What Is SBI General Two-Wheeler Insurance Policy?
SBI General offers sufficient coverage to two-wheeler owners and assists them in times of unfortunate incidents involving their vehicles. SBI General Two-Wheeler Insurance Policy offers third party Liability coverage which is mandated by the Motor Vehicles Act which basically safeguards an insured against any legal liability involving the insured vehicle. Along with that, it also covers own vehicle from loss or damage.
Types Of SBI General Two-Wheeler Insurance Policy
There are two types of motor insurance which SBI General Insurance company provides:
- Third party liability
- Loss or damage to the vehicle
What All SBI General Two-Wheeler Insurance Covers?
Liability to third parties
- The insurance company will indemnify the insured if the accident is caused by the insured vehicle against the following:
- Death of or bodily injury to any person to any person including occupants carried in the vehicle
- Damage to property other than property belonging to the insured
Loss of or damage to the vehicle insured
- The insurance company will indemnify the insured if the loss or damage to the vehicle or its accessories happens due to the following events: Fire, self-ignition, explosion, any accidental damage due to external means
- Any damage or loss to the vehicle while it’s in transit by road, rail, lift, air, elevator, inland waterway
- Flood, lightning, tempest earthquake, hurricane, storm, typhoon, inundation, hailstorm, cyclone, landslide, frost, rock slide, etc.
- Theft, burglary, strike, riot, any malicious act and terrorist activity
Personal Accident Cover For Owner-Driver
This policy covers bodily injury/death sustained by the owner-driver of the insured vehicle.
|Nature Of Injury||Scale Of Compensation|
|Loss of two limbs or sight of two eyes or one limb and sight of one eye||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above||100%|
How to Apply Online For SBI General Two-Wheeler Insurance?
It is very easy to buy SBI General Two-Wheeler Insurance policy online through the few steps:
- Click on ‘ Motor Two-Wheeler Insurance’ and it will take you to main page of plan
- On the page, you will see ‘Get a quote’
- Click on it will take you to page where the policy seeker needs to select Customer type and further enter basic details like vehicle model, variant, fuel type, year of manufacturer
- Then click on Calculate premium and if you are satisfied by the premium amount, go ahead and make a payment and policy will be issued
- Contact SBI General Insurance on their helpline number 1800 22 1111 (toll-free number) or SMS “CLAIM” to 561612 to receive your reference number
- A representative from the SBI General Insurance will get in touch with you and provide all the needed details along with the requirement of documents to initiate the claim process
- The claims executive/claims manager will reach out to you within 24 hours of intimating the claim
- Submit the required documents to the claims executive/claims manager who will verify the documents against the originals
- The insurance company will initiate the claim process and settle the same within 30 days of final survey and receipt of documents (as per the IRDA policyholders interest regulation 2017)
Documents Required For Claim Process
For Accidental Claims
- Duly filled and signed claim form
- Copy of registration book, driving license of the person driving the vehicle at the time of accident
- Estimate for repairs from repairer where vehicle is to be repaired
- Repair bills/invoices and payment receipts after the job is completed
For Theft Claims
- Duly filed and signed claim form
- Original policy document
- Original registration book, certificate, permit, fitness, certificate, tax certificate, load challan
- All the sets of keys, service booklet, warranty card, original purchase invoice
- Acknowledged copy of letter addressed to RTO intimating theft and informing ‘Non-Use’of the vehicle
Cases Where You Can’t Claim SBI General Two-Wheeler Insurance Policy
Although SBI General Two-Wheeler Insurance Policy provides comprehensive coverage, it still has major exclusions which the policy seeker should know before going ahead with the policy. Below are the exclusions which this policy won’t cover:
- Normal wear and tear of the vehicle due to passage of time
- Consequential loss or damage to the vehicle
- Electrical or mechanical breakdown
- Vehicle being used against the limitations of use
- Damage caused to the vehicle by a driver not holding a valid driving license
- Damage caused to the vehicle by a person driving the motorcycle/scooter under the influence of alcohol or drugs
- Damage or loss caused to the vehicle due to mutiny, war, or nuclear risk
- Any accidental loss damage or liability caused sustained or incurred outside the geographical area
Add-On Covers on SBI General Two-Wheeler Insurance Policy
Return to Invoice: Company will pay the financial shortfall if any between the insured amount receives and the purchase price of the vehicle as confirmed in the sales invoice along with the first time registration charges in the event of total loss, theft of vehicle during the policy period
Protection Of No Claim Bonus: Under this cover, the existing No claim bonus of the expiring policy can be retained at the time of renewal. This cover is available only for one single claim during the policy period.
Insured Declared Value
Insured Declared Value is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of vehicle. Basically, IDV is the current market value of the vehicle. If the vehicle suffers total loss, IDV is the compensation that the insurer will provide to the policyholder.
IDV is calculated as manufacturer’s listed selling price minus depreciation. The registration and insurance cost are excluded from IDV. The IDV of the accessories which are not factory fitted, are calculated separately at extra cost if insurance is required for them. The depreciation schedule is as follows:
The IDV of vehicles aged over 5 years is calculated by mutual agreement between insurer and the insured. Instead of depreciation, IDV of old cars is arrived at by assessment of vehicle’s condition done by surveyors, car dealers etc. However, the insured vehicle shall be treated as a Constructive Total Loss (CTL) if the aggregate cost of repair of the vehicle exceeds the 75% of the IDC of the vehicle.
IDV= (Manufacturer’s listed selling price- depreciation) + (Accessories that are not included in listed selling price-depreciation) and excludes registration and insurance costs.
SBI General Two-Wheeler Insurance Renewal
Visit the website to renew the policy in the following steps:
- Login in with your policy details on the e-portal
- Enter your RC number, mobile number and Email ID
- Select the policy and payment mode –Netbanking/ debit/credit card
- Print/save the cyber receipt of your payment
SBI General Cashless Garages
SBI has a wide network of garages located across the country where one can go in case of any repairs.
Advantages Of SBI General Two-Wheeler Insurance
- Insured can transfer full benefits of No Claim Bonus when they shift their motor insurance policy from another company
- Customized pricing model based on the needs of customer
- Special discount for persons between the age of 25 and 55 years
- Additional discount for uninterrupted vehicle insurance
- The third party liability saves you from any legal trouble that can crop up. It also helps you from paying any additional costs if the damage is caused to a third party
- It provides compulsory personal accident cover of Rs 15 lakh for individual owners of the vehicle while driving
- The Pillion Rider of your two wheeler can also get Personal Accident coverage for a maximum Sum Insured of Rs. 1 lakh. However, you may also opt for higher Personal Accident cover limits under SBI General two wheeler insurance plan
Q1- What do we mean by third party insurance? Is comprehensive insurance actually better?
It is compulsory to buy the third party insurance to cover the cost of damages done to the third party by the insured vehicle However, third party cover doesn’t cover injuries or the bike repair, so it is always better to go for a comprehensive insurance to get more types of damages covered.
Q2- What is No Claim Bonus (NCB)?
No Claim Bonus is a rewarded 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%.
Q3- How long does it take for insurance company to settle the claim?Upon receiving the documents, the insurance company will assess the documents and will settle the claim within 30 days from the date of receipt of claim documents.