SBI Car Insurance

SBI General Insurance is a renowned name in the insurance sector with its presence across 110 cities across India. The company started as a joint venture between State Bank of India (74%) and Insurance Australia Group (26%). In the financial year 2016-2017, the company experienced a 28% growth in their gross premium earnings. The company offers insurance plans that are suitable for a vast segment of customers.

Irrespective of the distance that is driven, it is mandatory to have car insurance in India. The motive of buying motor insurance is to remain financially protected at all times. It is recommended to buy vehicle insurance as soon as it leaves the showroom.  If you have an adequate cover, it can protect you from a financial shock in the event of an accidental damage.

SBI Car Insurance Plan at a Glance –

Features  Highlights
Incurred Claim Ratio 75.01%
Network  Garages 2500+
CNG-LPG bi-fuel kit On additional premium
No-claim Bonus Discount Max 50%
Personal Accident Cover (Add-on) Up to Rs. 2 lakhs

Why SBI Car Insurance?

It is essential to have car insurance because it covers expenses in the event of any loss or damage caused to the insured vehicle. It also covers injuries or damage caused to a third-party vehicle, person and even pedestrians.

The premium is calculated on the basis of the coverage you take and features you opt for- like theft cover, personal accident cover, damages caused by natural calamities or man-made disasters. For an extensive coverage, you can opt for add-on covers like NCB Protection, personal belonging cover etc.

SBI Car Insurance Plan Table-

SBIG offers comprehensive car insurance cover with wide choice of add-on covers –

Optional Add-on Covers

 

· Personal accident cover

· Depreciation Reimbursement

· NCB Protection

· Key Replacement

· Return of Invoice

· Inconvenience Allowance

· Enhanced Personal Accident Cover & Hospital Daily Cash Cover for -Owner Driver, Passengers & Paid Driver

· Loss of Personal Belongings

· Additional Roadside Assistance

· Engine Guard

· Basic Roadside Assistance

· Hospital Daily Cash Cover

· Consumable Expenses

Discounts Applicable · No-Claim-Bonus- At the time of policy renewal avail a no-claim bonus as high as 50%, for all the claim free years. Subjected to policy renewal within 90 days of policy expiration date.

· Easy Transfer of No Claim Bonus – Get all the benefits transferred at the time of switching your car insurance provider

· Additional Voluntary Deductibles – Reduce your car insurance premium by opting for a higher voluntary excess.  It means that the insurer will only pay the amount above the deductibles and the remaining will be borne by the insured.

Exclusions · Loss or damage arising due to routine wear and tear and aging of the car

· Consequential loss

· Electrical or mechanical breakdown ( unless accidental)

· Loss or damage by a person driving under the influence of intoxication, drugs or alcohol

· Driving without a valid license

· Loss or damage resulting due to rebellion, war, or nuclear risk

 

You can easily compare car insurance benefits and purchase the best one that suits your needs. Having basic comprehensive car insurance is sought after by most of the car owners. But, it is always beneficial to have advance cover. Below are the add-ons benefits that are available in SBI car insurance policy.

Additional Covers in SBI Car Insurance Plan

The plans provide add-on benefits like:

  • Third-party liability cover
  • Loss or Damage Cover
  • NCB Protection
  • Personal accident cover
  • Additional Legal liability cover
  • Bifuel-Kit
  • Nil Depreciation
  • Return to Invoice
  • Personal Belongings Cover
  • Key Replacement Cover

SBI car insurance includes third-party liability cover, together with comprehensive benefits covering loss or damage caused to the insured vehicle-  

  1. Third-party liability cover –Protects against any legal liability arising due to the death or bodily injuries caused to a person or third-party property damage from the insured vehicle.
  2. Loss or Damage Cover –SBI car insurance offers protection in case of any loss or damage caused to the insured car or its accessories because of the following reasons-
  • Self-ignition, fire, explosion, or accidental damage due to external factors
  • Any damage caused to the vehicle in transit by rail, road, air, inland waterway, or lift
  • Loss or damage arising due to earthquake, lightning, flood, storm, cyclone, typhoon, landslide, or other natural calamities
  • Theft, burglary, strike, riots and terrorist activity
  1. No-Claim Bonus Protection-

To maintain the No Claim Bonus amount, the insured needs to pay an additional premium and avail the following benefits –

