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SBI Car Insurance Price List in India

SBI General Insurance Company Limited is one of the most trusted vehicle insurers in India. SBI General was founded in 2010 and it is a well-known general insurance company with several years of experience. It is a joint venture between the State Bank of India and Insurance Australia Group (IAG). The company has its branches all over the country. The company caters to the different needs of its customers with innovative products at affordable prices. SBI General offers 5 effective car insurance policies that offer coverage to private and commercial vehicles. The cost of SBI car insurance varies depending on the type of policy that you choose to buy.

SBI Car Insurance

SBI General Insurance Company Limited offers a wide array of general insurance products in both retail and commercial space. These include health insurance policies, bike insurance policies, home insurance policies, personal insurance policies, and travel insurance policies. While in the commercial space, it offers fire insurance policies, marine insurance policies, aviation insurance policies, and construction insurance policies.

An SBI car insurance policyholder will not have to worry about paying the garage bill or the hospital bill if he/she meets with an accident. SBI General offers car insurance plans that cover damages caused by fire, natural disasters, theft, etc.

This fully Government owned insurer offers a wide range of effective car insurance products which can be helpful in dealing with different types of situations on road. So if you own a car, you can buy SBI Car insurance policy without any second thought. Investing in a motor insurance with SBI General Insurance will be a perfect decision for you. This SBI car insurance protect your finances against any losses incurred when their vehicles meet with accidents or are damaged during natural and man-made calamities.

Why Buy SBI Car Insurance Policy Online:

Key Features Benefits
Branches of SBI in India 22000+
Claim Settlement Ratio 92.05%
Network Garages 5000+
Third-party cover It Protects against any legal liability arising out of an accident Up to 7.5 lakhs
Own damage Cover Coverage for own car for its loss and damage
Personal Accident Cover Up to Rs. 15 Lakh for Individual Owners and Up to Rs. 2 Lakh per Person for Passengers.
Add-on Covers 13 Add-on Covers
Claim Assistance 24/7 Claim Assistance
Discounts
  • No Claim Bonus
  • Anti-theft Device
  • Voluntary access
Buy/Renew Easy and Hassle-free renewal and purchase process.

Why Buy SBI Car Insurance Policy Online

What is covered?

  • Comes with a compulsory Personal Accidental Plan of ₹2 lakhs for individual owners with a valid driving license. It also covers the any of the occupants in the car for ₹2 lakhs per person.
  • Provides cover for Third Party Liability (as mandated by the Indian Motor Vehicles Act).
  • Covers damages arising out of natural calamities and disasters like flood, storm, burglary, robbery, theft or any act of terrorism.
  • Provides cover against additional legal liabilities to the employed driver and employees driving the vehicle other than the chauffeur.
  • Comes with a facility of nil depreciation, where you get the complete claimed amount without any deduction on the depreciation value on the parts of the car.
  • Provides cover for CNG LPG Bio Fuel Kit.
  • You can avail NCB facility - No Claim Bonus, on payment of additional premium.

What is not covered?

  • Any wear-and-tear of the car due to aging
  • Any mechanical and electrical breakdown
  • Private cars used for remuneration purpose is not covered
  • Driving without a valid driving license
  • Loss or damage caused while driving under the influence of alcohol or any other intoxicating substance
  • Loss or damage due to depreciation of the car's value
  • Loss or damage due to war or nuclear risks
  • Consequential loss - if the original damage causes subsequent damage / loss, only the original damage will be covered under our motor car insurance.
  • Compulsory deductibles - a fixed amount that gets deducted at the time of the claim.

What is covered

Discounts:

Voluntary deductible: It is a part of the claim amount that the policyholder chooses to bear at the time of claim. It could result in a considerable reduction in the annual premium. Choosing a higher voluntary deductible helps you save a substantial amount on premium in the long run.

Age-related discounts for customers 36 to 60 years old come with features like Assistance during on-road emergencies, Guidance through repairs/replacement, Transparent claim process and Claim status updates.

No-claim bonus: Awarded after every claim-free policy period upon renewal (within 90 days). Up to 50% of the due premium.

Types of SBI Car Insurance Policy:

SBI car insurance policy is an agreement between the insurance company and the customer in which the insurance company settles the loss or damages incurred due to an accident in return for a nominal premium to be paid by the customer to the insurance company. SBI car insurance policies are designed to ensure that your car is protected from the damages caused as a result of the perils mentioned in the policy document.

