• SBI Car Insurance

     3.5 / 5.0   by 22 users
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    Policy Coverage

    Customer Service

    Claim Experience

    Cashless Garages

    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.


    Key Benefits of SBI Car Insurance

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    So you’re stranded almost nowhere

    Cashless Claim Networks

    Cashless claim service over 1500+ authorized network of garages across India

    Don’t we love a good discount?

    Discounts

    Discount on the premium is available if you opt for a Voluntary Excess in addition to the Compulsory Excess.

    Help is always at hand

    Accidental Cover /Customer Support

    Occupants of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs. 2 lakh per person.


    Add-on Covers for SBI Car Insurance

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    Depreciation cover for SBI Car Insurance

    Depreciation Cover

    100 % repayment covered

    Invoice price cover for SBI Car Insurance

    Third Party Cover

    Protects against any legal liability arising out of the use of the vehicle, towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property.

    Personal Accident cover for passengers

    Personal Accident Cover

    Occupants of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs. 2 lakh per person.

    *These Features may be included as part of different products and are subject to the insurer's terms & conditions.

    Inclusion & Exclusion in SBI Car Insurance

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    No capers without the required papers!

    Inclusion

    Covers the persons travelling in/driving the vehicle other than paid driver.

    Drink OR drive. There’s only one choice

    Exclusion

    Damage to / by a person driving the vehicle under the influence of drugs or liquor

    *These Features may be included as part of different products and are subject to the insurer's terms & conditions.

    SBI Car Insurance Policy Highlights Updated on 21 Jun 2018

    Features Specifications
    Third Party Cover Upto 7.5 L
    Cashless Network Garages 1500
    Incurred Claim Ratio* 102.07%
    Net Earned Premium* 675.42

    *For Year 2016-2017

    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 SBI General Insurance 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 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, 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: An advantage of the offer, this 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).
    Depreciation waiver 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, 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 An advantage of the offer, this 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 below scheduled 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.

    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

    SBI Car Insurance Reviews

  • Page 1 of 2 1 2
    • 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? 0
      , 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
    • SBI General Car Insurance
      "Car insurance with SBI"
      0.5 1.0/5 "Really Bad"
      I have taken a car insurance with SBI. The premium amount is12900 for 1 year. If we want to renew the policy then each year we have to make the payment. Later i could not able to go on with the policy as the car manufacture is not tied up with SBI. I am not totally satisfied with this policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 07, 2017
    • SBI General Car Insurance
      "Good insurance coverage"
      0.5 5.0/5 "Blown Away!"
      I had taken a four wheeler insurance policy from the SBI general insurance company and I got it very recently with them. Coverage value is a fine one with them and the third party coverage and comprehensive insurance policies are also there.
      Was this review helpful? 0
      , pune
      Reviewed on May 22, 2017
    • SBI General Car Insurance
      "SBI Cheating insurance company"
      0.5 0.5/5 "Unacceptable"
      At the time of I purchased new car the Harha TOYOTA Tirupati dealer offered car insurance from SBI General Insurance. It is a zero dept scheme and if any accident happens, we can claim for all the damages. My car was accident some damaged but SBI told we cannot claim for that because of your KM Reding is high
      Was this review helpful? 0
      , tirupati
      Reviewed on Oct 05, 2016
    • SBI General Car Insurance
      "non receipt of policy document"
      0.5 2.0/5 "Expected more"
      I renewed my car insurance policy on 16 may.Till date I have not received my policy document despite lodging 3 complaints with their service center.No response from any body from the company.Poor customer services.My policy no is 0000000001791894-02
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 04, 2016
    • SBI General Car Insurance
      "Amazing..."
      0.5 5.0/5 "Blown Away!"
      SBI general insurance give many benefits like free road assistance. If my car get break down in the road they take my car to the service station and they arrange for a cab to drop me. If petrol is exhausted then they give petrol. Also they give 7lakhs for third parties. Premium for the car insurance is jut around 7k for one year.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 15, 2016
    • SBI General Car Insurance
      "Satisfied.."
      0.5 3.5/5 "Pretty good"
      At the time of service the dealer offered car insurance from SBI General Insurance. It is a zero dept scheme and if any accident happens, we can claim for all the damages. Personal belongings are not included so we cannot claim for that. Fine however.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 27, 2015
    • SBI General Car Insurance
      "Very satisfied.."
      0.5 4.0/5 "Great!"
      I have taken the car loan in SBI and along with that they offered this car insurance as that is a package. If any damages causes to my car I can claim with SBI general insurance. My policy is good where internal bodies like electronic equipments and seats are claimable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 31, 2015
    • SBI General Car Insurance
      "Best "
      0.5 4.0/5 "Great!"
      Third party coverage got added for my car which got insured with the SBI general insurance. I have the claim experience with them like I got around 25000 Rupees as the claim settlement. The damage cost will not inclusive of plastic parts in the car. The premium is also nominal with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 29, 2015
    • SBI General Car Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I got the four wheeler insurance with the SBI general insurance.The sum assured of the insurance policy was good.The premium is good with them.Recently I just got this policy so there is no more comments over there.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 13, 2015
    • SBI General Car Insurance
      "No response till now..."
      0.5 1.0/5 "Really Bad"
      I thought of to renew my car insurance and SBI General insurance people has reached me first and planned to go with them. I have paid all amount of 10,500 but still they did not revert back and not yet received the papers. Initially they were calling me again and again but now not yet reverted. The premium is very less in SBI.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 24, 2015
    • SBI General Car Insurance
      "better"
      0.5 4.0/5 "Great!"
      I am having the four wheeler insurance with SBI general insurance.I heard that they are providing the extra benefits rather than any other company.There the coverages are really good, they are covering the full accessories.It inclusive of third party insurance and zero percent depreciation value.
      Was this review helpful? 1
      , panipat
      Reviewed on Jun 03, 2015
    • SBI General Car Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I am holding a car insurance with SBI. I have received all the policy documents. The interest rate offered by them is good when compared with others. It is cheaper than others. The service offered by them is excellent. Customer service is really good. They have assured me that it provides all types of coverage like bumper to bumper and it covers all kind of risk.
      Was this review helpful? 3
      , srinagar
      Reviewed on Apr 21, 2015
    • SBI General Car Insurance
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      I am holding a car insurance with SBI and it is really good. I have lost my policy documents once I have called their toll free number for the same. The next day morning I was able to find that at my desk. More than all, I am getting benefits for passengers insurance which covers driver plus unnamed passengers also. The premium amount is less.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 15, 2015
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