If you own a motor vehicle in India, it is mandatory to possess a motor insurance for the same. SBI Motor Insurance is a type of insurance that provides financial security to an individual against the losses and damage to the vehicle. It also provides protection in case of any damage to another vehicle or bodily injury to another person because of the insured vehicle.
What is SBI Motor Insurance?
SBI Motor Insurance is a vehicle insurance policy offered by SBI General Insurance which takes care of your insurance needs for motor vehicles.
It has 5 different policies to take care of different needs of vehicle owners. One can get either package policies or plans covering only third-party liability. Also, there are policies for different policy periods.
Types of SBI Motor Insurance Policy
There are 5 types of insurance plans offered under this policy. They are:
- Motor Private Car Insurance: Comprehensive package policy for private cars
- Covers third party liability, loss or damage to the insured vehicle & personal accident of owner
- No claim bonus (NCB) benefit of up to 50% on renewals
- Voluntary excess discount on choosing more than compulsory excess
- Motor Two Wheeler Insurance: Comprehensive package policy for two wheeler for 2 years
- Covers third party liability along with loss or damage to the vehicle
- Compulsory personal accident cover
- Customised pricing based on the profile of the policyholder
- Discount on premium for people falling in the age group of 25 – 55 years
- Motor Act Only-Two Wheeler (Long-Term): Third party cover policy for two wheeler for 5 years
- No need for annual renewals
- Zero effect of changing GST during the policy period
- Rider available for personal accident cover
- Motor Act Only-Private Car (Long-Term): Third-party liability cover for private cars for 3 years
- No change in the premiums to be paid if GST changes in the policy period
- Additional benefits available like personal accident cover and bi-fuel kit
- No need to renew every year
- Long-Term Two Wheeler Insurance Policy: Package insurance policy for two wheeler for longer period
- Can be opted for 2 or 3 years
- Discounts on premium available like No Claim Bonus, Anti-Theft Device Discount, etc.
- 5% premium discount on 2-year policy and 8% for 3-year policy
What all SBI Motor Insurance Policy Covers?
SBI Motor Insurance provides coverage against following scenarios:
Third-party liability: If the insured vehicle causes unintentional damage to any other vehicle, person or property, the compensation for the same shall be provided by SBI General Insurance.
Loss or damage to vehicle: Damage to the vehicle due to following reasons will be covered against:
- Man-made disasters: Theft, strikes, fire, burglary, etc.
- Natural disasters: Floods, earthquake, cyclones, lightning, landslide, etc.
- In-transit damage: By road, rail, waterway, elevator, etc.
Personal accident cover: The comprehensive policies by SBI Motor Insurance provide personal accident cover of up to Rs.15 lakh. This is not applicable for company-owned vehicles
Add-On Covers (Riders)
Along with the basic insurance cover provided by the motor insurance policies by SBI, there are multiple add-on riders or additional benefits that can be availed to enhance the coverage. This can be enjoyed on payment of extra premium. Some of them are:
Nil Depreciation Cover: The company indemnifies the insured amount without deducting the depreciation amount of the vehicle and its parts. This helps get higher claim amount.
NCB Protection Cover: The rider ensures that the policyholder gets to enjoy No Claim Bonus (NCB) benefit even if the policyholder makes 1 claim in the previous policy year.
Cover for Key Replacement: If the keys of the car get damaged or stolen, the repair and/or replacement of the same shall be taken care of by the SBI General.
Loss of Personal Belongings Cover: It covers damage or loss of personal belongings of the insured. It covers items such as jewellery worn at the time of event and other items like mobile, laptop, etc.
Bifuel-Kit Cover: If there happens an incident that harms third party and thus need to be compensated for, this rider can be used to provide for the same.
Documents Required to Buy the Policy
Some of the essential documents needed to apply for any of the SBI Motor Insurance plans are:
- Driving License copy
- Vehicle Registration Certificate (copy)
- ID Proof (Passport, PAN Card, Aadhaar, etc.)
- Address Proof (Aadhaar Card, Ration Card, Utility bills, etc.)
In order to purchase any of the policies provided under SBI Motor Insurance, following conditions must be fulfilled:
- Applicant must be a citizen of India
- Applicant must be 18 years of age
- Applicant must own valid driving license
- Applicant should own the vehicle to be insured
How to Buy SBI Motor Insurance Policy Online?
