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SBI Car Insurance

Car Insurance
  • Get third party cover at low premiums
  • Choose from a variety of zero depreciation and roadside assistance covers
  • 3100+ cashless garages

A joint collaboration between the Insurance Australia Group and State Bank of India, SBI General Insurance company limited is a leader in insurance services. SBI has as many as 17,274 branches across the country and is one among the top players in the market. They offer car insurance services apart

Car Insurance Online from SBI Car Insurance

Third-party Cover Up to Rs.7.5 lakhs
Cashless Network Garages NA
Incurred Claim Ratio 80.37%
Net Earned Premium NA
Covers Provided
  • No claim bonus
  • Depreciation cover
  • Invoice cover
  • Key protection
  • Personal belongings
Features
  • Quick claim settlement
  • Instantaneous purchase
Inclusions
  • Third-party liability
  • Personal accident cover
  • Loss due to natural calamities
  • Loss due to man-made calamities
Exclusions
  • Loss due to wear & tear
  • Damage due to general aging of the car
  • Nuclear risks, war

Features and Benefits

  • Personalised pricing- SBI provides policyholders the benefit of customized pricing plans based on various factors such as age of the car, driving record and other parameters. With this, customers have the cost advantage and also have the benefit of customizing their insurance plans.
  • Discounts on premium- SBI gives customers the unique advantage of availing a number of discounts both the time of purchase of policy and during the policy holding period. Those who choose to go for the voluntary excess option have the benefit of getting a discount on premium. This comes after the compulsory excess option.
  • Other discounts-SBI offers a number of additional perks and discounts. Those who are members of recognised automobile associations can avail an additional discount. Also, an additional discount is provided to those who own vintage cars. Please note that those who have anti-theft devices installed in their car are eligible for a further discount. Vehicles designed for the handicapped or blind, etc, are also eligible for discounts.
  • Cashless networks- With a wide network of cashless network garages across the country, customers can avail a number of benefits. They can directly approach the concerned network garage in their area to avail services without any inconvenience. This makes the claim process easy for the policyholder.
  • Personal accident cover- A policyholder can choose to get coverage for other people travelling in the vehicle. This means that other than the insurance policyholder and the driver, other passengers travelling in the car can be eligible for a cover of Rs.2 lakh each.
  • 24/7 customer support- SBI is equipped with a well-trained, courteous and knowledgeable team of customer support executives who work day and night to resolve issues. The dedicated team will be available at any time to answer questions, solve issues, help with the claim and reimbursement process, and other related queries.
  • Wide range of add-on covers- With an exclusive range of add-on options, customers have the perk of customising their insurance policy as per personal needs and preferences. This gives flexibility and the benefit of availing extra coverage options, thereby enhancing the overall policy experience. Some of the add-on covers include no claim bonus, depreciation cover, key cover, invoice value, etc.
  • Easy purchase- Those who want to purchase a policy need not go through the hassle of filling long forms or running around for paperwork. One can easily buy an insurance policy online or contact a customer care executive on the toll-free number.
  • Regular status updates- During the claim initiation and settlement process, the policyholder will receive regular updates on the status of their claim made. This allows one to keep track of what is happening in an easy manner. Updates will be sent to the registered mobile number and email address of the insurance policyholder.
  • Instant claim settlement- Claims are settled in an easy and hassle-free manner. One can either initiate a claim online or call the toll-free number. If a claim is made online, one has to fill in the required details and updates on the status of the claim will be sent to the mobile number of the policyholder.

Easy Steps To Apply for SBI Car Insurance Online

  • Log on to the SBI General Insurance website
  • Go to the motor insurance section and choose the private car policy option
  • You can either fill in your personal details and wait for a call back from the customer care executive or click on the ‘Get Quote’ option to get an insurance quote amount based on your personal and car-related data
  • Apart from the above two options, one can also choose to make call their toll-free number and seek assistance from the customer care executive. A dedicated policy purchase executive will take you through the stepwise process of how to buy the policy online
  • Once you are satisfied with the quote and other policy related details, choose the online payment option to purchase the policy. The policy document will be shared with you instantly.
  • At any stage during the policy purchase process, you can call the customer support team for any queries or issues.