Below are the perils covered under the SBI car insurance policy:-

1. Own Damage Section:
  • Damage due to Fire, Explosion, Self-Ignition, or Lightning.
  • Burglary or Housebreaking or Theft.
  • Damage due to Riot and Strike.
  • Malicious damage
  • Earthquake including Fire & Shock
  • Damage due to Natural peril of Act of God such as Flood, Storm, Hurricane, etc.
  • Damage due to accidental external means.
  • Damage due to Terrorist activity.
  • Damage caused to the car while in Transit by Rail, Road, and Inland waterway, Lift, Elevator or Air.
  • Damage due to Landslide / Rockslide.
2. Third Party Section:
  • Legal liability arising out of bodily injury/death of third parties involved in an accident with the insured car.
  • Property damage of third parties caused due to an accident involving the insured four wheeler car.
3. Personal Accident Cover:
  • Personal accident cover compensates in the event of death or disability of the owner/driver due to an unfortunate incident while traveling on the insured four wheeler car. The compensation under the personal accident cover of the SBI India car insurance policy would not exceed Rs.15 L.

Why Buy SBI Car Insurance Plan?

Accidents can happen at any point in time and so does the natural calamities. No one can predict either of these but can certainly protect their vehicles from the uncertainties and related loss or damage by availing the best car insurance plans.

A good SBI car insurance plan can shield or guard the vehicles and the insured not only from accidents and natural calamities but also from the risks arising out of third party damages and loss. Moreover, it’s mandatory under the Motor Vehicles Act to have a car insurance plan. Hence, SBI General Insurance Co. Ltd. provides wide-ranging car insurance plans which shield vehicles from any risks.

Benefits of SBI Car Insurance Policy:

SBI Car Insurance comes with a wide range of features and benefits to make your protection complete and comprehensive:

  • Third-party damage cover for third party property/vehicle, cover for injury caused in an accident.
  • The plan includes compulsory personal accident cover of INR. 15 lakhs for the individual owner of the car. It does not apply to company-owned vehicles. Personal accident cover for the occupants has been limited to INR 2 lakhs per individual. You can also increase your Accident coverage by paying an additional premium.
  • Damage to the vehicle due to natural calamities like storms, floods, etc., or any burglary, theft, or act of terrorism.
  • Additional Legal Liabilities towards Paid Driver and Employee: This plan also covers the additional legal liabilities towards paid drivers employed during the accident of the vehicle and also the employees traveling or driving the vehicle.
  • Nil Depreciation: It ensures that one gets the full amount that he claims without any deduction of the depreciation value on parts of the car.
  • Bi-Fuel Kit: The plan also covers the CNG/ LPG /Bi-Fuel Kit.
  • Only one single claim was made during the policy period.

Features of SBI Car Insurance Policy:

  • Avail wide network of cashless garages service.
  • No Claim Bonus is up to 50% discount
  • Add Optional add-ons covers and customize your policy. Select from a list of smart rider options, available for an additional premium.
  • Guaranteed 24*7 customer support for any queries related to the policy and intimation of a claim call: 1800-123-4003.
  • Decision on claims approval within 7 working days from the receipt of all documents.
  • Specific car insurance products are designed to cater to the different needs of policyholders.
  • Cashless claim settlement in over 5,000+ cashless garages
  • Any loss or damage resulting due to an accident or collision with another vehicle, animal, or thing like a building or pillar
  • Any loss or damage that has occurred due to bad weather conditions or natural calamities is also covered
  • Any loss or damage due to external explosion or fire is also covered.

Exclusions of SBI Car Insurance:

Exclusions are conditions that are not covered under any Insurance Provider. Mentioned below are exclusions under SBI General Car Insurance:

  • Any form of consequential loss & Mechanical or electrical fallouts.
  • Loss in the value of the vehicle due to wear and tear depreciation.
  • Damages arise out of overusing the car’s limitations.
  • Damages arising out of war or nuclear fallout.
  • Driving without a valid license, under the influence of alcohol, neglectful driving, and rash driving.
  • Damages due to extensive modifications or accessories.

SBI Car Insurance Plan Coverages (Add-ons/Riders):

You can enhance your SBI car insurance cover with extra coverage in the form of add-ons or riders on payment of extra premium at the time of policy purchase. The list of add-ons offered by the SBI car insurance policy is mentioned below:

Additional Legal Liabilities: This add-on cover will cover additional legal liabilities at an additional premium.

