SBI Bike Insurance

SBI Bike Insurance Policy - Key Features

*Disclaimer: The above table is for reference purposes only. Refer to policy wordings provided by the SBI General Insurance Company Limited to understand the exact coverage.

Why Choose SBI Bike Insurance Policy?

Here are the top reasons why one should choose an SBI bike insurance policy to cover their bike insurance policy:

• Buy and renew bike insurance online hassle-free.
• Repair your vehicle from a network of garages across the country without the hassle of paying an upfront cost.
• Enjoy a fast, fair, and transparent claim settlement process without worrying about the finances.
• A range of add-ons is available to enhance the policy coverage at an affordable premium rate.

Types of SBI Bike Insurance Policy

SBI General Insurance Co. Ltd. is one of the leading general insurance companies in India. It offers three types of bike insurance policies to its customers. By providing innovative and accessible bike insurance solutions, the company fulfils the needs of different individuals.

Here are the three types of coverage provided by the company:

1. Two-Wheeler Insurance Package Policy

   A two-wheeler insurance package policy is a comprehensive bike insurance policy that offers coverage against several risks, along with compulsory coverage and various in-built add-ons.

   Two-Wheeler Insurance Package Policy Coverage

   This policy provides coverage for the following instances in a single policy:

   • Third-Party Liability Cover
   • Own-Damage Cover
   • Personal Accident (PA) Cover
   • Return-to-Invoice Cover
   • NCB Protection Cover

2. Bundled Two-Wheeler Insurance Policy

   A bundled two-wheeler insurance policy is a type of bike insurance policy that caters to the new two-wheelers only. All new bike owners in India should purchase this bundled policy. It combines 5-year third-party insurance coverage and 1-year own-damage insurance coverage.

3. Two-Wheeler Liability Policy

   A two-wheeler liability policy covers only the damages caused to the third party by the insured two-wheeler in a road accident. This policy is commonly known as a third-party bike policy and is mandated by the Motor Vehicle Act of India.

*Disclaimer: The above-mentioned inclusions and exclusions of the SBI General bike insurance policy are for reference purposes only. Kindly refer to the policy wordings to know the exact coverage.

Depreciation Rates for Different Parts of a Bike

Here is a list of depreciation rates applicable to various bike components:

• For nylon/rubber/plastic parts (e.g., tyres, tubes, batteries, airbags): 50% depreciation applicable
• For fiberglass components: 30% depreciation applicable
• For Glass Parts: No depreciation applicable
• For Paint Material: 50% depreciation applicable

Depreciation Based on the Age of the Bike

The depreciation rate for your bike is also influenced by its age, which is highlighted in the below table:

*Disclaimer: The above rates are for reference. For detailed terms and conditions, check the policy wording.

Personal Accident (PA) Coverage for Bike Owners

SBI General Insurance Co. Ltd. offers a Personal Accident (PA) cover of ₹15 lakh for the bike owner in case of bodily injury or death due to an accident. The compensation scale is as follows:

Important Points to Consider Under Personal Accident (PA) Cover

The PA cover compensates for injuries or death caused by accidents but does not cover self-harm, self-inflicted injuries, suicide, or intentional harm. Additionally, claims related to injuries caused by alcohol or drug consumption are excluded.

How to Buy/Renew SBI Bike Insurance?

Buying/renewing SBI bike insurance online from Policybazaar Insurance Brokers Private Limited is a hassle-free process explained below:

• Step 1: Go to Policybazaar.com, navigate to 'Insurance Products,' and click on the 'Bike Insurance' button.
• Step 2: Enter your bike number and click on 'View Prices'. If you do not have any bike number, click on 'Bought a New Bike'.
• Step 3: Select the information about your two-wheeler, such as the city & RTO, manufacturer, model & variant, and registration year. Click on 'View Plans'.
• Step 4: Select the SBI bike insurance plan offered by the company.
• Step 5: Select between third-party or comprehensive coverage.
• Step 6: Choose additional covers like zero depreciation, roadside assistance cover, etc.
• Step 7: Pay through UPI, net banking, or credit/debit card, and the e-bike insurance policy will be sent to your registered email address.

How to File an SBI Bike Insurance Claim?

To successfully file a claim with SBI, follow the relevant procedures based on the type of claim:

1. For Theft Claim

   Follow the below guide step-by-step to raise a theft claim:

   • Report the theft at your local police station and obtain an FIR.
   • Submit the FIR to the insurer.
   • A surveyor will be appointed to assess the situation.
   • Notify your RTO about the theft.
   • Keep necessary documents ready for claim processing.
   • If your bike is untraceable for over a month, a police untraceable report will facilitate the settlement.

2. Accident Claim

   Follow the below guide step-by-step to raise an accident claim:

   • Inform the insurance provider and complete the claim form available on their website.
   • A surveyor will visit the incident site to inspect the damage.
   • Provide all required documents for claim processing.
   • Get your vehicle repaired at a network garage for cashless settlement, and the insurance company will settle the bills. For reimbursement settlement, repair it anywhere and pay the bills on your own. Later, the insurer will reimburse the bill amount.

3. Third-Party Claim

   Follow the below guide step-by-step to raise a third-party claim:

   • Notify the insurance provider about the accident.
   • Submit the court summons to the insurance provider.
   • Fill out and sign the claim form.
   • Provide all required documentation.
   • The Tribunal court will adjudicate the case.

Documents Required for Raising SBI Bike Insurance Claims

Below is a list of scenarios that require different sets of documents to raise bike insurance claims:

1. For Theft Claims

   Here is the list of documents required for raising a theft claim:

   • Signed claim form
   • RC of the vehicle with all original keys
   • Driving License
   • Bike insurance policy
   • Police FIR
   • Police untraceable report.

2. For Accident Claims

   Here is the list of documents required for raising an accidental claim:

   • Signed claim form
   • Valid registration certificate for the bike
   • Copy of the owner's driving license
   • First 2 pages of the SBI bike insurance policy
   • FIR or Motor Collision Report (MCR)
   • Original repair estimate
   • Repair invoice and payment receipt (or just the invoice if using a preferred workshop).

3. For Third-Party Claims

   Here is a list of documents required for raising third-party claims

   • Signed claim form
   • Police FIR
   • Driving license
   • Original bike insurance policy
   • Vehicle registration certificate
   • Stamp for company-registered vehicle documents.