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SBI Bike/Two Wheeler Insurance
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State Bank of India (SBI) started the journey in a non-profit activity called Community Services Banking in 1973 and it is the largest state-owned banking and financial services company. The journey of the State Bank of India started with banking but is now spread all over the globe with multiple facets of its business. In the financial year of 2009 – 2010, the ICRA limited rated the company with an “iAAA” rating.
State Bank of India (SBI) has been the face of banking and insurance for ages. In 2009, State Bank of India made a joint venture with the Insurance Australia Group (IAG)and thus led to SBI General Insurance Company. SBI General Insurance Company Limited is a network of more than 22000+ branches with 6000+ network hospitals covered under it. In 2016, SBI General Insurance Company was named as the Best General Insurance Company.
SBI General Insurance offers various types of insurance coverages for two-wheelers in India.
Types of Two-wheeler Insurance Plans Offered by SBI Two-wheeler Insurance:
SBI Two-Wheeler Insurance offers the below two types of insurance plans to cover all your needs for your vehicle protection:
- Comprehensive Insurance (or Loss & Damage Cover): SBI Two Wheeler Package Policy
Comprehensive bike insurance is the one that usually caters extensively in nature and can be specially mentioned for new two-wheelers. The insurance plan covers most of the damages to the insured vehicle keeping aside the fact that it is man-made or caused by any natural calamities or suffered by any collision. The plan provides coverage for the financial liabilities to the “Third Party” as well as “Own Damage” of the insured’s bike.
- Third-party liability insurance: SBI Two Wheeler Liability Policy
The third-party liability insurance mainly covers all the damages caused to the third party due to the insured vehicle or if any damages are caused to the vehicle due to a third party. This type of policy has been mandated by the Government of India to ply the vehicle on Indian roads.
- Personal Accident Cover:
Personal Accident Cover is usually for the insurer driver. The plan provides coverage of up to INR 15 lakhs for the driver. This coverage could be taken with each plan.
- SBI General’s Bundled Two Wheeler Insurance Policy:
This plan caters to the new two-wheelers wherein they are supposed to buy a bundled two-wheeler insurance plan with 5 years of third party insurance coverage and 1-year own damage coverage. This type of policy has been mandated by the Motor Vehicle’s Act for new vehicles.
- According to the Motor Vehicles Act of 1988, it is a mandate for all two-wheeler owners to sign-up for a third-party two-wheeler insurance policy.
- According to the Insurance Regulatory and Development Authority of India (IRDA) and Supreme Court directive, the insurance companies are instructed to offer third party liability coverage for five years, in case of any new two-wheelers.
- Personal accidental coverage of INR 15 lakhs needs to be availed by every individual. You can avail this coverage with each type of plan or otherwise.
Percentage of Compensation for Losses Faced by SBI General for Personal Accident Claims
For all personal accidental claims, the compensation is paid as per the mentioned table:
|The severity of the situation||Level of Compensation|
|Death||100% of the personal accident sum assured would be paid as compensation|
|Loss of eye-sight of both the eyes or loss of either of the eyes and one hand or leg or loss of both hands or both legs||100% of the personal accident sum assured would be paid as compensation|
|Loss of eye-sight of either one eye or loss of one hand or one leg||50% of the personal accident sum assured would be paid as compensation|
|Permanent and total disability resulting from an accident other than the ones mentioned above||100% of the personal accident sum assured would be paid as compensation|
Key Benefits of SBI General Two-Wheeler Insurance Plans:
The following benefits are the ones to consider when choosing from the list of insurances provided by the SBI Two-Wheeler Insurance.
- Online Instant Policy:
The total process of issuance of the online policy for any two-wheeler insurance is simple and instant in SBI General. To get your insurance issued online, you would need to visit the official website of SBI General Two-Wheeler Insurance, fill up all the generic details, choose the plan from the list offered and can add up from the list of add-ons available. Finally you have to make your payment for the policy chosen.
The policy is usually issued instantly, and the e-policy document is sent through an email to the definite email id that you have given on the generic details page. The payment can be initiated using any preferred mode of online payment modes like debit or credit card, net banking, Google Pay, UPI, or through online wallets like Paytm and others.
The planned renewal or any enhancement of the plan upon renewal, checking the status of the insurance, initiating the claims all is like a cheesy affair online.
- Hassle-Free And High Claim Settlement Ratio:
The claim settlement is processed online without any hustle. The claim settlement is digitally enabled and thus makes it very easy to handle for the customers. When the customers go in for any claims, it is usually because they are in the most stressful situation, so it is kept in mind to keep the claim settlement easy.
On the other hand, in case of reimbursement of all the expenses, you must inform the insurer within 24 hours of the accident of the damage that happened by sending them clear pictures of the damages. The claim will be reimbursed after the correct assessment of the damages. In case of cashless claims in a network garage, after you contact the insurer, they will contact the garage and clear all the dues.
The claim settlement ratio of SBI General was 91.74% for FY19.