Bi-fuel Kit: With this, you can get your CNG-LPG bi-fuel kit covered by paying an additional but nominal premium.

Depreciation Reimbursement: The company will indemnify (while making a claim) the policyholder without any deduction of depreciation on the value of the repaired/replaced parts.

Cover for Key Replacement: The Company will reimburse the cost of replacing your vehicle keys.

Inconvenience Allowance: The Company will pay a daily cash benefit (for a maximum tenure of 10 days) to the insured if his/her vehicle is in the garage for more than 3 days.

Loss of Personal Belongings: The Company will reimburse the loss or damage to personal belongings that are stolen from a locked vehicle.

Hospital Cash Cover: with this add-on the insured will get the hospital allowance for accidents or injuries while driving a vehicle.

Personal Accident Cover: This Add-on cover will pay an amount towards the disablement or death of the insured person traveling in the vehicle. It provides coverage to the owner's family if (s) he is a victim of permanent disabilities or dies due to an accident where the insured vehicle is involved.

Roadside Assistance: Under this add-on cover, the company will arrange roadside assistance if your vehicle is immobile.

Engine Guard: This add-on cover will help you in fetching the purchase value of the ex-showroom price of the car in case of theft or total loss.

Return to Invoice: This add-on cover will help you in fetching the purchase value (ex-showroom with taxes and registration charges) of the car in case of theft or total loss.

NCB Protection: NCB is the No claim bonus which is offered to auto insurance customers at the time of renewal if there is no claim during the previous policy period. The no-claim bonus is a form of discount offered to the customers for not claiming in the previous policy period.

Consumables Protection: There are certain parts in your four-wheeler car such as Engine oil, Gearbox oil, Power steering oil, Coolant, AC oil, Brake oil, Air filter, etc., which are known as Consumable parts. These parts cannot be repaired in case of damage and had to be replaced at the time of claim. The cost of replacement of these parts, in case of an accident, is generally not covered under your comprehensive four wheeler car insurance policy.

EMI Protector: This add-on cover will pay for the Equated Monthly Instalment (EMI) to the Financial Institution for a limited period (till the insured vehicle is in the garage for repairs), provided the insured vehicle is damaged.

SBI Car Insurance Plan Coverages

How to Renew SBI Car Insurance Policy Online?

It is important to do an SBI car insurance renewal before the expiry date. Usually, SBI car insurance offers an easy online renewal facility. You easily renew your SBI car insurance policy online in a matter of a few clicks. You can opt out of the features that you don’t want to avail of and save some premium. You can also opt for the benefits that you were missing from your policy. Renewal of the insurance policy online is the simplest way.

  • Visit the SBI general insurance company website.
  • Click on the Four-wheeler tab and fill in the required details and submit
  • Click on the Get Quote tab.
  • Fill out details such as phone number, email address, etc.
  • Analyze the plan and premium details
  • Make the required payment
  • After a successful payment, you will get the soft copy on your registered id. If need help Call SBI general insurance customer care number: 1800 22 1111 / 1800 102 1111.
With PolicyBachat:

At PolicyBachat.com renew an SBI car insurance policy online is easy and quickly sitting at home. Follow the below-mentioned steps to renew your policy within 5 minutes.

  • Go to 'Car Insurance Online' to compare quotes above this article. Fill in the registration number of your car and required details and tap on 'Start Save Money.
  • On the quotes section, either go with your current provider or choose another one to suit your needs.
  • Make the payment and you will receive the confirmation at your email address. If assistance needs Call: 1800-123-4003.

How to Claim SBI Car Insurance Online?

  1. Intimate the insurer
  2. Inspection of the car
  3. Documents submission
  4. Claim processed

To register claims with the SBI Insurance Company, Filing a claim online for your car insurance is quite an easy process. You need to follow the steps mentioned below:

  • Immediately contact the policy issuance office and Inform SBI Insurance about the accident/theft/third-party claim. You can do the same by visiting the official website of the company.
  • To initiate the claim process, you must inform us as soon as possible and share with us the details about the accident and damage.
  • You should file an FIR to register the accident at the nearest police station. It will help if you can note the time, take photos and videos of the damage, and save some contact details of key eyewitnesses.
  • Once you file the claim and submit the required documents, we will assign an expert for the verification process and estimate the expenses that might arise from the repair.
  • You will have to take the car to one of our network garages if you opt for the cashless facility. Here, you won't have to pay upfront for the repairs. The bills will be settled directly by us and the payment made to the service center will be based on the car insurance policy wording.

