SBI Car Insurance Add on Covers
SBI General Insurance is a well-known name in the insurance industry. The insurer offers a huge variety of add-on covers with its Comprehensive and Standalone Car Insurance Plans. These car insurance add-on covers help you extend the coverage of your insurance plan against the payment of an additional premium amount.
SBI - 13 Important Add-on Covers For Your Car Insurance Policy
1. Depreciation Reimbursement
As the name suggests, this add-on reimburses you for the depreciation expense incurred on your car and its parts. By default the liability to bear the depreciation expense rests with the car owner and thus the depreciation amount is deducted from your claim amount at the time of a claim settlement. However, when you opt for this add-on, you are exempted from depreciation expense of your car and all its plastic and metal parts at 100%, except tyres, tubes and batteries which are covered at 50%.
2. NCB Protection
No Claim Bonus is the reward which you get in the form of a discount on the premium of your own-damage car insurance cover for not making any claim in the previous policy period. However, this benefit is lost if you make even a single claim during the previous policy period. However, if you opt for a NCB Protection cover, you can keep your NCB unaffected even after making a claim in the previous policy period. This is a great add-on as NCB ranges between 20% to 50% premium amount of your own-damage plan, depending on the number of claim-free years.
3. Return to Invoice
In case of theft of your car or constructive total loss (when the damage is beyond repairs), the insurer provides you with the Insured Declared Value (IDV) of your car as compensation. However, this IDV is lesser than the Invoice Price which you had paid at the time of purchasing your car. If you opt for the Return To Invoice Cover, you get the Invoice Price, which is the sum of ex-showroom price of your car, road tax and registration charges, of your car as compensation in the event of theft or total loss of your car. This is a useful add-on as it helps you fill the gap between the IDV and Invoice Price of your car.
4. Key Replacement
Under this ad-on cover, the insurer reimburses you the cost of replacing your car keys during the policy period limited to an amount of Rs. 65,000 subject to 10% co-share of replacement value or minimum of Rs. 500. In case your car lock gets broken at the time of burglary or attempted burglary,the entire set of old keys is to be submitted to the insurer along with a copy of FIR lodged with police confirming the date and time of the incident. Only one claim is allowed under this add-on.
5. Inconvenience Allowance
Under this add-on, if your car is under repairs for more than 3 days, the insurer will pay you a cash allowance for a maximum period of 10 days. A maximum of 2 claims are allowed under this add-on.
6. Loss of Personal Belongings
If you opt for this cover, then the insurer will reimburse you towards the loss or damage of your personal belongings if they get stolen from your car when in a locked state. The compensation under this add-on is limited to Rs. 50,000/- subject to a deductible of Rs. 5,000 for laptop and jewelleries, Rs. 2,500 for mobiles and Rs. 500 for other personal belongings. An FIR of the lost personal belongings is required in order to initiate a claim under this add-on.
7. Enhanced Personal Accident Cover
This cover insures the insured against the bodily injuries and death. This cover is available separately for the owner-driver of the car, unnamed passengers as well as for the paid driver.
8. Roadside Assistance Cover
Under this add on cover we will arrange for roadside assistance if your car becomes immobilized due to following reasons:
- Towing assistance in case of mechanical & electrical breakdown
- Flat Tyre
- Dead Battery
- Vehicle keys locked in
- Contamination/ Incorrect or running out of fuel
- Onwards journey or hotel accommodation
However, these emergency services will be available up to a radius of 50 km from your place of residence mentioned in the policy document.
9. Hospital Daily Cash Cover
If you opt for this add-on, the insurer will pay for the Hospital confinement allowance in case the owner-driver sustains injuries while driving your car. The compensation amount is limited to up to Sum Insured mentioned in the policy document. For a compensation under this add-on, a minimum of 24 hours hospitalization is mandatory. Such a benefit is available for a maximum of 30 days. Besides the owner-driver, this cover is also separately available for unnamed passengers and paid driver of the insured’s car.
10. Engine Guard
By default the engine and gearbox of your car are not insured under your car insurance plan. However, of you opt for this cover, the insurer will compensate you for the damage incurred by internal child parts of gear box and engine. The causes of damage covered under this add-on include water ingression and/or leakage of lubricating oil due to accidental means. Loss or damage covered under manufacturer warranty, recall campaign
are excluded under this cover.
11. Cover for Consumables
This add-on insures you against expenses incurred by you towards consumable. Consumables include nut and bolt, screw, washers, grease, lubricants clips, gear box oil, AC gas, bearings, distilled water, engine oil, oil filter, fuel filter and break oil.
12. EMI Protector
Under this add-on, the insurer pays you the Equated Monthly Installment (EMI) payable to your Financial Institution for the period your car is in garage for repair and the repair time is more than 21 days. Insurer’s liability under this cover is limited to a maximum of 2 months EMI or sum insured, whichever is less.
13. Tyre and Rim Guard
This add on covers expenses for repair and/ or replacement of tyre & tubes and damaged rim of your car.