SBI Car Insurance

SBI Car Insurance

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SBI Car Insurance Company

State Bank of India and Insurance Australia Group (IAG) jointly own SBI General Insurance Company Limited. SBI is the largest banking franchise in India with over 19600 branches across the country, along with its 5 Associate Banks. It holds the majority of the capital at 74% and IAG holds the remaining 26%. It extends its services to over 77 cities pan India and has a workforce of 2250 employees. The bank has forayed into new businesses with premeditated tie ups in Pension Funds, Custodial services, General Insurance, Private Equity, etc. SBI General has a distribution family that has over 14,178 IRDA approved SBI and its associate bank employees and over 6323 agents. The company follows a strong multi distribution model covering Bank Insurance Models, Agency, Broking and Retail Direct Channels. SBI general has policies encompassing Motor, Health, Personal Accident, Travel and Home insurance for individuals, Fire, Marine, Package, Construction and engineering liability, Group Health, Group Personal Accident and Miscellaneous Insurance for Businesses.

Awards and achievements of SBI General Insurance

SBI General Insurance was awarded the "Marketing Initiative of the Year" at the 5th edition of Indian Insurance Awards in 2015 an won two accolades in the 2016 edition with 'Under-served Market Penetration' and 'Commercial Lines Growth Leadership' award categories. Other recognitions include 'Annual Data Quality Award', 'Golden peacock National Quality Award'. In the Financial Year 2014-15 SBI General had registered an astounding 33% growth rate whereas the industry growth rate was significantly lower at 9.3%, making it the fastest growing private general insurance company. The insurance company has won the trust and confidence of its loyal customer base in the years of its operations.

Key Benefits of SBI Car Insurance

SBI Motor Insurance

There is always an element of risk and danger out there on the roads. We are witnessing a disturbing trend of road accidents owing to the steep incline in the number of motor vehicles on the roads. Give your vehicle the care and protection it deserves with SBI Motor Insurance. This policy offers to cover your losses as defined by the policy caused by the damage or theft of insured vehicle. It also has some add-on benefits which you can get for an extra premium. Insuring your vehicle will give you some peace of mind and let you go about your life without worrying about such incidents. SBI Motor Insurance offers a fast track, fair and transparent claims procedure that lets you stay in control of the process. Its trained and experienced claims experts aim to deliver a differentiated customer service and speedy settlement of your claim. Their claims service will provide:

  • Assistance in emergency situations

  • Stress free claims by co-ordinated repairs and service of your vehicle

  • Updates about the progress of your claim

  • Choice of accessing preferred local service providers

Its skilled and experienced claims management team will provide quick and efficient claim settlement and help you get back in control as quickly as possible. It will ensure a fair and transparent claim settlement process. If you are not satisfied with your claim settlement you can address your concerns to the online grievance mechanism wing, which will get in touch with you in 72 working hours and respond upon completion of investigation. If your issue still remains unsolved, you may approach the Insurance Ombudsman for Redressal.

The SBI Motor Insurance policy stands out in respect of some exclusive features like Bi-fuel kit, additional cover for key replacement and loss of personal belongings. In a country like India where Agriculture is the major occupation, SBI's farm vehicle insurance initiative is sure to benefit the farmer masses. SBI Motor Insurance policy is framed to cover the mandatory Third Party Liability as required by the Motor Vehicles Act of 1988, while also covering loss or damage to the insured vehicle. Third party liability protects the insured from legal liability arising out of damage to third party property or bodily injury/ death of a person caused by use of the insured vehicle.

Loss or damage to the insured vehicle will be compensated by insurer caused by events like:

  • Accident by external means

  • Theft, break-in, burglary of vehicle

  • Fire, explosion, self ignition, lightning

  • Transit by road, rail, inland waterways, lift, elevator or air

  • Natural calamities like earthquake, flood, cyclone, landslide

The policy provides compulsory Personal accident cover of 2 lakhs for individual owners. However, the insurer will not be liable to damage or loss of insured vehicle caused by general wear and tear, depreciation, mechanical and/or electrical failure, person driving without license or under the influence of alcohol or drugs.

Key Benefits of SBI Car Insurance

Cashless Claim Networks

Cashless claim service over 1500+ authorized network of garages across India

Discounts

Discount on the premium is available if you opt for a Voluntary Excess in addition to the Compulsory Excess.

Accidental Cover /Customer Support

Occupants of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs. 2 lakh per person.

SBI Car Insurance Plans

SBI offers 5 variants of the Motor Insurance plans. They are Motor Private Car Insurance, Motor Two Wheeler Insurance, Long term Two Wheeler Insurance Policy under Individual insurance and Tractor & Farm Vehicles Insurance, Commercial Motor Insurance under Business Insurance schemes. The plans provide add-on benefits like:

  • Legal liability protection for paid driver and employee

  • Bi-fuel kit

  • Zero depreciation

  • NCB Protection

  • Return to invoice

  • Cover for key replacement

  • Loss of personal belongings

  • Additional cover for pillion rider/passenger

For a small premium SBI Motor Insurance offers you an extensive range of cover and ensures the protection of you and your vehicle.

Motor Private Car Insurance

This plan covers your losses caused by damage or theft of insured private car. It includes a Personal accident cover of 2 lakhs for owner of the vehicle and cover against Third Party liability. For an additional premium, personal and legal cover for paid driver can be availed.

