SBI Car Insurance

Having insurance for your car is not just imperative but also mandatory. When you have the right car insurance plan, you can shield yourself from any financial unpredictable accident that can damage your car and make a big hole in your pocket. 

When it comes to banking and insurance services, one of the first names that come to mind is SBI. and why not, the origin of State Bank of India goes back to the first decade of the 19th century. Since then, State Bank of India has been committed to nation-building, and with a strong network of over 22,000 branches all over the country, today SBI is nothing less than the country’s financial lifeline. 

SBI General Private Car Insurance Policy-Package gives you the freedom to control and enjoy your car despite all the roadblocks that you face. The policy has been designed to cover the mandatory third-party liability along with own-damages. All cars are insured on the basis of their Insured Declared Value. IDV is basically the market value of a car which is calculated using this formula, IDV= {Manufacturer’s selling price of the car + Price of accessories} - Yearly depreciation. 

The IDV of the car will determine the premium that you pay and thus, it is an important aspect of car insurance. For example, the insurance cover premium that one pays for a Honda City would be more than a Maruti Alto, because of the difference in their IDVs. In our article, we will discuss the Private Car insurance plan by SBI in detail. Let us take a look at the various aspects of this plan, but before that let us take a look at the different types of SBI Motor Insurance Plans:

Types of SBI Motor Insurance Plans in India

Every kind of vehicle that runs on Indian roads has to have an insurance plan. Depending on the kind of vehicle and its usage, SBI offers its customers different types of motor insurance, let us take a look at them:

1. Private Car Insurance Plans
   This kind of insurance plan is for vehicles that are for private use only. Depending on the kind of policy you choose, you can cover your car for own-damage and third-party liability. It safeguards your car and lets you enjoy the journeys you make, to the fullest.
   • Third-Party Liability Car Insurance
     Mandated by the Motor Vehicle Act, 1988, this kind of insurance plan is compulsory for every motorised vehicle. After an accident caused by your car, the damages to the third-party will be covered, your damages will not be. 
   • Comprehensive or Package Car Insurance
     In a comprehensive car policy, after an accident the damages to your car along with the damages/ injury to the third-party will be covered. You also have the option to include add-ons in this kind of insurance plan.
   • Standalone Own Damage Policy-Private Car Insurance
     If you have a third-party insurance cover for your car, you can opt an own-damage standalone cover. It will cover the damages to your vehicle due to an accident, theft or because of a natural/ man-made disaster. 
2. Commercial Vehicle Insurance Plans
   Commercial vehicle are covered in the following ways:
   • Passenger Carrying Vehicle Insurance
     When you have passengers in your vehicle, it becomes your responsibility and duty to keep them safe and covered. This is commercial vehicle insurance that covers a passenger carrying vehicle such as a bus against natural as well as man-made calamities.
   • Goods Carrying Vehicle insurance
     As the name suggests this kind of insurance is for commercial vehicles that are used to transport business goods and products from one place to another. It would offer coverage against theft, accidents, natural and man-made disasters.
   • Miscellaneous Vehicle Insurance
     Vehicles such as tractors, excavators, mobile rigs, shovels, grabs etc can be insured under miscellaneous vehicle insurance.

