SBI Two Wheeler Insurance - Compare,Buy or Renew policies online

 A two-wheeler is not just a mode of transportation in our country, it is like a family member across homes. Millions of Indians depend on it for various purposes, taking utmost care of their bikes. SBI General Insurance offers specialised solutions to those looking to purchase two-wheeler insurance, utilising the huge network of SBI and the insurance knowledge of Insurance Australia Group to provide services and products which are considered among the best in the country.

Features And Benefits Of SBI Two-Wheeler Insurance

Plans offered	Motor two-wheeler insurance Long-term two-wheeler insurance
Policy period	Motor two-wheeler insurance – 1 year Long-term two-wheeler insurance – 2/3 years
Policy coverage	Third-party liability Loss/damage to bike Damage during transit Theft Personal accident cover Natural disasters
Exclusions	Depreciation costs Consequential loss Regular wear and tear Electric/mechanical breakdowns Incidents when vehicle is used for commercial purposes Incidents when vehicle is driven by individual under the influence of alcohol/drugs Damage due to nuclear activities
Renewal frequency	Motor two-wheeler insurance – Yearly Long-term two-wheeler insurance – 2/3 years, as the case may be
Available add-on	Personal Accident Cover
No claim bonus (NCB)	A maximum NCB of 50% is available if no claims are made during the policy term.
No claim bonus after claim	The NCB reduces with each claim.
Refund facility	NA
If plan expires	Accrued NCB becomes redundant, with no protection offered.
Network garages	Located across the country

 

Reasons To Choose SBI Two Wheeler Insurance

Choosing the right insurance policy can help offset any risks associated with riding on our roads, with the products offered by SBI offering a host of benefits.

• Reliable – A joint venture between SBI (State Bank of India) and Insurance Australia Group, SBI General Insurance brings the best of two industries together. SBI is one of the most trusted banks in India, with Insurance Australia Group being the largest general insurer in Australia.
• Network – One can avail the services of SBI General through branches of State Bank of India, with over 17,000 such branches located across India.
• Discounts – Individuals between the ages of 25 and 55 years are eligible for discounts on the premium.
• Customisation – The insurance pricing is customised based on the individual.
• In-depth cover – The vehicle insurance plan from SBI offers in-depth cover, based on the plan option chosen.
• Ease of purchase – A two-wheeler insurance policy from SBI can be purchased without any hassles.
• Settlement – One can be rest assured that genuine claims are settled on time.
• Garage network – SBI has a network of garages located across the country. One can go to any of these garages in case of any repairs.
• Transparency – A motor vehicle insurance policy purchased from SBI General is completely transparent, with no hidden clauses.

Bike Insurance Plans Offered By SBI General Insurance

SBI General Insurance offers products which can be used by different individuals. Currently, there are two options available.

1. Two-wheeler package policy – This is an annually renewable bike insurance scheme which is designed to meet the basic requirements of having a motor vehicle insurance. It offers protection against third-party liability, with a personal accident cover of Rs.1 lakh offered to the owner.
2. Long-term two-wheeler insurance policy – This offers third-party liability cover as per the Motor Vehicles Act of India. This is ideal for those who do not wish to go through the process of renewing an insurance policy every year. It is valid for a period of two/three years, as chosen at the time of purchase.

Coverage Provided By SBI Two-Wheeler Insurance

• Third-party liability – This protects against any damage caused to a third party. It typically includes legal costs, in addition to covering the expenses related to any injury to the individual.
• Loss of bike – Loss of bike due to multiple reasons are covered by the plan. This includes loss due to natural events like earthquakes, storms, cyclones, landslides, etc. It also covers theft.
• Damage – Any damage to the bike. This includes damage due to external means like fire, riots, strikes, accidents, etc.
• Personal cover – The rider (owner) is provided a personal accident cover to the tune of Rs.1 lakh.
• Cover for pillion – One can opt for the add-on, wherein the pillion rider is also protected in the event of an accident.

Exclusions Under SBI Bike insurance

SBI General has a few exclusions, with these designed to prevent misuse of the policy.

• Ageing - Any damage which occurs due to normal ageing of the bike. This includes wear and tear associated with regular use.
• Consequential loss – This essentially means any loss which a policyholder is exposed to on account of an issue with the bike.
• Mechanical/electrical breakdown – Any breakdown which occurs due to mechanical/electrical failures.
• Unintended use – There could be instances where the vehicle is used for unintended purposes. Any damage which occurs during such use is not covered. This includes use of vehicle for racing, speed testing, stunts, etc.
• Invalid license – Any damage which occurs when a rider without a valid license uses the vehicle.
• Intoxication – Any incident which is an outcome of drunk driving. This also includes using the vehicle under the influence of drugs.
• Nuclear damage – Any damage on account of a nuclear activity.
• War – If the vehicle is damaged due to a war.

Eligibility To Buy SBI Two Wheeler Insurance Online

SBI General could look at a few basic criteria before providing an insurance policy.

• Registration – The vehicle should be registered at any Regional Transport Office (RTO) in the country.
• Fitness certificate – The two-wheeler should be in a roadworthy condition. As such, a fitness certificate might be required.
• License – The individual under whose name the vehicle is registered should have a valid driving license.
• Factory assembled – Modified bikes might not be covered by insurers (except in certain instances). One should ensure that there are no changes made to the factory product.
• Inspection – Bikes for which the insurance policy has lapsed might require a physical inspection.

Steps To Buy SBI Two Wheeler Insurance Online

It is possible to purchase a bike insurance policy from SBI online. One could log onto the SBI General Insurance website and check the quote for a particular bike, with representatives taking it forward from here.

