SBI Car Insurance is one of the most reliable insurers in India. It is run by SBI General Insurance Co. Ltd., established in 2010 as a joint venture between State Bank of India (SBI) and Insurance Australia Group. Since a car is one of the most beloved assets in one’s life, SBI car insurance ensures its safety along with the protection of its driver/owner with different car insurance plans designed keeping in mind one’s profile. This section brings everything you need to know about SBI four wheeler insurance, its benefits and add-ons. So, if you are planning to seek SBI car insurance, here’s a guide for you through that.
United India General Insurance > Highlights
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Since SBI has left a trail as one of the most reliable commercial banks across the Indian map, it is hugely considered for fulfilling customers’ requirements. But how beneficial SBI car insurance is? Why should you use SBI car insurance? Well, we have gathered a few notes counting the benefits of SBI car insurance. Take a trip around and see what’s in the store for you.
Here are some reasons why you should use SBI car insurance:
SBI offers its customers the privilege of customized pricing. It helps users with the most suitable prices based on their profile.
If your age falls anywhere between 36-60 years then you become eligible for discounts offered by SBI car insurance.
It provides No Claim Bonus, based on following criteria:
You have made only a single claim during your entire policy tenure.
Your vehicle is to be renewed within the company.
Your vehicle is to be sent for repairs and fixes to the garage authorized by the company.
It also provides additional covers to enhance the overall plan and increase the scope of benefits in future. These additional benefits include tyre and engine protection, zero-depreciation, NCB, personal belongings cover and return to invoice cover.
You will experience a hassle-free and smooth claim settlement process.
If you are missing on any coverage of your choice in the selected plan, then you can use SBI car insurance add-on coverage in order to enhance your overall plan and enjoy more benefits. Add-ons are used to add additional coverage to your selected plan which can be bought by paying an extra sum of money.
Here are the add-on coverage offered by SBI car insurance:
Since every vehicle holds a depreciated value which is deductible from the claim, you can buy this add-on to prevent the payment of depreciation value and claim full repair cost.
2. Bi-Fuel Kit
Buying this add-on, you will be enabled to enjoy the CNG, LPG bi-fuel kit coverage.
3. No Claim Bonus
No Claim Bonus is enjoyed for making no claims during the policy tenure. However, on buying this add-on, you will be in for the No Claim Bonus even after making claims during your policy tenure. B
4. Personal Cover
Here comes the personal belonging cover which you might be interested in buying in order to have coverage for the loss of your personal belongings during a car accident. It includes your mobile, laptop, clothes, jewellery and clothes.
5. Return to Invoice
Return to Invoice add-on cover will offer you the difference of amount between the declared insured value of your vehicle and its purchase value. RTI allows you to claim full amount in case of theft/complete loss of vehicle.
6. Key Replacement
This add-on offers the compensation for loss of keys in case of losing the keys or theft. It covers the cost lock repair in your vehicle.
7. Tyre Protection
Tyre protection add-on cover offers you the cover for any damage incurred by your vehicle’s tyres and tubes alongside the rim damage. However, it is only beneficial in the case of tyres manufactured by RUN FLAT technology.
8. Engine Protection
The engine guard add-cover comes with the protection cover for any damage incurred by the engine of your car due to oil leakage, water ingression etc.
9. EMI Protector
This additional cover pays EMI to the bank/financial institution during the period when your vehicle is under repair. This additional cover can only be availed if the repair duration exceeds 21 days.
Apart from the additional benefits mentioned above, SBI car insurance also offers add-on covers on consumables, roadside assistance along with the inconvenience allowance.
When it comes to claiming car insurance, many people often find themselves wondering where to start. There is a certain procedure including the obvious requirements i.e., documentation which you need to follow step by step in order to successfully claim the settlement.
Here is a step-by-step procedure for SBI car insurance claim:
First things first, you need to contact your insurer about the accident and register your claim. To do that, you can dial their toll-free number.
Once you have informed your insurer about the event, you will be given a reference number for the claim along with a brief through the further steps.
You can also download the i-claim form from the website of the insurer. Once the form has been downloaded, you need to fill in the required information.
Now that you have filled the form, you have attach and submit it with these documents:
A copy of your driving license
A copy of FIR lodged in case of any third-party involvement.
Details about third-party
Remember to self-attest the copies of all the documents and attach it with the i-claim form. Once everything is checked, you need to submit all the documents to the insurer. You can do that by either visiting your insurer’s office or share all the documents to their email address.
Once you have performed the document submission, you will be assigned a surveyor by the insurer. This surveyor will be there to monitor the scenario and record the inspection on the damaged vehicle. It is to be intimated with the insurer post which the approval of your claim will be determined.
After the complete inculcations done by the surveyor as well the insurer, you will be able to fetch the settlement.
Apart from that, you need to make a note of the following points:
If you are opting for a cashless claim, you might be liable to pay a certain proportion of the expenses. It might include depreciation, deductibles etc.
In case of a reimbursement claim, you will be required to present all the original bills and receipts related to the car repair to the SBI General Insurance Co. Ltd. local office. Post that you will be given reimbursement, minus the deductibles which you have to pay.
You can also know about other types of insurance
|Two wheeler insurance||Life insurance|
There was everything that you need to know before applying for SBI car insurance. For further information, you can visit the official website of the bank. You can also seek online reviews and seek reviews from your peers in order to get into more depth. Was this section helpful? Share your views and suggestions in the comments section.
Frequently asked questions
If you are a registered online user, you can log into the official website and check the status.
You can buy additional covers to better the scope of safety and benefits in future. The add-ons offered by SBI car insurance include LPG/CNG bi-fuel kit, engine and tyre protection, No Claim Bonus Cover, Personal Belongings Cover and return to invoice cover.
SBI allows you multiple modes to pay premium.
Cash Payment at the bank branch
Know More About
You're eligible for a Sbi Car Insurance if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Car Insurance is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account