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SBI standalone own damage car insurance covers the damage caused to your insured vehicle due to an accident, riot, strike, earthquake, cyclone, etc. The financial cover provided against your own car damage does help you meet the tall costs of repairs, which otherwise would be hard to pay. Besides, policyholders also have additional benefits such as add-on covers to boost their overall coverage against uncertain events. Let’s check how this policy fares in terms of comprehensive and third-party liability cover variants.
The table below mentions all the differences in the specifications of the SBI standalone own damage car insurance, SBI third-party car insurance, and SBI Comprehensive Car Insurance are mentioned below:
SBI Standalone Own Damage Car Insurance | SBI Third Party Car Insurance | SBI Comprehensive Car Insurance |
The benefits stated in the policy and the financial protection only serve the policyholders. | The benefits stated in the policy and the financial protection only serve the third party. | The benefits stated in the policy and the financial protection serve both the policyholders and the third party involved in an accident. |
SBI car insurance offers optional add-on covers which you can choose from to boost your coverage. | SBI does not offer any add-on covers to policyholders having a third-party liability policy only. | SBI offers the add-on covers to customize your policy. |
The premium rates are the second-lowest in all the motor insurance offered by SBI. | The premiums are the cheapest among all the motor insurance policies offered by the SBI. | SBI comprehensive car insurance premiums are higher than those charged under the other two policies. |
The policy serves as a complementary policy to third-party insurance. There are no legal obligations on the customers to purchase it. | The third-party policy is obligatory under the Motor Vehicles Act, 1988. If you do not have this cover, you will have to pay the fines. | It is also another voluntary policy that customers can choose to purchase or not. However, choosing so will help serve all your vehicle insurance purposes. |
SBI standalone own damage car insurance has the following inclusions in the base policy:
SBI standalone own damage car insurance has the following exclusions in the base policy:
SBI standalone own damage car insurance offers the following benefits to the customers who purchase it:
The whole procedure to purchase the SBI standalone own damage car insurance is digital. You can also buy it by visiting the local branch office or by calling the 2x7 customer care representative.
The SBI standalone own damage car insurance is offered with a term duration of one year. However, customers can opt for the multi-year policy, which has a term limit of three years. So, they do not have to spend every year renewing the policy. SBI Policy renewal procedure is simple, so you do not have to spend hours renewing it.
This will in no way affect your SBI standalone car insurance policy or premium. But at the time of the policy purchase, you must not hide any information from the insurer that can later become a liability. Therefore, it is advised for you to mention the financer at the time of policy purchase.
This policy is ideal for those customers who do not want to purchase costly comprehensive policies, and they also want protection for themselves along with third-party protection.
Following are the add-on covers that customers can avail of to customize their SBI insurance policy: