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SBI Car Insurance

A car insurance policyholder will not have to worry about paying the garage bill or the hospital bill if he/she meets with an accident. SBI General offers car insurance plans that cover damages caused by fire, natural disasters, theft, etc.
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SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital and IAG the remaining 26%. SBI General in association with State Bank of India covered over 1.5 Crore Saving Bank Account holders of SBI with a Personal Accident Insurance cover. SBI General has also established its presence in nearly 14,000 Branches of State Bank of India.


SBI Car Insurance Policy Highlights Updated on 21 Sep 2019

Features Specifications
Third Party Cover Upto 7.5 L
Cashless Network Garages 1500
Incurred Claim Ratio* 91.75%
Net Earned Premium* Rs.738.09 crore

*For Year 2017-2018

Benefits of SBI Car Insurance

Overview

SBI General Insurance is the brainchild of India’s leading banking institution, the State Bank of India, and the Australian financial protection provider, Insurance Australia Group (IAG). Their stakes in are 74% and 26% respectively.

SBI is one of the ‘Big 4’ banks in India and is unmatched in terms of reach with over 17,000 nationwide branches.

IAG is one of Australia’s premier general insurance companies with operations stretching across international borders to UK, New Zealand and Asia.

SBI General benefits from the ground-level market knowledge, reach and distinct reputation of SBI and the managerial and sector expertise of IAG. This cross-border alliance covers a large number of SBI’s banking customers as well as a large number of non-banking individuals through it’s strong distribution network which comprises of bancassurance partners, agents, brokers and retail partners. The company’s reach extends to over 350 areas. It’s product bouquet services retail and corporate customers as well as small and medium enterprises. They offer individual protection on vehicles, health, homes, travel and against personal accidents, in addition to group and enterprise solutions to business houses.

What Does it Cover?

All liabilities and amounts payable towards third-parties as awarded by the Court in the event of damages caused by the insured.

Losses caused unto the insured either by way of death/ bodily injury or property impairment i.e. own-damage liability. Situations wherein this can occur include fires, natural disasters, mishaps during transit, theft, civil unrest, war, terrorism and related acts.

Losses in the event of personal accidents:

  • The owner is recompensed for expenses within a limit of Rs.2 lakhs.
  • Passengers, other than the owner-driver can also make claims as per this feature provided they are individually insured for Rs.2 lakhs, at maximum. (The said limits can be enhanced as per specifications).
For increased premiums the following benefits can be availed of:
Depreciation waiver Offered on replaced parts (not applicable for total loss). CNG-LPG kit cover i.e. the bi-fuel kit.
Protection of No-Claim Bonus whereby the NCB benefits accrued or due will continue irrespective of claims made based on the following conditions:
  • The policy is renewed with SBI General Insurance i.e. the policyholder does not switch to another insurer.
  • Only one claim was made during one policy period.
  • Repairs were undertaken in a network garage.
  • The amount of discount on renewal will be the same as that awarded before the claim.
Replacement of keys In the event of lost or stolen keys, amounts spent to make duplicates or repair broken locks at authorised garages will be reimbursed within specified limits i.e. 10% (with co-payment of total costs) or Rs.500, whichever is higher.
Recompensing paid employees These are the legal dues payable to either the hired driver or employees (of the policyholder) who were passengers or were driving the car at the time of the accident
Personal belongings cover Under this cover, losses pertaining to damaged or lost belongings in the car, of the insured party only, will be recompensed for up to Rs.50,000 (subject to deductibles ranging between Rs.500 to Rs.5,000)
Invoice Value This cover will allow the insured to receive, from the company, the difference between the claim payout and the actual value of the car (the actual value being the amount paid as evinced by the original invoice)

What are the Exceptions?

While comprehensive in nature, there are certain exclusions to the cover provided under this plan. The common ones are highlighted below:

  • Loss in value as a result of the vehicle’s age progression.
  • Consequential loss.
  • Mechanic or electric fallouts.
  • Losses from using the vehicle over it’s determined limits and outside specified boundaries (locations).
  • Damages caused while driving without a valid license or while intoxicated.
  • Damages caused by a driver without the requisite authority.
  • Eventualities of war and nuclear activities.

How is the Policy Priced?

A unique feature providing flexibility to the customers.

  • Policy costs are determined according to individual customer profiles thereby rewarding low-risk clients.
  • Discounts are offered to entrants aged between 36 years - 60 years.

What is the Sum Assured?

The sum assured, also known as the IDV or Insured’s Declared Value, is based on the manufacturer’s selling price adjusted for depreciation.


For constructive or total loss the following list is followed. It indicates the percentage of depreciation to be adjusted in order to arrive at the IDV, based on the age of the car.

  • 5% up to 6 months
  • 15% between 6 months and 1 year
  • 20% between 1 year and 2 years
  • 30% between 2 years and 3 years
  • 40% between 3 years and 4 years
  • 50% between 4 years and 5 years

As agreed between the insurance company and the insured for automobiles over 5 years old (and obsolete makes).

What kind of Discounts are Offered?

  • No-Claim Bonus is awarded:
    • After every policy period that is completed claim-free.
    • Upon renewal (within 90 days of policy expiry).
    • Up to 50% of premiums due.
    • Even upon transfer of no-claim benefits from or to another insurer.

    In addition to the compulsory deductible that Auto insurance holders have to pay, there is also a voluntary deductible option under this plan. By choosing to bear some amount of the claim payable, the policyholder can avail premium discounts.

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

    • Assistance during on-road emergencies.
    • Guidance through the process of repairs and replacement.
    • Transparent claim process.
    • Claim status updates.

    SBI General has developed it’s motor assurance product based on a strong understanding of the market and it’s customers. This plan meets the comprehensive needs of all motorists looking to safeguard their financial interests in an economic and flexible manner.

    SBI Car Insurance Customer Care

    The toll-free number of the insurance company is 1800 22 1111. You can call this number to get clarifications for your queries or to report any issues. The website offers other features as well; the facility that enables you to request for a call back from the insurer and the online form that allows you to record your issues/feedback are noteworthy.

    The menu option ‘Locate Branch’ enables you to identify the branch offices of the insurance company throughout the country. The garage locator option provides you a list of network garages in India where you can get cashless claim settlement facility.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

     4.0 / 5.0   by 35 users
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    Policy Coverage

    Customer Service

    Claim Experience

    Cashless Garages

    News About SBI Car Insurance

    • SBI’s take on boosting online car insurance sales

      In most developed nations, insurance firms have allied with credit info bureau and started correlating clientele risk profile and his credit behavior. According to Ms. Gunjan Ghai, SVP and national head, branding & marketing and product development, SBI General Insurance, this is not going to make data entry any easier, but helps immensely with underwriting. In case of car insurance, firms can take out data about the client and the car from motor registration department. Assimilating with UIDAI’s Aadhar database too can dodge setting in some of the basic customer info every time he/ she purchases an automobile insurance. Insurance providers are also looking for help from partner banks and this is exactly what happened with the SBI and their insurance branch. An SBI customer will soon be able to purchase insurance plans on the bank’s website.

      27 November 2015

    GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    SBI Car Insurance Reviews

    Page 1 of 2 1 2
    • SBI General Car Insurance
      "Good"
      0.5 4.0/5 "Great!"
      My car is insured with SBI General because its easy to renewal and main thing is the premium is not so high. The customer service is not so good and would suggest them to improve the service. I had a claim and the experience was average. The policy is valid upto 3 years.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 17, 2019
    • SBI General
      SBI General Car Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance in SBI GENERAL INSURANCE . The policy is for 4 years. I am paying premium in monthly package. While getting a policy my agent has given an information about the policy details. I visit to bank to provide cash for the payment.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 23, 2019
    • SBI General Car Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken Car insurance through SBI general Insurance ,the car model Ford Fiesca ,the premium is nominal ,it is a 1year ,need to renew ,premium Through the agent ,I have received the policy documents on time ,I am paying the premium on cash through agent .I have submitted the documents through the agent .The model of the vehicle is 2008 ,so far not gone for claim .The agent gave all the required information about the car policy .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 16, 2019
    • SBI General Car Insurance
      "Excellent plan"
      0.5 5.0/5 "Blown Away!"
      I took my car insurance with SBI GENERAL, as a employee got benefits regarding the cashless garages, zero dep is provided. The premium was normal about 15K. It is a entire cover policy. I have been using this insurance since 3 years. The claim process was excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 15, 2019
    • SBI General Car Insurance
      "Need to improve on the customer support"
      0.5 4.0/5 "Great!"
      I took SBI insurance for my Toyata, I paid the premium some where around Rs. 15,000. I took the zero depreciation plan its a bumper to bumper covered. Royal Sundaram have suggested SBI car insurance and I got the paper, They got tie up with many centers in my place. They need to improve on the customer support.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 02, 2019
    • SBI General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      The showroom people has offered me a car insurance policy with SBI. I have made a premium amount of Rs. 22000. They have given me a coverage value of 100%. Total IDV value is 90% of the car value. I have no claim experience till now. The documentation process was done by showroom.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 19, 2019
    • SBI General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a car insurance policy with SBI from last 1 year, i have to pay a premium of Rs 38000 for this insurance policy. This policy has full coverage with 0% depreciation and i did not claim anything so far. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 03, 2019
    • SBI General Car Insurance
      "Smart Protection with SBI"
      0.5 5.0/5 "Blown Away!"
      SBI general insurance is good hence I rate good mark because its a national insurance company. But the customer support is average, the insurance company gave me the good insured amount, I have Hyundai I20, the policy generation time is good. I have got third party insurance with 24 hours service.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 20, 2018
    • SBI General Car Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I had a claim of 44k with the SBI GENERAL INSURANCE where i have taken the card insurance and the claim is of reimbursement and i got within the one day. The premium is nominal and the IDV is nominal. The coverage is for bumper to bumper. The process is good with this policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 07, 2018
    • SBI General Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a car insurance with SBI general insurance from last 3 years, i am not aware of the premium amount for this insurance policy. I have not claimed anything so far in this car insurance and the coverage value is good in this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 26, 2018
    • SBI General Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My car is insured with SBI general insurance and i have taken this policy for 1 year. A premium of Rs 39000 has to be paid for this car insurance policy. I have not claimed anything so far with this insurance policy. This policy has full coverage with 0% depreciation.
      Was this review helpful? 1
      , sangli
      Reviewed on Oct 31, 2018
    • SBI General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with SBI General insurance for 1 year, i am not aware of the premium amount for this insurance policy. Customer service was good and they explained all the terms and conditions. This policy has full coverage with 0% depreciation.
      Was this review helpful? 0
      , bathinda
      Reviewed on Oct 30, 2018
    • SBI General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a car insurance with SBI General insurance from last 2 years, i pay a insurance premium of Rs 16000 for this policy. I have not claimed anything so far from this insurance policy. The coverage value is very good in this car insurance policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 21, 2018
    • SBI General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with SBI general insurance from last 1 year and it is a good insurance policy. This policy has to be renewed every year and i pay a premium of Rs 18000-19000 for this insurance. I do not have claim experience so far with this insurance and they cover bumper to bumper damages.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 02, 2018
    • SBI General Car Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a car insurance with SBI general insurance from last 5 years and it is one of the good insurance policy to use. I pay a premium of Rs 23000 every year for this insurance. I do not have claim experience so far with this insurance. They cover bumper to bumper damages in case of any accident and i am happy with the coverage of this policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 22, 2018
    • SBI General Car Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      I have recently taken a car insurance with SBI general insurance from last 2 months and it is one of the good insurance policy to use. I pay a premium of Rs 10090 for this insurance and it has to be renewed every year. I do not have claim experience with this insurance. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 22, 2018
    • SBI General Car Insurance
      "Good insurance"
      0.5 4.0/5 "Great!"
      When I purchased a Hyundai car, they have provided a car insurance. I paid around 41,000 rupees to get this insurance. SBI is offering a good IDV value of above 10L. Actually it was taken through the showroom so there is no much work. The policy coverage was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 16, 2018
    • SBI General Car Insurance
      "Very much satisfied"
      0.5 5.0/5 "Blown Away!"
      I had a good experience with SBI general insurance. The process was faster and very quick for claim. I had claimed for my car I20. I found good offers on road side assistance and other services so changed my Insurance provider. They provided a good cashless facility. When I bought my vehicle that time they charged 30,000 rupees for insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 10, 2018
    • SBI General Car Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      I have a Car insurance with SBI general insurance from last 1 year and it is a good insurance policy to use. This policy has to be renewed every year and i pay a premium of Rs 25000 for this insurance. I do not have claim experience so far with this insurance. The coverage and benefits are good in this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 06, 2018
    • SBI General Car Insurance
      "Very poor service"
      0.5 1.0/5 "Really Bad"
      The SBI car insurance policy is not up to the mark. The customer support is not up to the mark with the SBI general insurance policy. I have paid Rs,39000 to get this policy. The claim coverage is very low and the claim . I would like to say the SBI general insurance service need to be improved.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 12, 2017
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