SBI General Car Insurance Company

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About SBI General Insurance Company:

SBI General Insurance Company Limited was formed in 2009 as a joint venture company between Insurance Australia Group and State Bank of India, the largest state-owned banking and financial services company in India. On 27th March 2020, Insurance Australia Group sold its stake pursuant to which State Bank of India now owns 70% along with Honey Wheat Investment Limited, Nepean Opportunities LLP (Premji invest affiliate) and others holding the remaining 30% stake in the company. The company offers a vast range of insurance solutions in the commercial and retail space. Its products include health, motor, home, travel and personal accident in the retail segment and fire, aviation, package, marine, construction and engineering and liability insurance in the commercial segment.

Key highlights of the SBI General Insurance Company

SBI General Insurance company is a brand name in itself because of its wide distribution channel and bancassurance channel. Some key highlights of the company are stated as follows:

Gross Written Premium 8,312 crores for FY 2020-21
Number of branches 23,000 branches of SBI Group and 5,500 branches of Rural Banks in the Regional level
Number of agents 8,000 agents
Number of employees 21,000 certified employees
Number of customers 10.19 crore customers till date
Number of claims Rs 15,000 crore claims handled till date

Car Insurance Policy

Awards and achievements of SBI General Insurance

SBI General Insurance company is one of the leading general insurance companies in India known for its high customer value and innovative products. The company has been recognised various times for its excellent customer service and brand value. Some of the latest achievements of the company are as follows:

  • The company has been recognised for ‘Best claim settlement’ in the nonlife category at InsureNext Awards 2022.
  • SBI General Insurance received the honour of Asia’s BEST General Insurance Company for its rural presence by Insurance Alertss Award in 2021
  • Rank No. 1 in YouGov Finance Purchase Ranking 2021 under the General Insurance category
  • SBI General Insurance company has been featured in the ET Best BFSI Awards, 2018 as a premium brand that is reshaping and revamping the Indian BFSI industry.
  • The company had the highest rate of growth in the bancassurance channel among medium and small general insurance and was awarded the Bancassurance Leaders award by Fintelekt.

Key features of SBI Car Insurance plans

SBI car insurance policies are very comprehensive in their coverage and can be customised with the help of add-ons to suit the variant needs of customers. Coverage features that you will find in SBI car insurance plans are as follows:

  • Third-party liability cover: SBI General car insurance plan covers liability that arises due to damage of third-party property or bodily injuries suffered by a third party due to your car.
  • Theft: SBI General car insurance covers the loss suffered if your car is stolen or lost.
  • Own damage cover: If your car suffers damage due to natural factors or man-made calamities, you can claim the cost of repairs from SBI General Insurance. It also covers the damage suffered by your vehicle in an accident. However, the own-damage cover is not available in third-party liability-only policies.
  • Owner/driver personal accident cover: If the owner/driver of the car suffers accidental death or permanent total disablement in an accident, then you can get personal accident cover which pays a lump sum of up to Rs 15 lacs.
  • In transit loss: Damages sustained during transportation of your car from one place to another are also covered.

Exclusions under SBI Car Insurance Plans

SBI General car insurance provides comprehensive coverage ensuring 360-degree protection for you and your car. However, certain events are not covered in the car insurance policy which is known as common exclusions. It is necessary to know the common exclusions of your car insurance plan before you decide to buy one. Some common exclusions of SBI car insurance policies are as follows:

  • Electrical and mechanical breakdowns
  • Damage suffered during the period when your policy was in lapsed state
  • Damages suffered due to driving the car intoxicated or under the influence of drugs or alcohol
  • Damages caused to the car when driving it without a valid driving licence
  • Damages suffered outside the geographical borders of India
  • Consequential losses and damages which are not a direct result of the incident
  • Personal or own damage are not covered in the third-party liability insurance plans
  • Damages suffered due to participating in criminal acts or any other hazardous activity
  • Contributory negligences such as loss due to driving car in the flood, riot, strike, etc.

