SBI Car Insurance

• Up to Rs. 7.5 lakh (property damage limit under standard motor insurance guidelines)  

Cashless Network Garages  

• Around 1,500+ authorised garages across India  

Incurred Claim Ratio (ICR)  

• 91.75% (financial year-specific figure)  

Net Earned Premium  

• Rs. 738.09 crore (financial year-specific figure) 

SBI General Insurance Co. is a joint venture with State Bank of India (74% ownership) and Insurance Australia Group (26% ownership). 

SBI General can take advantage of SBI general insurance' worldwide introduction to business in insurance with SBI's network of banks and IAG's vast experience in the insurance industry. SBI is a government-controlled entity and IAG is a global general insurance company with a presence throughout Australia, New Zealand, the United Kingdom, and several countries across Asia. 

SBI General provides several products such as motor, health, home, travel, personal accidents, and business insurance through many distribution methods such as bank branches, agents, brokers, online, and mobile. 

What Does it Cover?

The motor insurance policies offered by SBI General Insurance Company Limited include three main elements of financial protection. 

• Third Party Liability insurance covers financial losses due to claims made by third parties due to injury or death of that person, or damage to their property, determined through court or tribunal awards. 

• Own Damage vehicle insurance covers the cost of a vehicle that has been damaged due to accidents, fire, theft or vandalism, natural disasters and events occurring during transport (such as being in transit). 

• Owner-driver Personal Accident cover is mandatory under the laws of the IRDAI and provides a maximum benefit of Rs.15 lakh for an accident resulting in death or total disablement of the insured driver. Additional passenger Personal Accident coverage can be added at the insured’s option, depending on the policy. 

For increased premiums the following benefits can be availed of:

What are the Exceptions?

While comprehensive in nature, there are certain exclusions to the cover provided under this plan. The common ones are highlighted below:

• Loss in value as a result of the vehicle's age progression.
• Consequential loss.
• Mechanic or electric fallouts.
• Losses from using the vehicle over it's determined limits and outside specified boundaries (locations).
• Damages caused while driving without a valid license or while intoxicated.
• Damages caused by a driver without the requisite authority.
• Eventualities of war and nuclear activities.

How is the Policy Priced?

A unique feature providing flexibility to the customers.

• Policy costs are determined according to individual customer profiles thereby rewarding low-risk clients.
• Discounts are offered to entrants aged between 36 years - 60 years.

What is the Sum Assured?

The sum assured, also known as the IDV or Insured's Declared Value, is based on the manufacturer's selling price adjusted for depreciation.

For constructive or total loss the following list is followed. It indicates the percentage of depreciation to be adjusted in order to arrive at the IDV, based on the age of the car.

• 5% up to 6 months
• 15% between 6 months and 1 year
• 20% between 1 year and 2 years
• 30% between 2 years and 3 years
• 40% between 3 years and 4 years
• 50% between 4 years and 5 years

As agreed between the insurance company and the insured for automobiles over 5 years old (and obsolete makes).

What kind of Discounts are Offered?

No-Claim Bonus is awarded:

• After every policy period that is completed claim-free.
• Upon renewal (within 90 days of policy expiry).
• Up to 50% of premiums due.
• Even upon transfer of no-claim benefits from or to another insurer.

In addition to the compulsory deductible that Auto insurance holders have to pay, there is also a voluntary deductible option under this plan. By choosing to bear some amount of the claim payable, the policyholder can avail premium discounts.

Age-related discounts are given to customers between 36 years to 60 years.

• Assistance during on-road emergencies.
• Guidance through the process of repairs and replacement.
• Transparent claim process.
• Claim status updates.

SBI General has developed it's motor assurance product based on a strong understanding of the market and it's customers. This plan meets the comprehensive needs of all motorists looking to safeguard their financial interests in an economic and flexible manner.

SBI Car Insurance Customer Care

The toll-free number of the SBI Car insurance company is 1800 22 1111. You can call this number to get clarifications for your queries or to report any issues. The website offers other features as well; the facility that enables you to request for a call back from the insurer and the online form that allows you to record your issues/feedback are noteworthy.

The menu option 'Locate Branch' enables you to identify the branch offices of the insurance company throughout the country. The garage locator option provides you a list of network garages in India where you can get cashless claim settlement facility.