After buying a car, the next step is to buy a car insurance to keep your car and yourself safe. While car takes care of your mobility, a good car insurance like SBI Car Insurance policy will make sure this mobility doesn’t get hampered in case of an accident involving the car or its theft.
What is SBI Car Insurance Policy?
As per the Motor Vehicles Act, as soon as you buy any motor-vehicle, it is compulsory to get a Third Party Liability insurance with it. Without this insurance, it is illegal to drive on Indian roads. And that is exactly what SBI Car Insurance is designed for. It provides the policyholder with security and satisfaction to drive on Indian roads.
You need to meet following requirements in order to take SBI car insurance policy:
- Applicant to be 18 years old at least
- Must have a valid driving licence
- Valid registration certificate of the car to be covered
What all SBI Car Insurance Policy Covers?
Following are the situations where you can resort to your SBI car insurance:
- Third-Party liability: As this is a legal necessity, this car insurance by SBI is there to provide for any accidental expenses that a policyholder might have to bear to the third party
- Personal accident: If the policyholder meets with an accident while driving, he/she can claim for Rs.15 lakh personal accident cover
- Loss or damage to vehicle: If there happens to be any damage or loss to the insured car, it shall be covered for in this car insurance. Valid reasons for this claim are:
- Damage in transit by road, rail, inland waterway, lift, elevator or air
- Due to lightning, earthquake, typhoon, hurricane, storm, flood, etc.
- Accidental damage by external means or due to fire, explosion or self-ignition
- Loss due to burglary, theft, riot, strike, etc.
- Additional coverage: Coverage for paid driver employed in vehicle operation, bi-fuel kit, depreciation reimbursement, key replacement coverage (limited to Rs. 65, 000), inconvenience replacement (maximum 10 days and loss of personal belongings (max. Rs. 50, 000 with a deductible of Rs. 5,000 for laptop & jewellery, Rs. 2,500 for mobile and Rs. 500 for other personal belongings, hospital cash cover, road-side assistance, consumables coverage, coverage for tyre & rim-guard and EMI Protector
SBI Car Insurance Policy Claim Process
Claim process of SBI motor insurance is a quick and easy process with no complexities. Following are the steps for the same:
- You just need to visit the official website of the insurer and from there migrate to the Claim Intimation tab provided at the end of the page
- Clicking on that link will direct you to the web-page of claim form
- Fill this form with all the required details and submit the same
- You can also contact the customer care staff and extract all the necessary information including the documents required for the claim settlement
- After proper verification of the details, SBI General Insurance shall process your claim in no time
Documents Required for Claim Process
- Duly filled in and signed claim form
- Original Policy document,
- Original Registration Book / Certificate, Permit, Fitness Certificate, Tax Certificate & Load Challan
- Police Panchnama/FIR/Non Traceable Report
- All sets of keys/Service Booklet/Warranty Card/Original purchase invoice
- Acknowledgement of letter addressed to RTO intimating theft and informing “NON-USE” of vehicle
- Form 28, 29 and 30 signed by the insured and Form 35 signed by the Financer, as the case may be, undated and blank Letter of Undertaking, Discharge Voucher
- Consent towards agreed claim settlement value from yourself and Financier
- No Objection Certificate (NOC ) from the Financer, if the claim is to be settled in your favour
- Duly filled in and signed claim form
- Copy of Registration Book (Please furnish original for verification)
- Copy of Motor Driving License of the person driving the vehicle at the time of accident
- Police Panchnama/FIR (In case of Third Party property damage / Death / Body Injury / Fire / Malicious Damage Claims)
- Estimate for repairs from repairer where vehicle is to be repaired Repair Bills/Invoices after the jobs is completed
- Payment receipts after the jobs is completed KYC/AML for losses above Rs. 1 lakh Additional documents in case commercial vehicle Permit, Fitness Certificate, Tax Certificate & Load Challan
Exclusions under SBI Car Insurance Policy
Certain situations are not covered by the insurance policy, also called exclusions. Let us look at some of these cases:
- Usual depreciation which includes normal wear & tear and general ageing of the car
- Any consequential loss of depreciation
- Electrical or mechanical breakdown
- Damage to or by a person driving without a valid Driver’s License
- Damage done while driving under the influence of drugs or alcohol
- Damage done due to unruly usage of the car
- Loss or damage to the car due to war, mutiny or nuclear risk
- Zero-Depreciation: In order to get the full value of your car at the time of claim (theft or total damage), one can opt for zero-depreciation cover. With this cover enabled, the depreciation will not be deducted which otherwise would
- Key-Lock Cover: In case of key/lock loss or damage, this cover ensures the same is repaired of a new one is made on the company’s expense
- Return to Invoice: This add-on pats the gap between the invoice of the car and it’s IDV (Insured Declared Value). In simple words, on loss of car or total damage, the original invoice of your car is paid to you when this cover is in force
- Fuel-Kit: This add-on is designed particularly for cars fitted with CNG or LPG kit. In case this kit is damaged, the insurance company shall cover the same
Time Taken to Settle Claims
There is a 30-day window from the receipt of final survey report (including receipt of all the required documents) in which your claim will be settled, according the SBI website. Also, living up to the reputation of SBI, it is always made sure that the claims are settled in a fair and fast manner.
At the time of renewal of your policy, the policyholder can avail the no-claim bonus, if any. Also, this policy does not support portability, meaning to which, the policy can be renewed only with SBI General Insurance only.
To get the best deal from this car insurance policy, you should be clear of all the points that can create a problem in making claims, if the need arises.
- Insured Declared Value of the car is calculated by subtracting depreciation cost from the selling price of the car. This is basically the sum assured you get on making theft claims or total/partial damage claims
- Personal Accident cover is not applicable for company owned cars
- Occupants of the car can also enroll for Rs. 2 lakh per person cover
- This policy holds valid only if you (the policyholder has a valid Driver’s License)
- To make the claim, make sure the following points are well-considered:
- Vehicle should be repaired at an authorised garage
- Any loss or damage within first 15 days of inception of the policy is not covered
- All claims must be made within 3 working days of damage
Advantages of Buying SBI Car Insurance Policy
- No claim bonus (NCB) of up to 50% can be availed at the time of renewal this makes sure that there is always something extra landing in your pocket if no claims are made during the policy period
- Accumulated NCB can be transferred if and when the policy is shifted to another company
- Add-on covers can be availed at affordable costs
- Voluntary excess discount can be availed if you opt for additional deductible amount along with compulsory excess
Q1. I have a car insurance already but it doesn’t cover third party liability. Is it compulsory?
Yes. As per the recent Supreme Court ruling, a 3-year third party liability is mandatory for any vehicle you own. No matter how many and what type, if you drive a vehicle, you can’t take it legally on road without this cover. SBI car insurance covers this liability. SBI Car Insurance comprises of this cover already.
Q2. What is NCB under SBI car insurance?
NCB stands for No-Claim Bonus. This is the additional privilege provided by SBI General Insurance for those policyholders who don’t’ make any claim during the tenure of the policy. This can usually go to a maximum limit of 50%.
Q3. I drove my friend’s car and met with an accident. Would I be covered under my SBI car insurance?
In majority of the cases, your car insurance is limited to your car only. Although, you should reach the customer care staff of SBI General Insurance regarding the issue.