SBI Car Insurance: Plans, Claim Settlement Ratio, Add-ons & Renewal

About SBI Car Insurance

Established in the year 2010 as a joint venture between State Bank of India and Insurance Australia Group, SBI insurance offers insurance products designed to cater to the needs of the customers. With a mission to serve complete insurance solutions in a transparent and with empathy, SBI general insurance offers product range in health, motor, personal accident, home, fire, aviation, marine, construction, engineering and liability insurance packages.

Car is a treasured possession for everyone and has now become one of the most used modes of personal transportation. Just as how having a car is important these days, having motor insurance for your car is not just important but mandatory in India. Given the numbers of road accidents and damage caused to vehicles because of reasons uncertain, SBI General Insurance has curated SBI Car Insurance to provide comprehensive coverage which helps the policyholders to get the best benefits of insurance coverage while driving. With over 21000 IRDAI certified employees, 8000 agents, SBI insurance is available in remotest areas of the country. Being one of the oldest companies, SBI is trusted by the masses and has a customer base of more than 68 million happy customers all over which is why the motor insurance offered by SBI is also trusted by many.

SBI Car Insurance provides personalized pricing based on the profile of the customer
SBI offers a discount to customers ageing between 36-60 years of age
It offers some exceptional add-on benefits enhancing the overall insurance policy and providing exclusive coverage
SBI has the best transparent working and operations

SBI Claim Settlement Ratio

98%

SBI

94.67%

Industry Average

Car claim settlement ratio is the percentage of claims settled against the total claims received by the insurance company in a given fiscal year. SBI has a claim settlement ratio of 98%, as compared to the industry average of 94.67%.

SBI Car Insurance Plans Overview

SBI car insurance offers 2 car insurance plans. The premium of these plans starts from Rs. 1994/yr. Details of the comprehensive coverage provided by the following 2 SBI car insurance plans are listed below:

Comprehensive

Starting Premium- ₹ 3,067/yr

There are types of SBI Comprehensive plan

Comprehensive coverage

SBI Car Insurance provides comprehensive coverage under which the policyholder gets third party liability along with insured vehicle coverage. The insured vehicle cover protects the policyholder against:

Damage caused due to man-made calamities like fire, theft, burglary, terrorist activity or any malicious act
Damage caused to the vehicle due to natural calamities like flood, earthquake, fire, cyclone, landslide, hailstorm, rockslide, etc.
Damage caused to the vehicle due to external factors like fire, self-ignition, accident, etc.
Damage caused during transit by rail, road, airways, waterways, elevator or lift.

Third Party

Starting Premium- ₹ 1,994/yr

There are types of SBI Third Party plan

Third-Party Liability

SBI Car Insurance provides coverage against the loss or any damage to the third party. It covers the loss to property or any bodily injury or death of the third-party and compensates for the losses. This is a compulsory coverage as mandated by the Motor Vehicle Act.

SBI Premium Calculator

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Add-ons Available Under SBI Car Insurance Plans

Add-ons are additional coverage benefits which can be chosen voluntarily by paying an additional premium. Add-ons help increase the scope of coverage of the Car insurance policy. SBI Car insurance plans offer the following types of add-ons with the comprehensive policy:

The policyholder can enjoy the cover for CNG, LPG bi-fuel kit after payment of extra premium

Every vehicle has a depreciated value which is deducted from the claim. This add-on cover protects the policyholder and allows a full claim of the damage or repair cost. This allows the policyholder to get the damaged parts replaced with new ones. Battery, tyres and tubes are exempted from zero depreciation cover

No Claim Bonus is the bonus for zero claims during a policy term and the discount is availed upon renewal of the policy. The discount rate increases with each no claim year. No Claim Bonus protection saves you from waiver of the No Claim Bonus even if you have made a claim by protecting you for the claim and lets you enjoy the discount on the premium

