SBI Motor Insurance

SBI General Insurance Company Limited offers an extensive range of insurance solutions for retail and commercial customers, with a vision to make insurance accessible to everyone in the country. The products offered by the insurer range from motor, personal accident, health, home, and travel insurance for the retail vertical. The products in the commercial space include fire, aviation, construction & engineering, marine, package, and liability insurance.

The company has several distribution routes, including bancassurance, broking, agencies, and direct retail modes.

Why Should You Buy Motor Insurance From SBI General?

Listed below are the benefits of buying insurance from SBI General:

  • The insurance company offers third-party liability motor insurance plans and comprehensive policies. The customer can choose a policy based on the extent of coverage he/she requires.
  • SBI General offers a wide range of add-on covers that can be bought at a nominal cost. These add-on covers can be used to increase the coverage of the basic motor insurance plan.
  • The insurance company offers various discounts to customers, the most attractive of them being the No Claim Bonus (NCB). The NCB can be transferred when you shift insurance companies.
  • The insurer offers two-wheeler insurance policies with coverage periods ranging from 1 year to 3 years.
  • The long term two-wheeler insurance plan can be chosen for policy term of 2 or 3 years and is available at a discounted price. If there is a change in the third-party liability premium during this time, the policy will be unaffected. Also, if there is a change in the rate of taxation, the policy will be immune to it.
  • The insurer has a robust customer support team that resolves all issues/queries within the shortest turnaround time.
  • The insurance company offers cashless claim settlement facility at over 2,500 network garages across India.

Types Of Motor Insurance From SBI General

SBI General offers the following types of motor insurance plans:

  1. Motor private car insurance plan- This scheme offers third-party liability protection and own-damage cover to the insured private car. Personal accident cover is provided to the owner-driver as well. It is possible to increase the extent of coverage under the plan by opting for any of the following add-on covers:
    1. Legal liabilities to employees or paid driver
    2. Nil depreciation cover
    3. Coverage for bi-fuel kit
    4. NCB Protection cover
    5. Return to Invoice (RTI) cover
    6. Coverage for loss of personal belongings
    7. Key replacement cover
  2. Motor two-wheeler insurance plan - This plan is designed specifically for protecting two-wheelers through third-party liability insurance cover and own-damage cover. The policy term under this insurance scheme is 1 year. The pricing for this insurance plan is based on the profile of the customer. One is provided premium discounts based on age and continued insurance of the two-wheeler. If required, the customer can choose to protect the pillion rider though the purchase of a personal accident cover with a maximum sum insured of Rs.1 lakh.
  3. Long term two-wheeler insurance plan - This insurance plan is configured for two-wheelers and provides coverage for third-party liabilities and own-damages. Customers can opt for policy terms of 2 or 3 years. Several types of discounts are offered under this plan, namely:
    1. No Claim Bonus up to 50% of the own-damage (OD) premium
    2. Voluntary deductible discount of up to 25% of the OD premium
    3. Anti-theft device installation discount up to 2.5% on OD premium
    4. Automobile Association Membership discount of up to 5% of OD premium
    5. Discount of up to 50% of OD premium for specially designed vehicles used by handicapped, blind, or mentally challenged individuals
    6. Tenure discount that goes up to 5% of OD premium for policy term of 2 years; discount of 8% on OD premium for policy term of 3 years

SBI General Liability Only Insurance Policy - Inclusions

The third-party liability insurance plan from SBI General has the following coverage:

  • Protection from legal liability to a third party for injuries or death in an accident
  • Protection from third-party property damage in an accident

The policy does not safeguard the insured vehicle from any kind of damages.

SBI General Comprehensive Motor Insurance Policy - Inclusions

The package policy from SBI General includes the following coverage:

  • Protection from liability to a third party in an accident. This includes third-party injuries, death, or property damage.
  • Own-damage cover that protects from damages or losses to the insured vehicle through fire, self-ignition, explosion, and in-transit damage.
  • Losses to the insured vehicle due to natural calamities such as hurricanes, storms, earthquakes, lightning, etc.
  • Damages to the insured vehicle due to man-made calamities such as strikes, malicious activities, terrorist acts, theft, riots, etc.
  • The owner-driver gets personal accident cover of up to Rs.2 lakh that safeguards him/her from permanent disabilities or death. It should be noted that this benefit is not provided to company-owned vehicles.

SBI General Motor Insurance - Exclusions

The following events are not covered under the motor insurance plan from SBI General:

  • Wear and tear of the insured vehicle
  • Consequential losses
  • Depreciation
  • Electrical or mechanical breakdown
  • The vehicle being used beyond its capacity/limits
  • Losses due to drunk driving
  • Driving without a valid license
  • Losses from mutiny, war, or nuclear disasters

SBI General Motor Insurance FAQs:

  1. What is a voluntary excess discount?
  2. The customer can opt for a voluntary excess/deductible that he/she will have to bear at the time of a claim. However, opting for a voluntary deductible brings down the motor insurance premium significantly. This is referred to as the voluntary excess discount. It should be noted that all policies carry a compulsory excess that will have to be borne by the policyholder mandatorily in the event of a claim.

  3. Does SBI General provide motor insurance online?
  4. Yes, you can buy motor insurance effortlessly through the SBI General website. You will have to get a quote first by filling up an online form. If you agree to the quote, you can proceed to premium payment. The policy is issued instantly.

  5. Can I renew my two-wheeler insurance policy through the SBI General website?
  6. Yes, this is possible. You will have to click on the relevant menu option at the insurer’s website and update the following details on the online form:

    • Customer ID/ Policy number
    • Engine no./chassis no./registration no.

    Following this, your policy details will be displayed. You can subsequently pay the renewal premium and renew the policy online.

  7. How do I raise a claim?
  8. You can contact the insurance company at its toll-free number or send an email to the customer care team. You can also get in touch with the insurer by sending an SMS. Alternatively, you can fill up an online claim form at the SBI General website and submit it.

  9. What happens after I raise a claim?
  10. After the customer raises a claim, a customer care representative will inform him/her about the documents that need to be submitted. A claims executive/manager will get in touch with him/her within 24 hours of raising the claim. The customer is expected to submit all relevant documents to the claims executive and get them verified. The insurer will then initiate the claim settlement process. SBI General settles all claims within 30 days.

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