insurance from the page and make the payment online through any suitable mode
How to claim SBI Car Insurance Plans?
The claiming process of SBI Car Insurance is mentioned below for you to have a better understanding of the process:
- Intimate the insurance company about the incident and lodge a claim
- You will be provided a claim reference number
- Download the claim form from the website and submit the duly signed form with the following documents
- Registration certificate
- Copy of the driving license
- Copy of the FIR in case of third-party damage or injury
- Details of the third-party damage
- A surveyor will access the loss after inspection and approve the amount of the claim
- The repair work will be monitored by the surveyor. Submit the original receipts and invoice in case of reimbursement for cashless services
Exclusions in SBI Car Insurance Plans
SBI Car Insurance also has some exclusions as well. Damage or loss caused due to the following reasons will not be compensated by the insurance company
- Normal wear and tear of the vehicle due to normal aging
- Consequential loss or depreciation
- Loss or damage to vehicle accessories
- Electrical or mechanical breakdown
- Us of vehicle other than the specified purpose
- Driving the insured vehicle without a valid driving license
- Loss or damage due to nuclear attack or war
- Damage or loss while driving the vehicle under the influence of alcohol, drugs, etc.
Review of SBI Car Insurance Plans
SBI Car Insurance is one the most affordable and cost-effective insurance policies which provides comprehensive coverage for road fears and sudden financial stress due to loss or damage to vehicles. Through easy issuance and renewal, SBI General Car Insurance has some of the best features to offer to its customers. SBI General Car Insurance is dedicated to provide faster assistance through its efficient claim team which provides fast and transparent claim process relieving the policyholder from stress. This makes SBI Car Insurance Plans so popular in India.
A motor insurance protects the policyholder and provides coverage from physical damage to the vehicle and to the driver/owner. Apart from this, it is mandatory for everyone to have a basic third-party liability motor insurance in India as mandated by the Motor Vehicle Act violating which, it is illegal to drive a car and attracts a fine of up to INR 2000- or three-months imprisonment.
Not all the insurance policies cover the driver or the owner under the basic car insurance providing just third-party liability. If the policyholder wants to get comprehensive coverage, then he/she should buy an insurance policy which provides both third party liability and personal accident cover.
Yes, the insurance policy can be cancelled anytime by the policyholder and the remaining premium amount will be refunded if no claim has been made.
SBI Car Insurance settles the claim within 30 days after submitting complete and all the required documents.
Yes, the insurance policy can be transferred to the new owner through proper documentation by the insurance company.
The IDV or insured declared value is the value of a car which is decided at the beginning when the policy is bought by the policyholder. This value is used for calculating the claim amount in case or total loss or theft.