- Large Network Of Cashless Garages:
SBI General Insurance offers a large range of cashless garages across India which sums up to 16000+spread over 100 cities. All you would need to do is to inform the insurer about the damages and take your vehicle to one of the listed garages in the network and the expenses would be taken care of by the insurer to the garages directly.
- Wide Range Of Add On Covers:
SBI General Two-wheeler Insurance offers a large range of add-on covers from which you can choose according to your choice and preferences about your vehicle.
- Emergency Assistance And Helpful Customer Service
SBI General Two-wheeler Insurance policies offer emergency assistance 24/7 which you can call in for assistance irrespective of the hour of the day or night. The toll-free number is available for your queries regarding claims, emergencies, or any questions related to your insurance.
SBI General Two-wheeler Insurance also solves insurance related queries through SMS assistance.
Two-wheeler insurance: SMS “MOTOR” to 561612
Two-wheeler insurance claim: SMS “ CLAIM “ to 561612.
What is Covered Under SBI General Two-wheeler Insurance Plans?
- Third-Party Losses:
SBI General Two-Wheeler Insurance covers any third-party liability such as damages caused to the vehicle or any property due to the vehicle or any person.
- Cover For The Own Vehicle:
The Comprehensive Two-Wheeler insurance plan covers some of the third-party liability along with the damages which are incurred to the two-wheeler or the bike, in case of the bike rider injuries, it provides full coverage too.
- Accidental Damages:
The Comprehensive Two-Wheeler insurance plan covers the damages caused to the two-wheeler or the bike due to accidents such as dents, scratches, broken parts, etc.
- Theft And Burglary Or Housebreaking:
As we go by the statistics in India, around 75% of the stolen vehicles are two-wheelers. The choice of any of the insurance plans offered by SBI General two-wheeler insurance, the company pays for the losses in case the vehicle is stolen or theft. The insurance also takes care of the accessories inside the vehicle while it is stolen.
- Natural Disasters:
The insurance takes care of the losses incurred to the two-wheeler due to any natural disaster such as lightning, flood, hurricane, storm, typhoon, tempest, hailstorm, inundation, cyclone, landslide or rockslide, earthquake, tsunamis, etc.
- Man-Made Disasters:
The plan covers most man-made disasters too as fire explosions, self-ignition, terrorism, riots, strikes, or any malicious activities.
What is not Covered Under SBI General Two-wheeler Insurance Plans?
SBI Two-wheeler insurance plan has certain exclusions in the policies which shall always be taken note of before deciding on the plans to choose from.
- Damage Due To Drunk Driving:
The accident caused due to the intoxication of the driver of any alcohol or other banned drugs or medicine then the damages caused to the bike and the rider will not be reimbursed and thus no claim shall be processed.
- Damage due to driver underage or driving without a valid driver’s license:
In case of any damage to the bike or injuries to the rider due to an accident by the rider who does not have a valid driver’s license or is under 18 years of age, no claim shall be processed keeping aside the fact, it is own or third party.
- Regular wear and tear:
The cost of regular servicing of the two-wheeler just to ensure its smooth run expenses shall be borne by the owner of the bike. Any losses which are caused due to the non-maintenance of regular wear and tear of the vehicle those losses are not covered in the SBI Two-wheeler insurance policies.
- Mechanical or electrical breakdown:
Mechanical or Electrical breakdowns of the insured two-wheeler are not covered under SBI Two-wheeler insurance policies.
- Damages when the policy is inactive:
In case the policy is inactive, or the policy has lapsed or expired then no claims shall be processed. The policy will not cover any damage occurring either to the vehicle or the rider.
How to Apply for SBI Two-wheeler Insurance Policy?
The steps need to be followed to apply/purchase an SBI Two-Wheeler insurance policy:
Step 1: Visit The SBI Two-Wheeler Insurance Website:
Visit the website of SBI Two-wheeler Insurance, surf through the available plans, choose a plan as per your requirement, get through the prices and settle for the best-suited policy for your two-wheeler. You can also choose add-ons as per your requirement.
Step 2: Fill In Your Details To Apply:
Once the selection of the perfect plan is done, you need to fill in the generic details such as your name, address, contact number, email-id, etc. Some basic details of the vehicle like the make, model, and a number of your two-wheeler also needs to be typed in.
Step 3: Submit Your Documents:
Your ID Proof and a KYC document are the only requirements to be uploaded for issuance of the policy.
Step 4: Payment Of Premium:
Pay your premium for the selected policy via any suitable mode like net banking, debit/credit cards, UPI, Google Pay, or through online wallets like Paytm or others.
Once the premium is paid successfully, the SBI Two-wheeler Insurance-policy document is sent to your registered email id, instantly.
No middleman or an insurance agent needs to be involved in the process of purchasing your SBI Two-wheeler Insurance policy. It can be done directly online, following the mentioned steps.
SBI Two-wheeler Insurance Claim Process
Following are steps to process claims is as follows:
Step 1: Inform the insurer:
You need to inform the insurer about the damage and the need for the repair, within 24 hours of the accident.
Step 2: Click and upload photos:
Click and upload clear pictures of the damage along with all the required documents such as insurance policy document, properly filled and signed claim form, driver’s license, registration certificate, copy of FIR(if applicable),etc. to make your claim valid.
