About SBI General Insurance
SBI General Insurance Company Limited is one of the top insurance companies in India. It is a joint venture between State Bank of India and Insurance Australia Group (IAG) and has been rendering services since 2010. The company works with a multi-distribution model that encompasses bancassurance, agency, broking and retail direct channels. The venture is composed of, 74% stake owned by the State Bank of India and the rest 26% is owned by Insurance Australia Group Limited (IAG). SBI is government-owned corporation headquartered in Mumbai and has a total of seven associate banks and operates with over 18,500 branches spread across the country. Whereas, IAG is an international general insurance company, with operations in New Zealand, Australia, UK and Asia. IAG has a business endorsement of over $11 billion of premium every year and sells insurance under numerous top brands.In addition to car insurance, SBI General Insurance Company Limited offers a wide array of general insurance products in both retail and commercial space. In the retail space, their offering includes health, bike, home, personal and travel insurance while in the commercial space, they offer fire, marine, aviation, construction. Today, the entire distribution family has over 21,000 IRDAI-certified working employees, including the State Bank Group employees and more than 8,000 agents. Worth mentioning, it is also bestowed with iAAA rating for highest claim paying ability.SBI General Insurance has a dedicated website where one can purchase new insurance, renew the policy of the existing insurance, get a quote and can also initiate the process to avail a claim. Pushan Mahapatra is the current CEO and Managing Director of the company. He took the post in January 2016, succeeding Bhaskar J Sharma.
Benefits of SBI General Car Insurance
- 1.SBI car insurance online, offers more than 16,000 cashless network garage services across India.
- 2.You can also avail discount on the premium under SBI car insurance policy. However, this is available only when you choose a Voluntary Excess in addition to the Compulsory Excess.
- A dedicated website for easy claim initiation, claim settlement, policy purchase and renewal.
SBI General Car Insurance Add-Ons
No Claim Benefit (NCB) Protection
NCB is a discount offered as a reward in case no claim is filed by the insured in the previous period. However, a mere small claim can wipe out this benefit. NCB Protection add-on preserves NCB even after a claim. Also, this covers only one claim in a year and is not transferable.
Nil Depreciation/Zero depreciation
Apart from the depreciated value of parts, this add-on entitles one to claim the complete cost of replacing damaged or worn out car parts with brand-new parts except few exceptions such as tyre, tubes and battery.
Engine Protect /Engine Guard
A standard car insurance does not cover non-accident related breakdowns. With Engine Protect/Engine Guard add-on coverage, you can cover engine and circuit related repairs. However, this can’t be claimed due to normal wear and tear of the car’s engine.
This is a unique add-on that repays you for the expense of finding alternative transport when your car is stolen or damaged. The coverage could last as much as two weeks and the claim amount is up to Rs 1,000 (depending on the make and age of your car).
Return to Invoice
This feature lets the car owners claim the invoice price plus registration charges instead of the depreciated resale value. This is only for the situation when the car is stolen, or if it is damaged to an extent that no repairs can be done.
SBI General Car Insurance Claim Process
Initiate your claimVisit the company’s site and click on ‘Initiate a claim’. Alternatively, you can call the toll free number 1800 22 1111 to get your claim/reference number
Keep the necessary documents as prescribedA customer care executive will provide you with the details of documents required and also the cashless workshop (if available)to initiate and process your claim.
Wait for a day for the claim executive to reach youThe claims manager/executive will contact you within 24 hours
Submit all the relevant documentsThen you need to submit all the relevant documents to the claims manager/executive, which will be verified against the originals
Relax and let the team do the JobSBI General will proceed with the process and all the claims will be settled immediately. However, in a non-cashless process, claims are settled after a month of receipt of the final survey report
SBI General Car Insurance User Reviews
The team of claim settlement experts at Insurance Dekho is always ready to advise their customers with the easiest way to get their claims.
The insurancedekho.com makes different premium quotes available for its customers. I just had to select one as per my budget and needs.
At Insurance Dekho, there is a customer care team which is available everyday to resolve your queries. Their dedication helped me a lot.
SBI General Car Insurance FAQ’s
What benefits does SBI General Car Insurance offer over other non-life insurance companies?
SBI General Car insurance has a commendable incurred claim ratio of 102.07%. The figure proves the company’s commitment to claim settlement.
What are the documents and formalities required to process the claim by the company?
The necessary documents are as follows:
- Completely filled Claim Form
- Policy Document
- Driving License of the driver driving the vehicle at the time of loss
- RC Copy
What should I do with the insurance when I sell my car?
The insurance policy is transferable; hence, you could easily transfer the insurance policy, or you can also opt for cancellation of the policy.
What is No Claim Bonus?
No Claim Bonus is basically the discount given by the company in case no claim is requested by the insured during the complete tenure of his policy period.
What is the maximum No Claim Bonus limit?
The discount rate will be offered as per the following slab:
(If no claims are lodged in consecutive years)
- or more years-50%
Can the LPG/CNG kit be covered in the policy? If Yes, then how?
Yes, this can be done on payment of additional premium. The kit so installed should be added to the RC of the vehicle.
What if I lost my Car Insurance policy?
You may reach your nearest branch to avail a duplicate copy against a nominal fee.
Can I cancel my car insurance policy midway?
Yes, a policy can be terminated midway and the unused premium can be refunded on a short period basis provided alternate insurance proof is provided and there is no claim lodged in the policy.
My vehicle is financed by the SBI Bank. Shall I need to mention the same in my policy?
Yes, it is necessary to incorporate that in the policy document. It should be mentioned under heading financier details.
SBI General Car Insurance Contact Details
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- Call Us1800 22 111108:00 AM to 08:00 PM
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