One of the Big Four Banks of India, State Bank of India is an Indian multinational, public sector banking and financial services company that was nationalized in 1956. With over 17,000 branches in India and over 190 overseas branches, SBI has a worldwide footprint. SBI General Insurance Company is a joint collaboration between SBO and Insurance Australia Group (IAG). SBI General Insurance offers motor, health, personal accident and home insurance policies to fulfil the insurance needs of people. For businesses, SBI General offers aviation, fire, marine, group personal accident and other insurance policies of similar kinds.
If you are an owner of a two-wheeler, an insurance policy becomes essential to safeguard your vehicle and yourself against accidents and other mishaps. It is always better to be safe than sorry and with SBI two wheeler insurance policy, you will be comprehensively covered against a wide range of risks including third-party liability.
Features and Benefits of SBI Two Wheeler Insurance
Here are some of the features that come with SBI Two Wheeler Insurance making it very policyholder-friendly.
- SBI General provides customized pricing based on your profile when it comes to two-wheeler insurance.
- If you insure your vehicle without a break, SBI offers additional discount on the premium.
- For customers aged between 25 and 55 years, discounts on premium are offered.
- Facility to transfer the full benefits of No Claim Bonus when the motor insurance policy is shifted to another insurer.
- Customers can easily apply for a policy online and existing policy-holders can renew the policy online without any hassles.
- It comes with additional opt-in covers for the benefit of policy-holders
SBI Two Wheeler Insurance Coverage
A comprehensive cover is offered against the following risks under SBI Two Wheeler Motor Insurance policy.
- The policy extends protection against any third-party liability arising out of accidents causing bodily injury or death to a third-party and damages to third-party property.
- The loss or damage to vehicle or its accessories due to fire, self-ignition, explosion and accidental damage by external means is covered.
- Damages caused to the vehicle by natural calamities like flood, typhoon, hurricane, storm, tempest, inundation, hailstorm, rockslide, frost, earthquake and lightning is covered.
- The policy covers the cost incurred from damage to vehicle while in transit by road, rail, inland waterway, air, elevator or lift
- This policy will also cover damages caused as a result of burglary, theft, strike, riot, terrorist activity and malicious acts.
SBI Two Wheeler Insurance Opt-in Covers
The following are the additional opt-in covers that come with SBI two wheeler insurance.
- SBI General Two Wheeler package policy offers a mandatory personal accident cover of Rs.1 lakh for individuals holding a valid driving license. This cover is not extended to company owned vehicles.
- For a maximum capital sum insured of Rs.1 lakh, pillion rider of the two-wheeler can also be covered.
- Higher limits in personal accident cover can also be opted for.
SBI Two Wheeler Insurance Exclusions
Given below is the list of major exclusions that are not covered under this motor insurance policy scheme.
- Loss or damage caused to the two-wheeler or its accessories due to normal wear & tear and general ageing of the vehicle.
- Depreciation or consequential loss will not be covered.
- If the vehicle is being used otherwise than in accordance with limitations of use, the damage incurred will not be covered.
- Loss or damage caused by actions of war, mutiny or any nuclear-related activities will not be covered.
- Damage caused to or by a person driving the two-wheeler without a valid license will not be covered. Similarly, damage to or by a person under the influence of alcohol or drugs will not be paid by the policy.
How to File a Claim with SBI General Insurance?
To file a claim in case you meet with an accident, you need to get in touch with SBI within 24 hours with your policy number. You can use the SBI toll free number or visit any of the nearest physical centre to get in touch with a SBI representative. After making an assessment of the damage, the representative officer will specify a list of documents that you will have to submit for completing the claims process.
- How do I find out the premium payable for my vehicle type?
To get more details on competitive premium quote with the best coverage options, you can visit the nearest branch office or contact SBI through the toll-free number.
- I have misplaced the insurance policy for my vehicle. How do I get a duplicate copy?
By paying a nominal fee of Rs.50, you can get a duplicate copy from any of the nearest SBI General offices.
- How long will it take for a claim settlement?
If all the required documents are submitted, the claim settlement process will take not more than 7 days.
- My vehicle was stolen. How do I file a claim in this case?
You should report the loss to the nearest police station from the place of theft and also intimate the same to SBI through the toll-free number. SBI representatives will advise you on the further course of action.
- Explain No Claim Bonus (NCB).
No Claim Bonus is a reward to the policy-holder for no claims made in the previous policy year as a result of responsible driving. NCB can be accumulated over a period for all claim free years up to a maximum of 50%.
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