Step 3: Sending the vehicle to a network garage:
After all the documents are verified and the damages in the vehicle are assessed, you need to send the vehicle to a network garage for evaluating the cost of repair of the damages. In case the damages are found suitable and within the coverage limits, the company will make a direct payment to the garage for the repairs, in the case of a cashless claim.
In case of a Reimbursement claim, once your documents and photos are found suitable and the expenses incurred are within the limits of the policy, the amount will be reimbursed to your bank a/c after you have borne the expenses from your pocket.
Please remember, the assessment of the damage and the evaluation cost of repair essentially must be done from a network garage to get a claim. If the repairs are done from a local garage that is not listed on the network garages of SBI two-wheeler insurance, then the claim will not be valid.
In case, you incurred an expense higher than the evaluated amount by the network garage, then the additional amount will have to be borne by you if the additional amount exceeds INR 150. Also, you will not get the claim if the amount of expense for repair exceeds the actual value of your two-wheeler.
How to revive a lapsed or an expired SBI General Two Wheeler Insurance Plan?
In case you fail to pay the premium on time despite the repeated reminders from the insurer company, then your two-wheeler policy might lapse or expire. If it is within the grace period, then you can simply pay the premium and revive the policy.
In case the grace period has lapsed, you would need to get in touch with your insurance company as your policy has lapsed and cannot be reinstated. They will re-evaluate the condition of your vehicle and offer a new quote for the premium of a new policy.
SBI Two-wheeler Insurance Review
SBI Two-Wheeler General Insurance Company Limited is one of the premium general insurance companies in the country. SBI Two-Wheeler General Insurance Company has been one of the fastest-growing general insurance companies. State Bank of India is listed as the country’s largest and premier commercial bank. SBI is the largest bank for a treasury pool of INR 10,50,702 and 51,808 ATMs.
State Bank of India has successfully bought many new plans and services that have changed the dynamics of the banking and insurance sectors. The company has handled claims worth over INR 11000 Crore. State Bank of India General insurance has won many awards for being the best insurance provider in the network.
SBI Two-wheeler Insurance Customer Care Number
SBI Two-Wheeler General Insurance can easily be reached out at 1800-22-1111 / 1800-102-1111. This toll-free number is available from Monday – Saturday (08:00 am to 08:00 pm) at your service.
SBI Two-wheeler Insurance Contact Information
|Registered Office Address||101, 201, 301, Natraj, Junction of Western Express Highway & Andheri - Kurla Road, |
Add ons for your Two Wheeler Insurance
SBI Bike/Two Wheeler Insurance FAQs
1. Does The Premium Amount Increase For My Policy After A Claim Is Processed?
The change in premium amount does not depend solely on claims. It also depends on other factors like the model of the vehicle, the nature of the policy, etc. The premium usually depends on the claim experience of the company as a whole.
2. How Do I Get The Claim Form And The Cashless List Of Garages?
You need to visit the website ( www.sbigeneral.in) of SBI Two-Wheeler Insurance to avail of the claim form and the detailed list of cashless garages is also found on the website.
The claim form is https://content.sbigeneral.in/uploads/86e13c2ae2d74ca696ffd9b6087a3f02.pdf
3. How Can I Register My Two-Wheeler Insurance Claim?
You should intimate your claim to the toll-free number of the call centre or send an email to the company.
4. Are Add-Ons Available With The Two-Wheeler Insurance Plans?
Yes, add-ons are available with the two-wheeler insurance plans. You must remember that each add-on comes at an additional cost. When you choose add-on coverage, an additional premium needs to be paid for the same. You can also add Personal Accident coverage as an add-on along with the other add-ons like:
- Return To Invoice:
Company is liable to pay any financial shortfall, precisely the difference between the insured amount and the purchase price if the insured undergoes total loss or theft of the vehicle.
Protection of No Claim Bonus:
The insured gets an opportunity of retaining the no claim bonus on renewal. The add on is available only once during the policy period.
- Return To Invoice:
5. What Is No Claim Bonus (NCB) In the Long-Term Two-Wheeler Policy?
No Claim Bonus accumulates in case the policyholder does not make any claim. The accumulated NCB offers you a lucrative amount in the policy premium of two-wheeler insurance if not claimed.
6. What Is The Incurred Claim Ratio for SBI Two-Wheeler Policy?
The incurred claim ratio for motor insurance claims under SBI Two-wheeler Insurance is 87%.
7. What is Insured Declared Value (IDV)?
IDV is the sum assured of the maximum claim the insurer pays if the insured vehicle is damaged or stolen. IDV is calculated as the selling price of the vehicle by the company subtracted by the depreciation i.e. when you buy the vehicle and start using it, the vehicle gradually starts becoming less valuable.
8. How is the depreciation calculated for IDV of the vehicle?
Age of the Vehicle % of Depreciation Not more than 6 months 5% More than 6 months to less than 1 year 15% More than 1 year to less than 2 years 20% More than 2 years to less than 3 years 30% More than 3 years to less than 4 years 40% More than 4 years to less than 5 years 50%
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