This add-on cover provides you coverage for loss or theft of keys by compensating for the cost of repair or total replacement of the lock but within specified limits and when the replacement or repair was done in the authorized network garage of SBI insurance. The SBI Car Insurance will reimburse the replacement cost of up to INR 65,000 one time during the term of the policy subjected to the condition of co-share of 10% replacement cost or minimum INR 500.You can avail this given the following conditions:

Deposit all the duplicate or spare keys to the insurance company, in case of theft or losing the keys
Deposit keys if the vehicle lock has been broken for burglary
Submit the copy of the FIR to confirm the date of the incident
Replacement is allowed only once during the term of the policy

Under this add-on cover, the SBI Car Insurance compensates for the loss or damage to the personal belonging in the car, of the policyholder provided the following conditions

In case of loss or damage to the personal belongings of the policyholder only
Submission of copy of FIR to confirm the date of the incident
It includes personal belongings like clothes, jewellery, laptop, mobile, tapes, etc. and excludes belongings like credit/debit cards, money, cheque, security papers, tickets, etc.
The maximum amount under this add-on cover is INR 50,000 with subjected deductibles ranging between INR 500-5000

SBI Car Insurance allows daily allowance or daily cash to the policyholder when the insured vehicle is in repair under this add-on cover provided

The insured vehicle is in repair for more than 3 days
The policyholder gets the daily cash benefit for maximum 10 days when the vehicle is under repair for over 3 days
The repair is carried out in the network garage of SBI insurance
This cover is allowed only twice for own damage during the tenure of the policy.

This add-on cover allows the policyholder to receive the difference between the claim paid and the actual amount of the car or the invoice value, when the claim is made. In simple words, the insurance company pays for any shortfall of registered insured amount received by the policyholder and the purchase price along with the first-time registration charges as mentioned in the invoices in case of theft or total loss of vehicle during the term of the policy.

SBI Car Insurance also offers protection against consequential damages to gear box and its parts and engine due to water ingression, oil leakage. This cover helps in transporting the vehicle or towing it to the garage within two days of water receding from areas logged with water. Under this add-on cover, losses covered in recall campaign and manufacture warranty are excluded.

This add-on cover compensates the policyholder for expenses incurred towards consumable items damaged due to causes covered under the policy. The consumable items include screw, bolt, grease, washer, lubricants, gearbox oil, AC gas, bearings, distilled water, engine oil, oil filters, break oil and fuel filters.

SBI Car Insurance also provides additional and basic roadside assistance to help in towing the vehicle under certain circumstances. Towing assistance is provided for electrical and mechanical breakdown and cases like:

Dead battery
Flat tyre
Running out of fuel
Vehicle keys locked inside the car, etc.

This add-on cover pays the EMI for the insured vehicle to the financial institution for the duration during which the vehicle is under repair in the garage because of damages caused by reasons covered under the policy. This is applicable when the repair time is more than 21 days. The SBI Car Insurance will pay the sum insured or maximum two month’s EMI, whichever less. This benefit covers only one-time incidents.

This add on cover compensates for the expenses of replacement or repair of tyre and tube damages, and damaged rim. This also covers any charges paid for the service or to the labor. The condition under this add-on is that it covers only RUN FLAT technology manufactured tyres.

Features Of SBI Car Insurance Plans

SBI Car Insurance has various benefits added with it to the advantage of the policyholders. Some of them are:

SBI Car Insurance provides Personal Accident Cover compulsorily to the car owners
SBI Car Insurance provides third party legal liability cover to protect the interest of the policyholders from the liabilities arising out of third-party damages
SBI Car Insurance offers discounts on opting for voluntary excess along with compulsory excess
Offers add-on covers to enhance the user experience and provide extra benefits to the customers
Offers easy issuance and renewal of the insurance policy without hassle
It also provides emergency assistance when in trouble
SBI Car Insurance hassle-free and transparent claim settlement process to ease out the claim procedure.