Documents Required for SBI Car Insurance Online:

For accidental injuries:
  • The policyholder should immediately send a written notice to the insurance company with all relevant documents.
  • The claim form should be duly filled in and submitted along with the following documentation:
  • Medical certificate that specifies the nature of the injuries
  • Report from the medical examiner
  • Details of the treatment availed
  • Name of the hospital/nursing home/doctor
  • Employer’s certificate that states that the policyholder was on leave for the duration specified in the claim
  • Fitness certificate of the policyholder
For accidental death:

The following documents need to be submitted by the claimant in the event of accidental death:

  • FIR or police report
  • Post-mortem report
  • Panchnama
  • Departmental inquiry, if applicable
  • Report from the hospital/nursing home/doctor
  • Death certificate

The SBI car insurance claim process is easy and hassle-free if you follow the guidelines and report the incident on time. The insurer also resolves all claims and makes the necessary pay-outs within the shortest possible time.

For theft:
  • If your car has been stolen, you should immediately inform the office from where the policy was issued.
  • You should also submit a written notification to SBI Insurance.
  • The insurer will then designate a surveyor for investigations. It is also necessary to notify the police and file an FIR.
  • Any delays in notifying the police or the insurance company may jeopardize the claim settlement process.

How to Calculate SBI Car Insurance Premium?

The premium of SBI car insurance depends on several factors viz. type, IDV of vehicle, make, model, cc, usage, place of registration, past claims history, etc. of the vehicle. You can approach the underwriting office with vehicle details for an exact premium or simply use a car insurance premium calculator.

Vehicle owner's age: The individuals between 18 to 25 years of age have to pay more premium amounts than the others.

Fuel Type: The premium for a CNG type vehicle is higher than that of petrol of diesel type vehicles.

Geographical Location: A lot depends on where you drive your car. An area with a higher density of traffic like cities will have higher car insurance premium rates.

IDV: Insured Declared Value (IDV) is the maximum amount to be paid to the insured person in case of any damage. This is decided by RTO details, brand, selling price, and affects own damage cover.

Cubic capacity: The cubic capacity of your car will affect the premium rate you pay to get your vehicle insured.

Other factors:

Factors like car insurance add-on covers, discounts, the purpose of the vehicle, and safety features such as airbags and anti-theft devices will also be taken into consideration while calculating your car insurance premium. Below are a few premium samples for your better understanding.

How to Calculate SBI Car Insurance Premium

The below table is for illustration purposes only, you can compare and get exact rates.

Car Model IDV Zero depreciation cover Premium
Honda 10. 34 lakh 3558 36757
Fiat 4.03 lakh 2158 13,962
Rolls Royce 2.19 lakh 879 7004
Skoda 4.23 lakh 1390 14,398

FAQs of SBI Car Insurance Policy:

How to Download SBI Car Insurance Policy Copy?

SBI Car insurance policy copy can be checked by contacting the intermediary from whom the policy was taken or the insurance policy copy can be found on the mParivahan app which displays the start date and end date of the insurance policy. If you can remember the intermediary from whom the policy was taken you can talk to them about the status of the policy or in case if you have taken the SBI general insurance policy from PolicyBachat then you can call our customer care to enquire on the insurance policy.

Can I Cancel My SBI Car Insurance Policy Midway?

Yes, you can terminate your car insurance plan midway and the unused premium can be refunded on a short tenure, provided alternate insurance proof is given and there is no claim lodged.

What Benefits Does SBI Car Insurance Offer Over Other Non-Life Insurance Companies?

SBI General Car insurance has a good incurred claim settlement ratio of 102.07%. The figure proves the company’s commitment to claim settlement.

What if I Lose My SBI Car Insurance Policy?

You can get a new one by simply visiting the nearest branch and submitting a written request.

How to Check SBI Car Insurance Policy Status Online?

SBI Car Insurance Policy Status can be checked by contacting the intermediary from whom the policy was taken or the insurance policy status can be found on the mParivahan app which displays the start date and end date of the insurance policy. If you can remember the intermediary from whom the policy was taken you can talk to them about the status of the policy or in case if you have taken the policy from PolicyBachat then you can call our customer care to enquire on the insurance policy status.

How Can I Transfer My SBI Car Insurance No-Claim Bonus To A New Vehicle?

Your existing vehicle has to be sold off based on which your existing insurance company will issue an NCB reserving letter. This benefit can be transferred to the new vehicle.

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