An SBI Motor Insurance policy can be purchased online from the respective website by filling up the proposal form and providing the necessary documents/information along with it. Steps for the same are:
- Visit the SBI General website
- Select Motor from the top bar menu
- Pick the policy from the drop down menu by clicking on the same
- On the plan page, you will find the option of ‘Get a Quote’
- On this page, provide your vehicle details along with your personal details and submit
- Your premium quote will be generated
- Next, you will be asked to submit certain documents, after which you can pay the premium amount to purchase the policy
SBI Motor Insurance can be purchased offline from the nearest branch of SBI. Steps:
- Visit the nearest SBI General Insurance branch with all the necessary information about your vehicle and you
- A representative shall provide you with all the required information about the policy along with the list of documents to be submitted
- Submit the documents, post which an inspection of your car will be done
- Make the payment using any of the payment modes provided by the insurance company to complete the purchase process
Claim Process for SBI Motor Insurance Policy
The below mentioned steps can be followed for smooth processing of claims filed under SBI Motor Insurance Policy:
- Inform the company in case of an eventuality by using the toll-free number 1800 22 1111 or SMS CLAIM to 561612. Get your reference number future communication
- Submit the necessary list of documents to the claims department of the company
- On the registration of the case, a surveyor verifies the case and the documents
- If approved, claims get settled within 30 days of the receipt of the spot survey report
Documents Required for Claim Process
- Claim Intimation Form (duly filled and signed)
- Policy Document (copy)
- Registration Certification of the insured vehicle (copy)
- ID Proof of the claimant (PAN Card, Passport, Aadhaar, etc.)
- FIR copy or Punchnama (in case of theft, burglary, third-party liability, etc.)
- Repair Bills
- Any other document asked by the insurer
Time Taken to Settle Claims
As per the directions given by the IRDAI, all the claims get settled within 30 working days from the date of receipt of all the documents and post-survey of the vehicle.
Exclusions under SBI Motor Insurance Policy
Exclusions are the cases not covered by the insurance policy and you cannot file a claim for them. Some of the exclusions are:
- All consequential loss and depreciation
- Loss and damage caused due to war and nuclear risk
- All mechanical and electrical breakdowns
- Bodily injury to insured or third party when policyholder is driving without a valid driving license
- Damage to the vehicle or third party if the policyholder was driving under the influence of drugs or liquor
- Normal wear and tear of the vehicle and other parts like tubes & tyres
- Damage to the vehicle caused due to mutiny
Note: This is not an exhaustive list.
The renewal process for policies under SBI Motor Insurance is as follows:
- Visit the official website of SBI General Insurance and choose the policy to be renewed
- Select the respective policy and click on ‘Renewal’ button
- Provide details like registration number, mobile no. and your e-mail id
- After verification, the insured will be redirected to the payment portal
- Make the payment by choosing the preferred payment option
- After the completion of the process, get a print out of the renewal receipt
Advantages of SBI Motor Insurance Policy
- Calculation of IDV is done
- The policy provides No Claim Bonus up to 50%
- The policy provides a voluntary excess discount to its policyholders
- Transfer of NCB also available. This means that accumulated NCB is retained even when switching the policies from another insurer
Customer Care Details
Call: 1800 22 1111 (8 am – 8 pm; Monday – Saturday)
Registered Office: 301, Junction
of Western Express Highway & Andheri Kurla – Road
Andheri (East) Mumbai – 400 069
Timings: 9:30 a.m. to 6:30 p.m. (Monday to Friday)
Online Grievance Portal: https://www.sbigeneral.in/SBIG/sbi-forms
Q1. Does the policy cover CNG/LPG kit?
Yes, it covers CNG/LPG kit, but on the payment of additional premium.
Q2. Who should the insured call in case of an accident?
A policyholder should inform the insurance company through toll-free number 1800 22 1111 or SMS Claim to 561612.
Q3. Does this policy provide against mechanical/electrical breakdown?
No, all losses due to mechanical/electrical breakdown are excluded under this policy.
Q4. What is free-look period in motor insurance?
Free-look period is the time that a policyholder gets to analyse the policy and get it cancelled, if dissatisfied. On cancellation during this period, the premium paid towards the same is refunded provided no claims are made during this period. The duration starts from the date of commencement of the policy and usually lasts for a period of 15-30 days.
Q5. What are some of the essential documents that an insured needs to have with them all the time?’
Some of the necessary documents that an insured should always carry are – policy document, RC copy, driving license and a claim form.
Q6. What is Roadside Assistance?
This is an add-on cover which provides for emergency help in cases like a flat tyre, dead battery, running out of fuel, keys locked in, etc.