Types of SBI car insurance plans

As mentioned earlier, SBI General Insurance offers different types of car insurance plans. Some of its most popular plans, also available at PayBima, are discussed below –

1. Motor Act Only Private Car Policy

This is a third-party policy that is mandated in the Motor Vehicles Act, 1988. The features of the policy are discussed below –

  • If you buy a new car, you would have to buy a 3-year cover. For older cars, however, the coverage is available for a year
  • Personal accident cover for the owner/driver of the car can opt with the plan
  • You also get liability coverage for legal liability to the paid driver and a bi-fuel kit on an optional basis
  • Personal accident cover for the passenger is also allowed at an additional premium

2. Standalone motor own damage cover for private car

This is an independent own damage policy that covers only the damages suffered by the insured car. The features of the policy are as follows –

  • Loss due to natural or man-made calamities is covered under the plan
  • If your car is stolen, the policy would also provide compensation for the financial loss that you suffer

3. Private car package policy

This is a comprehensive car insurance policy that covers both third-party liabilities as well as the damages that your car can suffer. The benefits of the plan are as follows –

  • You get a no claim bonus if you don’t make a claim. The bonus starts from 20% and keeps on increasing after each successive year. You can avail of a maximum bonus of 50%
  • There are a host of optional coverage features for enhancing the scope of your policy
  • You can also opt for the coverage against legal liability to paid driver

How to buy an SBI Car Insurance plan?

SBI car Insurance policies can be brought online through PayBima. PayBima is a digital platform that offers an easy and quick process to buy suitable car insurance. Here are the steps to buy a car insurance policy offered by SBI general insurance through PayBima:

  • Visit the website: Visit PayBima website or click on www.paybima.com and select ‘car insurance’ on its homepage
  • Provide the details: Then fill in a form with relevant details of your vehicle such as your car registration number, make, model and variant of your car. Also provide certain personal details such as your name, location, type of policy that you want to buy and your contact number. PayBima also provides personalized assistance to help you select a plan which best suits your requirements at affordable prices. To avail of the benefits, you can contact PayBima at 1800 267 6767 or email at paybima.care@mahindra.com.
  • Compare the plans: A list of the available plans will be shown along with their features based on your eligibility and coverage requirements. You can select a suitable plan from the list after a comparison of the plan with the best plans available in the market. You will find SBI General car insurance policy in the list. Compare coverage benefits with the premium cost and then select the most suitable plan.
  • Fill and submit the proposal form: After selecting a suitable policy, fill out a simple proposal form and submit it with other documents to the insurance company. On acceptance of the proposal by SBI General Insurance, the policy will be issued to you instantly. Make sure to fill in all the correct details in the form to avoid rejections at the time of claim.
  • Pay premium online: The final step is the payment of premium through the secured gateways offered by PayBima. You can pay your premium through digital wallets, debit cards and credit cards or digital networking. Once the payment is made, the policy will be issued within minutes.

How to renew SBI Car Insurance plans?

Car insurance has a fixed tenure. To enjoy uninterrupted coverage, you need to renew your plan after its tenure is over. If you fail to renew your car insurance within 90 days of its expiry, your accumulated no claim bonus would also lapse.

Renewal is much easier than buying a car insurance plan and can be done within seconds through PayBima. All you need to do is visit the PayBima website, enter your car insurance policy number and other details, review your existing coverage and pay the premium. Your policy will be renewed instantly without any hassle. PayBima also offers an option to make changes in the coverage of the plan at the time of renewal. Do not forget to claim any claim bonus at the time of renewal of the policy for every claim-free year. SBI General Insurance offers a discount on renewal premiums of 10% for one claim free year, 20% for two consecutive claim-free years and 50% discount for 3 or more consecutive claim-free years and so on.

You can call PayBima for assistance with the process of renewal. Dial 1800 267 6767 or drop an email at paybima.care@mahindra.com.

How to claim SBI Car Insurance?