Benefits of SBI General Private Car Insurance Policy Package 

1. Wide Coverage 
   As this is a comprehensive insurance plan, along with third-party insurance, the damages to your car would also be covered. This includes damages that are caused by accidents, collisions, man-made and natural disasters.
2. No Claim Bonus
   Riding carefully comes with a lot of benefits and when you do not make a claim in a policy year, you get a discount for the next year’s premium in the form of an NCB, that can go up to 50%. Even when you transfer your insurance from one company to another, you would be able to retain your NCB.
3. Affordability
   SBI offers a very comprehensive car insurance plan at a very reasonable price.
4. Discounts
   A discount is available on the premium when you opt for a Voluntary Excess discount along with compulsory excess.
5. Add On Covers
   When you opt for an add-on/rider along with your base car insurance plan, you further expand the coverage of your comprehensive car insurance plan. The following add-ons are available through SBI Car Insurance:
   • Depreciation Reimbursement
     By paying an additional premium, you are eligible for reimbursement for the amount of depreciation applicable to the parts that are allowed to be replaced for approved partial loss claims. However, note that:
     1. No reimbursement is granted for Total Loss/Thefts/Constructive Total Loss
     2. Compulsory deductibles and voluntary deductibles are not included
   • Roadside Assistance
     If your car is immobile because of a flat tyre or mechanical and electric breakdown, dead battery, keys locked in or incorrect or running out of fuel, you will be given roadside or towing assistance.
   • Protection of No Claim Bonus
     With this rider, you can safeguard your bonus even if you make one claim during the policy tenure.
   • Passenger Cover
     The occupants of the car can also be covered with Passenger Cover. Valid only if the owner of the car has a valid Driver’s License, the cover can be for a maximum Capital Sum Insured of INR 2 lakhs.
   • EMI Protector
     If the car is in the garage for over 21 days, the EMI will be covered, note that:
     1. Liability is limited to a maximum of 2 months EMI or sum insured, whichever is less
     2. During the policy tenure, only one incident will be covered
   • Loss of Personal belongings
     Loss of up to INR 50,000 is covered. This is, however, subject to deductibles.
   • Hospital Cash Cover
     For accidental injuries that require a minimum of 24-hour hospitalisation. The benefit would be available for a period of 30 days. The cover can be claimed for:
     1. Owner-Driver
     2. Passengers
     3. Paid Driver
   • Inconvenience Allowance
     When your car is under repair for over three days the company gives you a cash benefit on a daily basis for a maximum of 10 days.
   • Key Replacement Cover
     The company will cover the replacement cost if you lose your car keys once during the policy period, up to INR 65,000.
   • Tyre Protect Cover
     In case your car needs a tyre or the rim guard needs replacement or repair, the cost, as well as labour charges, will be covered by the company.
   • Return To Invoice
     Under this add-on, the compensation will be the same as the purchase price. The amount will also include the road tax and registration charges.
   • Engine & Gearbox Protection
     It can be a costly affair to get the engine repaired. This plan works when there is damage to the gearbox and engine due to water entry or leakage of lubrication oil.
   • Consumable Cover
     Nuts, bolts, engine oil, lubricants come under the category of consumable and will also be covered if you buy this cover.
   • Bi-fuel-Kit
     You can also get the CNG/LPG bi-fuel kit covered by paying an additional premium.

What is Covered under SBI Car Insurance?

1. SBI Private Car Insurance Policy-Package covers: 

• Compulsory Third-Party Liability
  In case of injury or death of a person or any kind of damage that is caused to the property of a third-party is covered.
• Loss and Damage
  Loss or damage to your car due to:
  • Fire
  • Self-ignition
  • Accidental damages
  • Damages when the vehicle is in transit
  • Explosion
  • Burglary/ theft of the car
• Man-Made Disasters
  When your vehicle suffers damages due to riots, strikes, terrorist activities or some malicious acts, the damages are covered by the company.
• Natural Disasters
  If your vehicle gets damaged in accidents caused by events like lightning, earthquakes, floods, cyclones etc. the repair cost will be covered.
• Personal Accident Cover
  An accidental cover up to INR 15 lakhs for the owner/driver. The cover can be for:
  • Owner-Driver
  • Passengers
  • Paid Driver

2. SBI Third-Party Liability Car Insurance covers:

• The damage/physical injury that is caused to a third-party person or his property
• Legal liabilities that may arise due to third-party injury/damage
• Personal accident cover

What is not Covered under SBI General Private Car Insurance Policy Package?

Despite offering extensive coverage, there are still certain aspects that are not covered under SBI car insurance. Given below is a list of some of the exclusions. For an exhaustive list of exclusions, please refer to the company policy wordings. Driving under the influence of alcohol or any other intoxication

• Normal wear and tear of the car
• Accident that is caused due to your negligence
• Electrical and mechanical breakdowns
• Driving without a valid licence
• Self-inflicted accidents
• Damage due to war

How to Apply for SBI General Private Car Insurance Policy Package?