Some of the features of SBI Car Insurance which makes it distinct and very useful are

Third-party coverage: SBI Car Insurance provides third party liability coverage and covers the cost of legal liability arising out of damage to third party property or bodily injury or death of the third party. Coverage of up to 7.5 lakh is provided for third party coverage under the SBI Car Insurance policies.
Personal Accident insurance: SBI Car Insurance provides coverage for the personal accident of up to INR 2 lakh for owner given that the owner while driving, had a valid driving license. It also offers personal accident cover for occupants. The personal accident cover can be increased upon payment of additional premium.
Network garages: SBI Car Insurance has a network of more than 16000 certified garages in its network for providing cashless services to the policyholders across the country. Allowing the policyholders to drive stress free, SBI Car Insurance ensures that the policyholders can avail the service upon any inconvenience on the road.
No Claim Bonus: SBI gives its alert policyholders discounts in the form of No Claim Bonus wherein the policyholder gets discount upon renewal for making zero claims during the policy term. The no-claim bonus is an incurred bonus which increases every year with no claims made. A maximum of 50% discount is allowed by SBI Car Insurance upon renewing the insurance policy within 90 days of the expiry of the insurance policy. Another benefit of No Claim Bonus with SBI Car Insurance is that it can be transferred from one policy to another or from one company to another company, without compromising on the benefits of the No Claim Bonus.
Incurred Claim Ratio: Incurred Claim Ratio is the ratio of the claims settled against the premiums received. In other words, the proportion of the claims which the company paid to the policyholder’s claims against the total premiums received by the company is called the Incurred Claim Ratio. Higher the claim settlement ratio means that less rigorous is the claim settlement process of a company. SBI Car Insurance has an incurred claim ratio of 52.93% and 50.12% claim settlement ratio.
Additional cover for legal liabilities: SBI Car Insurance also offers additional covers for the legal liabilities arising towards the driver, co-passengers, etc.
Nil depreciation: SBI Car Insurance policyholders get an opportunity to nullify their depreciation costs by opting for nil depreciation rider.
Special discounts on premiums: SBI gives numerous discounts to its policyholders. These discounts fall under different categories like vintage cars, installation of the anti-theft device, vehicles specially designed for blind, handicapped, etc.

Exclusions Under SBI Car Insurance Plans

SBI Car Insurance also has some exclusions as well. Damage or loss caused due to the following reasons will not be compensated by the insurance company

Normal wear and tear of the vehicle due to normal aging
Consequential loss or depreciation
Loss or damage to vehicle accessories
Electrical or mechanical breakdown
Us of vehicle other than the specified purpose
Driving the insured vehicle without a valid driving license
Loss or damage due to nuclear attack or war
Damage or loss while driving the vehicle under the influence of alcohol, drugs, etc.

How To Raise A Claim Under SBI Car Insurance

How to claim SBI Car Insurance Plans?

The claiming process of SBI Car Insurance is mentioned below for you to have a better understanding of the process:

Intimate the insurance company about the incident and lodge a claim
You will be provided a claim reference number
Download the claim form from the website and submit the duly signed form with the following documents
- Registration certificate
- Copy of the driving license
- Copy of the FIR in case of third-party damage or injury
- Details of the third-party damage
A surveyor will access the loss after inspection and approve the amount of the claim
The repair work will be monitored by the surveyor. Submit the original receipts and invoice in case of reimbursement for cashless services

Documents Required For Claims

Download the claim form from the website and submit the duly signed form with the following documents:

Registration certificate
Copy of the driving license
Copy of the FIR in case of third-party damage or injury
Details of the third-party damage

SBI Customer Care

Customer Care Number

1800 1021 111

Email ID

customer.care@sbigeneral.in

SBI Car Insurance Renewal Process

You can also buy or renew your car insurance policy from Turtlemint by

Visiting https://www.turtlemint.com/car-insurance/sbi/
Enter your vehicle registration number or location of registration
Enter details like vehicle type, model, fuel type, manufacturing year, car variant, personal details, insurance policy details, etc.
You will be directed to a page where various policy quotes are displayed for you to compare and choose
You can choose SBI Car Insurance from the page and make the payment online through any suitable mode