  • Easy renewal process
  • Repairing assistance in an authorized workshop
  • The rate of No-Claim-Bonus at the time of renewal will be same as it was in the previous policy
  1. Personal accident cover – SBI car insurance provides a personal accident cover of Rs. 2 lakhs per person for individual cars owners with a valid driving license. This benefit is not applicable for company-owned vehicles. There is an option to opt for higher sum assured limit for personal accident cover.
  2. Additional Legal liabilities – Get additional cover for employees, paid driver who is traveling or driving the insured vehicle.
  3. Bifuel-Kit – Cover the risk arising from CNG-LPG bi-fuel kit by paying an additional amount of car insurance premium.
  4. Nil Depreciation – In respect of approved partial loss, SBI insurance company will pay the sum assured without deducting the depreciation value of the vehicle’s parts.
  5. Return to Invoice – In case the insured vehicle is declared as a total loss after an accidental damage or burglary (during the policy period and is not recovered), SBI car insurance shall compensate the financial difference between the purchase price or replacement price of the vehicle and the amount Insured.The first time registration charges and road tax is also reimbursed, provided that, the insured vehicle less than 2 years old from the date of registration as mentioned at the time of policy purchase date. Please read policy terms and conditions for a better understanding.
  6. Personal Belongings Cover – Loss of any personal belongings of the insured person is covered by this insurance plan.It includes items like clothes, mobile, jewelry, laptop etc. This benefit is not provided on the loss of money, debit card, securities, and items of similar nature. Documents required – Copy of Police FIR to confirm the loss of items and the time and date of the incident. Benefit up to Rs. 50,000 is provided for loss of personal belongings. Deductibles applicable: Rs. 5000 if there is any loss of jewelry or laptop, Rs. 2500 for Mobiles and Rs. 500 for other items.
  7. Key Replacement Cover – In case the keys of the insured vehicle are lost or stolen, the set of old keys should be deposited to the insured. Submit the copy of Police FIR to the insurer as a proof of the time and date of incident or burglary.

The replacement of keys will be carried out in a registered workshop. 10% co-payment (or min of Rs. 500) clause is applicable to key replacement claims. Replaced keys will be of similar quality, type and quantity as the stolen ones. The reimbursement is applicable only once during the policy period.

If you own a high-end car with exclusive features and accessories, it is imperative for you to buy some of the afore-mentioned additional covers to protect your vehicle fully.

SBI Car Insurance Renewal

  • You can renew your SBI car insurance online in a hassle-free manner
  • Both existing and expired policies can be renewed online
  • The inspection of the insured vehicle will be scheduled by the representative as per your Convenience
  • Once the inspection is carried out, you can pay the insurance premium for the policy to be renewed

You can also get calculate your car insurance premium with SBI car insurance premium calculator and get the quotation or car insurance price. All you need to do is provide your car registration number online and get an instant quote. For renewal, you can check car insurance renewal premium calculator to have an idea.

Sum Insured – Insured’s Declared Value (IDV)

  • IDV is the amount of sum insured that is provided by the car insurance provider in case of the insured vehicle is damaged or stolen. Simply put, it is the current market value of the car, on which the car insurance premium is calculated at the time of policy purchase or renewal.
  • The Insured’s Declared Value of a car with fitted accessories is calculated on the basis of the price listed by the manufacturer. On the basis of the age of the car, depreciation is adjusted in the insurance premium. It is only valid for claims arising out of the total loss of the insured vehicle.

SBI Car Insurance Claim Intimation Procedure

You can intimate about your claim online by providing the following details – First name, last name, mobile number, email, city, and product. Mention if you are an existing customer or not. Share remarks, if any. And then click on Submit.

For Motor Insurance Accidental Claims –

  • The insured needs to sign and duly fill the claim form
  • Original copy of vehicle registration booklet
  • The original driving license of the person driving the car at the time of an accident
  • Police FIR in case of death, bodily injuries, third-party damage, fire
  • Car repair estimate from the workshop where the car sent for repairing
  • Repair Bills and receipt of payment after the completion of the job
  • For any loss above Rs. 1 Lakh KYC is required
  • For commercial vehicle, additional documents are required – Original copy of load challan, fitness certificate, permit, and tax certificate 

For Motor Insurance Theft Claims

  • Original copy of policy documents
  • Duly filled and signed claim form
  • Original copies of car registration, tax certificate, permit, load challan and fitness certificate
  • Police FIR
  • Final non-traceable 173 CRPC Report
  • Original purchase invoice, Service Booklet, All the sets of Keys, Warranty Card
  • Acknowledgment letter to RTO informing about vehicle theft and notifying the non-use of vehicle
  • Form 35 signed by the Financer and Form 28, 29 and 30 signed by the policyholder ( as the case may be, blank and undated)
  • Discharge Voucher and Letter of Undertaking
  • Letter of consent mentioning agreed on claim settlement value from the financier and policyholder
  • NOC from the investor if claim needs to be settled in the favor of the insured 

Claim Settlement/Intimation Process

  • Dial 1800 22 1111 to speak to their insurance team
  • You can also get your claim number/reference number by messaging ‘CLAIM’ to 561612
  • Their customer care team will inform you about all the documents that are required for claim initiation
  • SBI’s Claim Executive or Manager will get in touch with you within 24 hours of claim registration
  • Provide all the necessary documents to the Claim Executive and he/she will verify all the documents against the originals
  • Once this process is completed SBI will initiate the car insurance claim process
  • Once approved, the claim will be settled within a period of 30 days of receipt of the final report ( as per IRDAI guidelines)

SBI Car Insurance FAQs

Q1. What is a third-party car insurance cover?