If you wish to purchase SBI car insurance, you can do it in any of the following ways:

1. Online Channel
   Buying car insurance is a matter of a few minutes and can be done via your phone, laptop or computer. You simply need to visit the company website, choose the plan, select the add-ons if you want any, and make an electronic payment. You may be asked to attach a few documents (listed below). You will soon receive a soft copy of your insurance. To buy the plan online, you may click on https://www.sbigeneral.in/portal/motor-insurance/private-car-insurance
2. Offline Channel
   You can visit the nearest SBI branch and purchase the plan directly from the office. You would have to fill in the Application Form and submit the following documents. You can pay for the insurance through cheque or a Demand Draft.

Documents required when purchasing car insurance:

• Registration Certificate (RC)
• Drivers Licence
• Duly filled Application Form
• Valid ID Card
• Residence Proof

Note: You can submit self-attested copies of the above documents.

Claim Process of SBI General Private Car Insurance Policy Package

SBI has a dedicated and experienced team that offers a quick, fair and convenient claim procedure. In case of a claim, you can approach SBIGIC through any of the following mediums:

• Phone
• Email
• Letter/Fax
• Submitting the Claim Form at an SBIGIC branch
• Through your Insurance Representative

Once you intimate the company about the accident, there are two ways in which you can make an own-damage claim:

1. Cashless Claims
   For a cashless claim, you need to get your car repaired in a network garage. Follow the steps given below for a smooth claim:
   • If your car is too damaged to be moved a request for a tow-truck/pick-up
   • Once at the garage, a  company surveyor will assess the vehicle
   • He will then submit a report to the company. The report would contain an estimate of the claim amount
   • If accepted, the insurance company will authorise the repair
   • When the repair work is done, the bills will be settled by SBI and you would be able to take your car home
     
     Note: A cashless claim does not mean you wouldn't have to pay anything from your pocket unless you have the Depreciation Reimbursement add-on, you would have to pay for the depreciable parts
2. Reimbursement 
   In case you do not want to get your car repaired at a network garage, you can still claim the repair costs through the process of reimbursement.
   • You can take your vehicle to a garage of your choice
   • Once at the garage, a company surveyor will come to assess the car
   • A report will be prepared and submitted it to the company
   • If the claim is accepted, your car will be repaired at the garage
   • You would have to pay the entire bill amount yourself
   • Remember to collect all the repair-related bills
   • Submit all the bills and receipts along with the Claim Form with the company
   • Once the bills are assessed, the company will reimburse the charges you have paid

How to Renew Lapsed/Expired Car Insurance Policy?

As we discussed in the beginning that motor insurance is compulsory for every vehicle that runs on the roads, driving a car that doesn't have valid insurance can land you in legal trouble and you would end up paying a penalty too. So, in case your policy has expired, make sure you renew it as soon as possible. 

The best way to ensure that your vehicle is not without an insurance cover, is that you get a renewal before the insurance lapses. If your car gets involved in any kind of accident, without a valid policy, you would not be eligible to make any claims.

Renewal of your SBI car insurance is simple, just follow the steps given below:

• Decide on the plan that you wish to buy. You can continue with the same plan or make some modifications with add-ons
• A surveyor from the car insurance company will come to assess the condition of your car
• Once you get an approval from the company, you can pay the premium and your policy would be renewed
• You would have to produce the documents listed below:
  • Govt authorised ID proof
  • Copy of previous Insurance Policy papers
  • Copy of the RC
  • Driver’s License

Note: You can submit self-attested copies of the above documents.

Review of SBI General Private Car Insurance Policy Package

SBI General Insurance provides various general insurance products at reasonable prices thus, making insurance accessible to all strata of the society. SBI general car insurance offers protective coverage which gives you the peace of mind that even in an accident, that your damages will be covered.

With SBI General Private Car Insurance Policy-Package, you can not only cover third-party liabilities but also claim your own-damages. The policy covers almost all kinds of risks that your vehicle faces when on the road. With benefits like personal accident cover, affordability and quick settlement of the claim, investing in SBI Car Insurance is indeed a good idea. 

The policy not only fulfils the legal requirements but offers a comprehensive cover to your car. There is a huge variety when it comes to add-on options that come along with this policy. These add-ons let you expand the scope of cover to a much greater extent. All in all SBI General Private Car Insurance Policy-Package would shield your car from all risks.

SBI General Private Car Insurance Customer Care Details

There are different modes of contacting the company for any of your queries or complaints