One can request a call back from officials, who will guide them through the process of purchasing the policy.

Alternatively, there are certain third-party websites which also provide the option of purchasing this policy online.

How To Make A SBI Two Wheeler Insurance

In the event of an accident involving an insured 2 wheeler, it is imperative that one immediately intimate the insurer. In cases where the person is injured/unable to inform SBI General Insurance, he/she should get in touch with them within a specified period of time.

One can submit a claim online, through the official website of the insurer. This can be done by navigating to the “Services” section, and clicking the “Claim Intimation” tab.

Additionally, one can also initiate the claim process via SMS, by sending an SMS stating CLAIM to 561612.

One will then have to provide personal details like their name, mobile number, email id, and city. Next, they will have to provide details of the incident and click on the “Submit” tab.

SBI General Insurance believes in a fair, fast, and transparent claim settlement process, with the team contacting the owner to take the issue ahead.

Renew A SBI Two Wheeler Insurance Online In Simple Steps

It is mandatory to renew a policy which is about to lapse, for using the vehicle without a valid insurance can attract a penalty. Individuals looking to renew their SBI bike insurance can do so online, through the official website of SBI General Insurance.

• Navigate to the home page of the website.
• Choose the “Renew Your Policy” tab.
• Choose the product which needs to be renewed.
• Enter the previous policy number.
• Provide either the chassis number, engine number, or registration number.
• Once done, you can pay the premium amount.

Additionally, one can also visit any branch of SBI General Insurance to renew a policy.

Why Deductible Is Important In A SBI Two Wheeler Insurance Plan?

A deductible is the amount an individual (policyholder) voluntarily agrees to pay in case of any claim. This is a certain percentage, with the insurer paying the remaining portion. In simple words, if one opts for a 10% deductible, he/she will pay 10% of the amount in case of any damage, with SBI General Insurance paying the remainder.

Choosing a higher deductible results in a drop in premium rates, helping one save money initially. However, in the event of an accident, one will have to shell out a certain amount. Alternately, choosing a lower deductible results in an increased premium amount, with no personal liability involved.

One should opt for a deductible based on their riding habits, with it important to consider their current financial position as well.

What To Do After The Expiry Of A SBI Two-Wheeler Insurance Plan?

In case the bike insurance provided by SBI General expires, one should immediately renew it. It is imperative that this policy is renewed immediately, failing which no cover will be provided in the case of any loss/damage.

One should contact the insurer, providing relevant information in order to renew the policy. In case the policy is inactive for over a certain period of time, a physical inspection of the bike might be necessary before the insurance is given.

Also, one might have to pay a higher premium, with there being a chance for the no claim bonus to become invalid in case of lapse.

SBI two-wheeler insurance customer care service

SBI has a dedicated customer care division which caters to any problem a consumer could have. One can reach company officials on their toll free number - 1800 22 1111.

SBI Two Wheeler Insurance Frequently Asked Questions:

1.Does SBI General Insurance renew a bike insurance policy which was originally issued by a different insurer?

Yes, SBI General Insurance provides an option to renew a policy which was initially offered by a different insurer.

2.Can I contact SBI General Insurance at any time?

No, company officials manning the toll free number work between Monday and Saturday, between 8 A.M. and 8 P.M. only.

3.I renewed my policy a month after it expired. Will I be eligible for the No Claim Bonus which I had previously earned?

Yes, the No Claim Bonus will be permitted if the policy is renewed within 3 months (90 days) of expiry.

4.Can I opt for a higher personal accident cover?

Yes, it is possible to opt for a higher personal accident cover. SBI General currently has a minimum cover of Rs.1 lakh, which can be increased by paying an additional amount.

5.I ride a specially modified bike designed for people with disabilities. Am I allowed to purchase a two-wheeler insurance from SBI General?

Yes, such bikes can be covered by a motor vehicle insurance policy. In addition to the cover, SBI General also provides a discount on the premium.

6.I would like to purchase a two-wheeler insurance policy from SBI General Insurance. What will my premium be?

Your premium payable will vary based on a number of factors such as the type of policy chosen, add-ons purchased, tenure of the policy, age of vehicle, Insured Declared Value (IDV) of the two-wheeler, vehicle model, discounts availed, cubic capacity of the vehicle’s engine, geographical zone, etc. The premium rate is also likely to vary from insurer to insurer, especially in the case of comprehensive two-wheeler insurance policies. For this reason, it is advisable to compare insurance plans offered by different insurers before purchasing a policy for your vehicle.  

7.Will I have to pay a higher premium if I have a modified bike?

If the modifications were done to enhance the bike’s visual appeal or performance, it is likely that you will have to pay a higher premium since the insurer will have to undertake a higher risk by selling you an insurance policy. However, if you have installed security devices that are approved by the Automotive Research Association of India (ARAI), you will be offered a discount by your insurer.

8.When should I renew my two-wheeler insurance policy?

You should renew your two-wheeler insurance policy before the renewal date mentioned in your policy document. Since having a two-wheeler insurance cover is mandatory, it is best to not renew your policy after it has lapsed.

9.Do comprehensive two-wheeler insurance policies also provide a third-party liability insurance cover to policy buyers?

Yes, comprehensive two-wheeler insurance policies offer a third-party liability insurance cover, an own damage cover, and a personal accident cover to the policyholder.

10.Can I change my insurance provider at the time of renewing my policy?

Yes, you can change your two-wheeler insurance provider at the time of renewing your policy. You can also choose to purchase another insurance policy offered by your insurer.