Key Fearures

  • Personal Accident

  • For an additional Premium, provides the following

  • Additional Legal Liabilities towards Paid Driver and employee

  • Bi-fuel Kit

  • Nil Depreciation

  • NCB Protection

  • Return to Invoice

  • Cover for Key Replacement

  • Loss of Personal Belongings

Commercial Motor Insurance

This policy indemnified the losses or damage of commercial purpose vehicles. It includes Personal Accident cover and for an extra premium legal liabilities towards paid employee can be added.

Inclusion & Exclusion in SBI Car Insurance

Inclusion

Offer coverage to the person who is travelling in/driving the vehicle other than paid driver.

Exclusion

Damage to a person driving the vehicle under the influence of alcohol.

Add-on Covers for SBI Car Insurance

Depreciation Cover

100 % repayment covered

Third Party Cover

Offers coverage against any legal liability that occurs because of the use of the vehicle, towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property.

Personal Accident Cover

Occupants of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs. 2 lakh per person.

Bonus and Discounts

The policy provides No Claim Bonus up to 50% on renewals, if you do not make a claim in the policy period. It also avails you the option to transfer your No Claim Bonus of another insurer. A further discount is offered on the premium if you opt for a Voluntary Excess in addition to the Compulsory Excess. Other discounts available are Automobile Association Membership Discount, concession of 50% on OD premium for specially designed/ modified vehicles for use of differently abled persons and Tenure Discount.

Online policy renewal

You can renew your policies online with SBI Motor Insurance without undergoing the hassles of waiting at banks. It offers renewal of existing/ expired policies of other insurers. Its customer support representative will schedule an inspection of the vehicle as per your convenience and once it is completed you can pay the premium to get your policy renewed. You can also get an estimate of your insurance premium with its calculators that give you a quotation.

What kind of Discounts are Offered?

  • No-Claim Bonus is awarded

    For every claim-free year

    On renewal (within 90 days of policy expiry).

    Up to 50% of premiums due.

    Transfer of no-claim benefits from or to another insurer.

    Apart from the compulsory deductible, the policyholder might have to pay the voluntary deductible option under this plan.

    Age-related discounts are given to customers between 36 years to 60 years.

  • Helps at the time of on-road emergencies.

  • Guidance for the process of repairs and replacement.

  • Transparent claim process.

  • Claim status updates

Contact Address

1st, 2nd & 3rd Floor, Nataraj,
Junction of Western Express Highway & Andheri - Kurla Road, Andheri (East),
Mumbai - 400069
E-mail: Customer(dot)care(at)sbigeneral(dot)in
Tel.022- 30698922/55/01, Fax: 022-30698958/68

SBI Car Insurance - Faq's

1. What are the documents and formalities required for processing of the claim by the company?

  • Duly signed Claim Form

  • Policy Document

  • Driving License

  • RC Copy

2. Can I cancel my policy midway?

Yes, the insured has the right to cancel policy and unused premium can be refunded if there is no claim in the policy. In case of claim in the policy no refund shall be there.

3. I have lost the insurance Policy. Can I get a duplicate one?

Yes you should visit to the nearest branch and submit a written request. A nominal fee is charged for issuing duplicate policy copy..

4. Can I renew my policy with SBIG if my policy is already expired?

Yes it can be renewed post satisfactory inspection of the vehicle.

SBI Car Insurance News

Monday November 30, -0001

Monday November 30, -0001

SBI Car Insurance Appreciates IRDAI Latest CPA Verdict

Tuesday October 23, 2018

Puneet Sahni, head product development SBI Car Insurance supports IRDAI for the mandatory accident cover of Rs. 15 Lakhs. He also acknowledges that earlier the premium of the compulsory personal accident (CPA) was just Rs. 100 for four wheelers. Risk covered was proportionate up to Rs 2 lakhs at time of accident. Now all vehicle owners need to pay a mandatory premium of Rs. 750 for newly purchased car or at the time of renewal. This amount needs to be paid for the minimum period of 3 years in case of your four wheelers as per new rule of IRDAI.

Earlier SBI was providing additional accident cover above Rs.2 lakhs as an add-on that can go up to Rs. 50 lakhs. Now the add-on will be applicable after the minimum cover of Rs. 15 lakh, it can go up to Rs Fifty lakhs. Sahni said earlier people use to take an add-on till Rs 10,00,000 only. Puneet appreciated this new rule as he feels it’s going to be beneficial to the vehicle owners as their life risk will be covered while traveling in their own vehicles. In the event of an accident, this policy will cover the owner, even if he’s not driving.

Customer Reviews

Renu Kumari, Noida
- Reviewed On 28-04-2018
"Better Than Others"

I have ford Figo and I have the insurance from SBI. I face no issues with anything till now.

Randeep, Nagpur
- Reviewed On 25-04-2018
"Great Customer Service"

customer service and the response is good.

Randeep, Mathura
- Reviewed On 13-05-2018
"GOOD Car Insurance"

Taken car Insurance from SBI Car Insurance for last 4 years . And am paying payments through online banking. Had no issue till now.

1

Aggregate Rating for SBI General Insurance Insurance    [ 3  ]

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