SBI General Insurance provides a very easy and seamless settlement process. The company has recently been recognised for Best Claim Settlement in the non-life category. Its fast, transparent and fair claim process helps its customers to lead a stress-free life. You can file a claim on your SBI car insurance plan through PayBima. The steps are pretty simple and status as follows:

  • Initiate your claim by informing the insurance company

No sooner an incident occurs, the first thing that you need to do is to inform SBI General Insurance Company by calling on a toll-free number or by visiting the official website of the company. You can also initiate a claim through PayBima by providing the policy number and car registration number.

  • Search for the nearest network garage

Once you have informed the insurance company, its executive will suggest you take your car to the nearest network garage if you want to avail of cashless settlement of your claim. To locate the nearest garage, you can visit the official website of the insurance company and fill in the details mentioning your state, city and vehicle. You will find a list of network garages of SBI General from which you can select the one nearest to the place of incident.

  • Assessment of damage

A surveyor of SBI General Insurance Company will visit the network garage and access the extent of damage caused to your car. The surveyor will prepare a report which will be submitted to the insurance company based on which SBI General will accept or reject your claim. The network garage will begin repairing your car after getting approval from the insurer.

  • Fill up the claim form

Download the claim form online or collect it from the branch of the insurance company and fill it with relevant details. The claim form is one of the essential documents which is to be filed with the insurer for the successful settlement of the claim. Ensure to fill in the details accurately for the smooth processing of the claim.

  • Settlement of claim

Once all the documents in the claim form are submitted, the claims executive will verify it and directly settle your claim to the network garage. Once the repair is done you can collect your car from the network garage and you would not be required to pay anything.

  • Reimbursement claims

Reimbursement claims, as the name suggests, allow you to get reimbursement of the repair cost incurred on the car. If you want to get your car repaired at a non-network garage or if your cashless claim has been rejected by SBI General Insurance then you can opt for reimbursements in which the entire process will be similar but you will have to pay all the repair costs from your pocket initially which you can get reimbursed by the insurance company by submitting original bills and claim form. The insurance company will validate your claim and credit the amount to your bank through NEFT.

When you inform the insurer for initiating the claim, the customer care representative will provide you document details required for processing the claim. Documents which are required to be submitted for the claim settlement process include the following:

  • Policy document
  • Duly filled and signed claim form
  • Damaged vehicle photos
  • Driving licence copy of the individual driving the car at the time of incident
  • Chassis and engine number
  • Registration certificate copy of the car
  • Police panchnama FIR copy vehicle inspection address in case of accident claims
  • Original repair invoice and bank details in case of reimbursement claims

SBI Car Insurance plans Review

SBI General Insurance is the most trusted insurance partner for a transforming India. Its car insurance plans are customized to suit the different needs of its customers. Here are some of its highlights:

  • The company has a robust multi-distribution channel encompassing broking, bancassurance, direct channel and agency to ensure that insurance is accessible to all businesses and individuals.
  • SBI General Insurance serves the key customer segments which include the corporate segment by catering to mid to large size companies, the retail segment by catering to individuals and families and the small and medium enterprises segment. SBI Life Insurance has a plan for each one of us.
  • SBI General Insurance company has been certified as a ‘Great place to work’ in 2017 by Great Place to Work Institute, India
  • SBI General Insurance provides unmatched accessibility to its customers through its presence across 135 locations in Pan India along with digital presence across all the locations in India.

FAQs on SBI General Car Insurance Company

Which policy can I buy for a new car?

For a new car, you can buy a bundled plan which has a 3-year third-party liability cover and an annual own damage cover.

If I port my existing policy to SBI, can I retain the accumulated no claim bonus?

Yes, the no claim bonus can be transferred from the existing car insurance policy to the new policy that you buy from SBI General Insurance. The no-claim bonus would be used to provide you with a discount on the own-damage premium.

What is the coverage limit of personal accident cover?

Personal accident cover for the owner/driver of the car is allowed for a sum insured of Rs.15 lakhs.

How many add-ons can I opt for?

You can opt for as many add-ons as you want. However, for each add-on that you select, you would have to pay an additional premium.

Can I renew a lapsed policy?

Yes, you can renew a lapsed policy. To do so, intimate SBI General Insurance of your intention to renew. The company might arrange for an inspection of your car before the renewal is allowed.

Jul 23, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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