When you sift through the list of best bike insurance companies, you can find SBI General Insurance near the top. SBI General provides two-wheeler insurance policies online as well as offline. So, you can rely on an SBI General two-wheeler insurance policy to ride safely and legally on Indian roads.
This article explains the SBI two-wheeler insurance policy in detail, including the company information, policy features and benefits, and ways to avail of a bike insurance policy.
SBI General Two-wheeler Insurance - Introduction
SBI General Insurance offers three types of two-wheeler insurance policies. They are as follows:
Let’s understand the features and benefits of each plan in detail in the following sections.
SBI Comprehensive Bike Insurance Plan
SBI comprehensive bike insurance plan covers the damages caused to a third party, his/her vehicle or property. It also covers the damage inflicted on the policyholders or their vehicles due to an accident and natural or man-made calamities.
SBI General Third-party Bike Insurance Plan
This policy is also known as the motor act only two-wheeler insurance policy. It protects the policyholder from the financial and legal liabilities arising from an accident or collision involving a third-party vehicle, person or property. You can buy a SBI third-party bike insurance plan for up to five years.
SBI General Insurance also offers an add-on with the third-party bike insurance plan. It is as follows:
- Personal Accident Cover - The personal accident cover ensures that the vehicle owner gets an amount of up to INR 15 lakh in the case of an accident involving the vehicle.
SBI General Own Damage Bike Insurance Plan
SBI own damage bike insurance plan covers policyholders against vehicle theft, vandalism, road accidents, etc. But if you buy this policy, ensure you buy a separate third-party cover too.
SBI Two-wheeler Insurance Add-ons
You can also include two SBI two wheeler insurance add-ons to extend the policy coverage. Here are the two add-ons you may add to either a comprehensive or standalone own damage plan for an additional premium.
Return to Invoice
If you opt for the return to Invoice bike insurance add-on during the policy purchase, SBI General will cover the shortfall between the bike’s cost price (on the sales invoice) and the claim amount. It also covers the registration charges in case the bike gets stolen or lost during the policy period.
Protection of No-claim Bonus (NCB)
This add-on lets you retain the prevailing NCB in bike insurance on renewal even if you claim in a policy year. Do note that only a single claim is allowed in a policy year to get this add-on benefit.
While add-ons are not mandatory while buying a bike insurance policy online or offline, many two-wheeler owners prefer buying the add-ons since they enhance their benefits.
SBI General Bike Insurance - Inclusions
An SBI General bike insurance policy generally includes the following:
SBI bike insurance policy covers the damage inflicted by your vehicle to any third party, their properties or vehicles. The company will handle the financial and legal liabilities arising from a third party due to an accident.
Vehicle Loss or Damage
SBI General provides coverage for vehicle loss or any damage caused due to transit, accident, fire, self-ignition, and explosion. The policy also covers any damage caused to the vehicle due to lightning, flood, earthquake, riot, theft, strike, landslide, or terrorist activity.
Personal Accident Cover
While buying a two-wheeler insurance policy, ensure you have a personal accident cover too as the same is mandatory. The maximum personal accident cover amount is INR 15 lakh.
SBI General Bike Insurance - Exclusions
An SBI General bike insurance policy generally does not include the following:
- Consequential loss.
- Depreciation due to vehicle wear and tear.
- Mechanical or electrical breakdown of the vehicle.
- The vehicle is different from the one mentioned in the policy.
- If an accident happens when you don't have an insurance policy or if the same is expired, you cannot claim bike insurance cover.
- If an accident happens when the driver/owner does not have a valid driving license, the owner cannot claim the insurance cover.
- Loss or damage inflicted by a mutiny, war, or nuclear risk.
- If an accident happens when the driver/owner is intoxicated, the owner cannot claim the insurance cover.
How to Buy SBI General Two-wheeler Insurance Policy?
SBI General is one of the top general insurers in India. The company offers comprehensive, third-party, and own damage insurance policies. To get an SBI General bike insurance policy online, visit Paytm Insurance.
Paytm Insurance offers a quick comparison of top bike insurance policies, including SBI General two-wheeler insurance policies. All you need to do is enter your bike registration number and click on ‘proceed.’ The website displays the quote and terms before providing the payment gateway to purchase the policy directly. Soon after making the purchase, you will receive the policy document in your email. You may take a print-out of the same or keep it in your DigiLocker and show it to the traffic police if the need arises.
Read more - SBI Comprehensive Bike Insurance Plan Explained
SBI General - Company Information
SBI General was formed in 2009. In 2011, the company had seventeen (17) branches across India. Presently, it has over 137 branches across the country. SBI General has sold insurance policies to more than 10 crore customers. The company was named 'non-life insurer of the year' at the FICCI Insurance Industry Awards in 2020 and 2021.
SBI General has tie-ups with more than 22,000 distributors besides SBI branches, OEMs, agents, and several digital partners. The Gross Written Premium (GWP) of the company witnessed a stellar growth of 11% to INR 9,260 crore in 2021-22. The promoters of SBI General are the State Bank of India, India’s largest public-sector commercial bank, and Premji Invest, the investment office of the Chairman of Wipro Ltd., Mr. Azim Premji. SBI General’s corporate office is located on the 9th Floor, A & B Wing, Fulcrum Building, Sahar Road, Andheri(East), Mumbai 400099.