SBI Third Party Car Insurance

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SBI General Car Insurance Highlights

SBI General (Car Insurance)
SBI General Insurance offers a wide range of general insurance products in retail and commercial space ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering and Liability Insurance in the commercial space.
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Network City Size
3452
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Claim Settlement Ratio
96
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Video Claim
Available
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Usp
-Survey TAT – 4 Hours -Rembuirsement TAT – Within 3 Days from the receipt of Last Document. -68% of claims are handled through LVS. Customers can to do Self Survey and upload documents through this facility. -One Free Body Wash -Warranty on Workmanship Yes*~ * 3 months or Subject to 500 Kms. whichever shall first occur for Mahindra First Choice Workshops ~ 1 Yr Warranty on Painting by Go Mechanic Partner Workshops - Spot settlement is offered for Small Value claims based on claims experience & business volume. Currently we are offering for Claims upto 25K & it may be extended upto 50K in exceptional case on request based on merit.
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close -Survey TAT – 4 Hours -Rembuirsement TAT – Within 3 Days from the receipt of Last Document. -68% of claims are handled through LVS. Customers can to do Self Survey and upload documents through this facility. -One Free Body Wash -Warranty on Workmanship Yes*~ * 3 months or Subject to 500 Kms. whichever shall first occur for Mahindra First Choice Workshops ~ 1 Yr Warranty on Painting by Go Mechanic Partner Workshops - Spot settlement is offered for Small Value claims based on claims experience & business volume. Currently we are offering for Claims upto 25K & it may be extended upto 50K in exceptional case on request based on merit.
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Spot Claims
Available upto Rs 25,000
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Advance Cash
Available upto 75%
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Accidental Repair Warranty
6 months accidental repair warranty
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close 6 months accidental repair warranty
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Pickup Drop Free
Yes
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Emergency Assistance
Available 24/7
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Accreditation
Dual ISO Certification
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Policies Issued
2 crore+

An SBI third-party car insurance indemnifies the third person who suffers loss or damage due to an accident involving your insured vehicle. Under third-party insurance, SBI pays the compensation to the third party on your behalf. This particular insurance was made mandatory for all the vehicle owners to avail of the Motor Vehicles Act, 1988. SBI third-party insurance covers property damage suffered by the third person for up to INR 7.5 lakh. Whereas there’s no predefined limit for third-party death or disability as the court decides the amount of compensation in that case.

How does SBI Third Party Car Insurance work?

SBI third-party four-wheeler insurance policy also functions similarly to that of the other insurance policies. You need to pay the premium every month to get the benefits in return. The tenure of the SBI third-party car insurance policy for the first time in three years. After that, you need to renew the policy on an annual basis. There are also multi-year policies that SBI offers for third-party insurance.  

SBI Third Party Car Insurance vs SBI Comprehensive Car Insurance

There are multiple specifications that follow SBI third-Party four-wheeler insurance policy and the SBI comprehensive four-wheeler insurance policy. The following table has a detailed description of it that will help you make an informed decision regarding policy purchase: 

SBI Third-Party Car InsuranceSBI Comprehensive Car Insurance
The main compensatory benefit of the policy is given to the third party involved in the accident. The main compensatory benefit is provided to both the policyholder and the third party. 
It is mandatory.  It is not mandatory. 
There is no availability of add-on cover. There are thirteen add-on covers from which you can choose to purchase. 
The premium of the policy is minimal.The premium of the policy is higher. 

How to Buy SBI Third Party Car Insurance?

SBI third-party four-wheeler insurance can be availed digitally as well as through the traditional mode. Let’s discuss both the modes.

Online

On the official website of SBI car insurance, you will find the 'motor' tab. Then click on the 'motor private car' tab. A page will open wherein you need to click on the 'buy policy' tab. It will get you to the next page, where you need to feed all the information that is asked. You will get the premium amount on screen. Click on 'submit.' It will redirect you to another page. Complete the procedure by making the payment. 

Offline

The traditional approach has regular steps like visiting the nearest branch or intimating the insurer through a phone call or via an agent. SBI will act upon your request and will further the policy purchase request. Once you make the premium payment purchase will be consolidated. 

What All is Covered Under SBI Third Party Car Insurance?

Mentioned below are all the inclusions of SBI third-party car insurance: 

  • The third party gets the monetary reimbursement on behalf of you for the losses or damages suffered on account of an accident involving your vehicle..
  • The policy provides financial cover for the physical injury or the death of the third party.
  • The cover also extends in case of the permanent disability of the third person.
  • SBI third-party car insurance provides personal injury cover to the policyholder as well. You can claim up to INR 15 lakh.

What All is not Covered Under SBI Third Party Car Insurance?

Mentioned below are the exclusions of SBI Third-Party Four-Wheeler Insurance: 

  • If the third-party vehicle gets damaged, then it will be compensated. However, if the third-party driver is found to be driving without a valid driving license, then no compensation is provided for the driver's injuries.
  • The third-party would not get compensated by the insurer if the policyholder was driving under the influence of the intoxicants.
  • Similarly, a third party will be deprived of compensation from the insurer if the policyholder is driving without the proper license.
  • Policyholders do not get compensation for the damages that they have sustained.

Key Benefits of Purchasing SBI Third Party Car Insurance

Given below are the benefits that you get after purchasing SBI third-party car insurance:

  • This insurance allows you to drive your vehicle legally on the road
  • The SBI third-party four-wheeler policy can be purchased, renewed, and the claim can also be filed digitally.
  • You get personal protection cover for up to Rs. 15 Lacs.
  • The co-passengers or the driver hired by you are also compensated under this car insurance.
  • SBI provides legal protection to the policyholder in case of a legal appeal made by the third party or upon his/her death.

SBI Third Party Car Insurance Review

SBI third-party car insurance is one of the safest and most beneficial policies that you can purchase. It is one of the only third-party insurances that protect the policyholders against bodily injuries. Testimonials and referrals are the tokens of SBI General's trustworthiness among the customers. 

SBI Third-party Car Insurance FAQs

  • 1. Does the SBI third-party car insurance cover depreciation costs while claiming?

    It does not cover depreciation costs. Only third-party liabilities will get covered under this plan.

  • 2. Is the death of the third party covered under SBI third-party car insurance?

    Death and the partial or permanent disability of the third party are covered under  SBI third-party car insurance.

  • 3. Can I customize SBI's third-party insurance policy?

    SBI does not allow customers to purchase add-on covers. Therefore, the customization of the policy is not possible.  

  • 4. Can I cancel my SBI Third-Party Four-Wheeler Insurance?

    It is possible to cancel SBI third-party car insurance. However, given the regulation revolving around mandatory third-party insurance policy, you are advised against it. 

  • 5. Is it mandatory to produce FIR to claim SBI Third-Party Four-Wheeler Insurance?

    When you inform SBI General about the accident, the first thing that it asks you to file is the FIR, if not filed already. Because you need to provide a copy filed by either of the parties involved in the accident to get the claim amount.  

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