State Bank of India car insurance renewal policy is extremely smooth, quick and user friendly. You can renew your car insurance, with just a couple of clicks, on the bank’s website. Select Motor Private Car Insurance (on the Motor Insurance page), and click on the Renew Online option. Few mandatory details required are – your car insurance policy number, chassis number/engine number/ registration number. If you don’t have your policy number you can fill in your customer id, and go ahead with the renewal.
Renewing your car insurance is essential to protect your car from various unforeseen circumstances like accidents and thefts.
The Key Features Of State Bank Of India Car Insurance Renewal Are –
- The policy is designed to cover compulsory third party liability (as per the motor vehicles act), and loss or damage to the vehicle.
- Covers personal accident
If you pay an additional premium, you can enjoy the following benefits –
- No Claim Bonus (NCB) protection
- Nil Depreciation
- Cover for loss of personal belongings
- Any additional liabilities towards employed drivers or other employees.
- Bi-fuel kit
- Coverage for key replacement
- Return to invoice
Once the tenure of your car insurance policy expires, you can is no longer enjoy the benefits of having an insured car. Hence, renewing your car insurance (once the initial tenure expires) is very important. If you haven’t made any claim during the initial policy period, SBI offers you a No Claim Bonus on renewing your car insurance. This discount can go up to a 50%. To avail the benefits of No Claim Bonus , you need to renew the car insurance within 90 days of the expiry date of the previous policy.
In case you decide to shift the from some other company to SBI, you can transfer all the benefits of No Claim Bonus. You can also avail a further discount on the premium amount, if you opt for the voluntary excess provision (in addition to the compulsory excess).
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017