Why SBI Car Insurance

Paperless transactions
Hassle-free claim settlement
Number of discounts
No claim bonus
Key replacement
Customer support team

Add-on covers on SBI Car Insurance

Let us take a look at the add-on options provided by SBI:

  • Zero depreciation- the policyholder can avail the benefit of getting the full value of the car during a claim settlement. With this, money will not be lost due to the depreciation of the car and its parts over a period of time. Therefore the policyholder will be eligible for the full amount of damage.
  • No claim bonus- policyholders can avail a discount of up to 50% at the time of renewal of the policy. Also, those who change policy from one company to another, the full benefit received under this add-on can be availed without any hassles. However, please note that this offer will only be available if the policy is renewed within the grace period.
  • Fuel kit- This add-on gives coverage for vehicles with a CNG or an LPG kit. Any damages caused to this parts of the car will be taken care of by the insurance provider.
  • Key and lock cover- In case the car keys are lost during a theft or damages are caused during an accident, this feature will cover the cost of repair and replacement of keys. Also if the lock of the car is damaged, repair and replacement costs for the lock will also be covered under this add-on option.
  • Personal belongings cover- Any personal belongings that are kept in the car during the time of a theft or an unfortunate event will be taken care of under this feature. The maximum amount of reimbursement that can be claimed under this add-on is Rs.50,000.
  • Return to invoice- This will give the policyholder the benefit

Inclusion & Exclusion under SBI Car Insurance

Inclusions Exclusions
Loss or damage caused due to:
  • Fire, explosion & self-ignition
  • Natural calamities such as floods, storms, landslides, earthquakes, rockslides, hurricanes, lightning
When the policyholder uses the vehicle contrary to mandated instructions
Loss due to theft, robbery, and other manmade calamities such as strike, riots, terrorist activities, accidental external damage Accident due to intoxication
Damage caused due to travel by road, air, elevator, inland waterway Damage due to own negligence
Third-party liability in cases of injury, death or damage Mechanical or electrical breakdown
Personal accident cover Loss due to nuclear risks
  War related risks
  Consequential loss
  Contractual liability
  Loss of accessories by theft
  If used/driven outside geographical area

Insured Declared Value - SBI Car Insurance

  • The Insured Declared Value (IDV) refers to the amount that is assured to be paid to the policyholder on an occasion when a claim process is initiated. IDV is determined based on certain preconceived parameters.
  • The IDV amount may vary depending on various factors like the make of the car, manufacturer’s listed price, etc.
  • The IDV is determined based on an agreement between the insurer and the insured party if the vehicle is older than 5 years. Given below is a sample of how IDV is calculated:
Age of vehicle % of depreciation
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

SBI Car Insurance Cashless Garages

SBI offers customer country-wide cashless garages services where customers can avail the benefit of direct services without any hassles. All you need to do get your towed to the nearest network garage or drive it, if it is in a condition to be driven. In order to locate the closest empanelled cashless network garage, log on to the SBI General Insurance website, go to the cashless garages section and you will get details about the nearest garage in your city. This comes as an advantage for many policyholders as t gives them the flexibility, removes dependency and makes it easier for planned repair work to be carried out. SBI has a wide network of cashless garages across the country.

Claim Process for SBI Car Insurance

With everything going online with insurance, even the claim making process has become speedy, convenient and hassle-free, thanks to online facilities that are available 24/7. All you have to do is understand the basic process of how to initiate a claim and have in place all documents that the insurance company seeks from you. First of all, inform the insurance company when you want to make a claim. A 24/7 claims team will be in touch with you at every stage of the process and will help you solve any kind of queries.

The insurance policyholder can either make cashless claims or claim reimbursement, depending on the nature of the incident. Cashless claim services can be availed directly from the concerned network garage. When it comes to reimbursements, you can claim the amount after the expenses have been incurred. The policyholder has to submit all bills and invoices to make a claim under this type of claim method. In some instances such as theft, accident or third-party damage, it is a must to file an FIR at the nearest police station immediately. To file for a claim call their toll-free number or write to their official email-id. Customer service executives will be available to solve any claim related queries.

Cashless Claim Process for SBI Car Insurance

Let’s explore the cashless claim process:

  • Inform the insurance provider. One can also directly take the car to the network service provider if it is an emergency situation and there is no time to wait until prior approval is received.
  • Repair will not be done unless the damaged car is surveyed
  • A survey will be carried out after the claim is intimated
  • Fill in the claim form and submit all relevant documents
  • You can avail towing services to get the car towed to the nearest network garage.
  • Once the car is repaired, the payment will be made directly by the insurance provider to the concerned network garage.

Reimbursement Claim Process for SBI Car Insurance

Let’s explore the reimbursement claim process:

  • Submit all bills and invoices
  • Intimate the insurance provider
  • Fill in the duly signed claim form and submit all relevant documents
  • The reimbursement will usually take place within 7 working days