Hassle-Free Buying Process
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Compare Different Plans Easily
Add-Ons for Customization
SBI Car Insurance
SBI General Insurance Co. Ltd. is one of the most trusted insurance companies in India. It is a joint venture between the State Bank of India and Insurance Australia Group (IAG). State Bank of India is the largest and most profitable bank in India, with a huge customer base and many branches. On the other hand, IAG is a well-known company in the field of general insurance in countries such as Australia, New Zealand, and Asia.
SBI General Insurance Company aims to provide simple and creative insurance solutions for different needs, such as car, home, health, and travel. The company offers insurance plans for individuals, businesses, and small and medium-sized companies.
Key Features of SBI Car Insurance
| Founded in | 2009 |
|---|---|
| Claim Settlement Ratio | 98% |
| Cashless Garages | 16,000+ |
| Personal Accident Insurance | Up to 15 lakhs |
| Customer Care Support | 24*7 |
| Starting Car Insurance Premium | Rs. 2094 per month |
| No Claim Bonus | Yes, covered |
Motor Insurance Plans By SBI
Types of Car Insurance Plans Offered by SBI
SBI General offers three types of car insurance plans in India: Standalone Own Damage, Standalone Third Party, and Comprehensive Car Insurance. Let’s understand each type in detail:Standalone Own Damage (SAOD or OD)
This type of insurance protects your car if it gets damaged or stolen. This could happen due to accidents, theft, vandalism, or natural disasters like floods or earthquakes. It also covers any loss caused by burglary. If you already have third-party insurance, it is a good idea to get Standalone Own Damage insurance to protect your car from any damage.
Third-party Liability (TPL or 3PL)
This insurance helps protect you if your car causes harm to someone else or damages their property. It only covers accidents where the injury or damage to the third party was not intentional. Third-party insurance is required by law under the Motor Vehicle Act of 1988.
Comprehensive
A comprehensive car insurance plan gives you the benefits of both Standalone Own Damage and Standalone Third Party insurance. This is the most popular plan, as it covers damage or theft of your own car, accidents with third parties, and damage caused by natural or man-made disasters. With this plan, you can also choose extra options for added protection for your car, which is not available with third-party insurance.
Benefits of SBI Car Insurance
Here are some good things about SBI General car insurance:You can get cashless service at more than 16,000 approved garages. The owner or driver of the insured car gets personal accident cover up to Rs. 15 lakh.You can buy affordable car insurance and customize it as you want.If you do not make any claims during the year, you can get a discount called a no-claim bonus.The company settles claims quickly, easily, and clearly. Also, SBI has a claim settlement rate of 98%.
How to Buy SBI Car Insurance Online?
Buying car insurance online from Square Insurance is simple. Just follow these easy steps:Go to the homepage and click on "Car Insurance."Enter your car’s registration number or click "Got a New Car" if you just bought it.Choose your car’s details like brand, model, fuel type, and registration date.Fill in the registration form and click next.Look at the SBI car insurance plans and pick one that you want to buy.If you choose a comprehensive plan, you can add extra covers in the "Add-on Cover" section.Pay online using a debit card, credit card, UPI, or net banking.Check your email to get the policy documents from the insurance company.
Add-Ons Offered by SBI Car Insurance
Add-ons are extra benefits you can buy along with your main car insurance plan (standalone or comprehensive). These add-ons give you more protection but come at an extra cost. Here are the add-ons offered by SBI General Car Insurance:
No Claim Bonus (NCB) Protection
If you do not make any claims during your policy year, you get a bonus or discount. This add-on keeps your bonus safe even if you make a claim in that year.
Return to Invoice
If your car is stolen or badly damaged, this add-on helps you get the full value of your car (as mentioned in the invoice). This means no loss for you.
Zero Depreciation Cover (Zero Dep)
Normally, you have to pay for the depreciation (reduced value) of car parts during a claim. With this add-on, you don’t have to pay that. It covers the full cost without deducting depreciation.
Roadside Assistance
This add-on helps you if your car breaks down. You can get help for things like towing, flat tyre, dead battery, fuel issues, and more, anytime, 24/7.
Cover for Consumables
If you spend money on small parts like engine oil, brake oil, nuts, bolts, oil filter, etc., this add-on will cover those costs.
EMI Protector
If your car is in the garage for 21 days or more, and you have an EMI to pay, this add-on will help. The insurer will pay your EMI for up to 2 months.
Key Replacement Cover
If your car key is lost, stolen, or damaged, this add-on helps you with the cost of replacing or repairing it.
Allowance for Inconvenience
If your car is in the garage for more than 3 days, this add-on gives you money to help with your travel or transport. You can get this money for up to 10 days.
Hospital Daily Cash Cover
If the car owner or driver gets hurt in an accident and is admitted to the hospital for at least 24 hours, this add-on gives you some money every day during the stay. The amount depends on your policy and is given for up to 30 days.
FAQs
SBI General Car Insurance has a very good claim settlement rate of 98%. This shows they are serious about paying claims quickly and fairly.
You can transfer your insurance policy to the new owner, or you can cancel the policy if you want.
No Claim Bonus means a discount you get if you don’t make any claim during your insurance period.
You can visit the nearest SBI branch and get a new copy by paying a small fee.
Yes, you can cancel it anytime. You will get some money back for the unused time if you show proof of new insurance and have not made any claims.