If you have third-party liability cover then you are protected against any legal liabilities arising due to any loss or damage that is caused to a third-party property or person by your car.

Q2. What is the benefit of a comprehensive car insurance policy?

Basic comprehensive car insurance policy includes damage to the insured vehicle, loss and theft of vehicle as well as third-party damage cover. It offers protection against man-made disasters and natural calamities like fire, theft, vandalism, earthquake, floods, cyclone, or riots.

It also covers legal liabilities arising due to the damages caused to any third-party by your car. You can read the benefits in detail in the policy wordings.

Q3. How is car insurance premium calculated?

There are a number of factors that are taken into consideration while calculating car insurance premium. Here’s a quick rundown of some of the common factors –

  • Whether it is a used car or new car
  • The Insured Declared Value or IDV of the damaged vehicle
  • Car registration number
  • Car make, model, and variant
  • The year of manufacturing
  • Geographical location
  • Deductibles or No Claim Bonus ( if any)
  • Anti-theft discount
  • Deductibles
  • Optional benefits

Q4. What is not covered in a car insurance policy?

Third party liability insurance offers limited coverage. There are certain scenarios in which the car insurance provider can invalidate the claim-

  • Damages incurred before or after the policy period
  • Normal aging and wear and tear of the vehicle
  • Oil leakage
  • Driving without a license
  • Damage resulting from war conditions or nuclear radiations
  • Voluntarily breaking the law
  • Accidental damages while driving under the influence of drugs or alcohol

Q5. What are deductibles in a car insurance policy?

There are certain facts about deductibles that you must know before buying a car insurance policy.

Compulsory Deductibles – Car insurance companies enforce compulsory deductibles as per the IRDA guidelines. It is a certain specific amount that is pre-decided by the insurer. It does not impact the car insurance premium and is usually calculated on the basis of car make, model, and IDV. The insured person needs to pay the compulsory deductible amount at the time of claim settlement process.

Voluntary Deductibles – A certain percentage of the claim amount needs to be paid by the insured person, as decided at the time of purchasing the policy. It is not mandatory to opt for voluntary deductibles. It is the sole discretion of the policyholder to purchase it or not.

Voluntary Deductibles have a direct implication on the insurance premium. If you opt for lower Voluntary Deductible, the premium will be higher, and vice versa. Only opt for it if you are capable of paying this amount from your own pocket.

Q6. How does my geographic location impact the car insurance premium?

The place where you reside is an important factor which is taken into consideration while calculating car insurance premium. The premium varies in metro and non-metro cities. And localities that are prone to theft and robberies, car owners need to pay more insurance premium due to increased risk of theft or burglary.

Q7. What documents are required for Car Insurance claim settlement process?

All the documents are usually listed in the policy documents. The documents that you require generally are-

  • Claim form – Duly signed and filled
  • Vehicle Registration Certificate ( RC)
  • FIR copy ( for theft claims)
  • Repair invoice from network garages ( for cashless claim settlement)
  • Payment receipt
  • Loss and damage estimate

Keys of your vehicle and a non-traceable certificate are also required to be submitted at the time of claiming car insurance for theft.

Q8. What is the depreciation in car insurance?

The value of a car diminishes over time. Depreciation is calculated on the wear and tear of each part of the car. And the rate of depreciation is applicable from the date of policy commencement.

The rate of depreciation is determined on the basis of the age of the vehicle. Even the IDV of your car is calculated on the basis of the depreciation value of your car. Depreciation rates are applicable to each part of the car including airbags, tyres, rubber, plastic parts etc. It is not applicable to glass or parts made of glass.

The older the car more is the rate of depreciation and lesser the insurance amount offered by the car insurance provider.

Q9. What is zero-depreciation or zero dep in car insurance policy?

Zero depreciation cover is the most sought after add-on cover purchased by the policyholders. The insured get full coverage without deducting the depreciation value. It means that if there is an accidental collision and your car gets damaged, the entire amount will be reimbursed by the insurer.

Q9. What is zero-depreciation or zero dep in car insurance policy?

Zero depreciation cover is the most sought after add-on cover purchased by the policyholders. The insured get full coverage without deducting the depreciation value. It means that if there is an accidental collision and your car gets damaged, the entire amount will be reimbursed by the insurer.

Q10. Is No Claim Bonus transferable even after the policy is expired?

The accumulated No Claim Bonus (NCB) is added to the new insurance policy, once it is expired. Usually, the amount NCB is transferable within 90 days from the car insurance expiry date. After this, it is not possible to transfer NCB.

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