Karan cherished his bike. For him, his bike was freedom on two wheels—a reliable companion for his everyday commute. He would often go on rides during weekends. With his bike, every journey felt so special to him—whether it was via peaceful country roads or busy metropolitan streets. But one night, while he was riding home from work, a reckless motorist knocked his bike at a stop sign. Just imagine the frustration! There, Karan lay on the road with bruises all over his body. He feared that his left arm was fractured. When he turned and looked at his bike, his heart sank! He saw parts of his bike damaged, broken, and in pieces all over the road. The excitement of riding suddenly gave way to anxiety.
Fortunately, Karan's bike was insured. Karan fell unconscious and a few hours later, woke up to the sound of the hospital monitor beeping. While his health insurance saved him from his hospital bills, what about his bike’s repairs? This thought kept haunting him. That was when his family told him that his comprehensive bike insurance policy paid for all the repairs, relieving him of the burden of handling unforeseen charges. It's one of those "thank goodness" moments when you realise you made the right choice. It would have been extremely difficult to deal with the damage without the insurance policy. Stories such as Karan's make you question your level of preparedness for unforeseen events. Have you ever thought about what you would do in a similar situation?
More than just a legal necessity, bike insurance serves as a safety net against life's unforeseen setbacks, including theft, accidents, and even the fury of nature. But how can you choose and pick the best option when there are so many available? What features should dependable and cost-effective coverage have? The choices can be overwhelming, but don't worry, we're here to simplify it for you.
The solution might be SBI Bike Insurance. It can be exactly what you're searching for, offering straightforward, comprehensive programs tailored to the needs of various riders. Curious? Let's examine how it can keep your rides joyful and worry-free by delving into the specifics below.
SBI General Two Wheeler/Bike Insurance Policy?
A bike insurance policy, sometimes referred to as a two-wheeler insurance policy, is a legal contract between an insurance company and a bike owner. It provides financial security against third-party liability, bike damage, and, in certain situations, injury to the owner. So, how does this really protect you? This coverage serves as a financial buffer against unforeseen circumstances like theft, accidents, and natural disasters.
The likelihood of accidents is increasing as more and more bikes and two-wheelers are on the road. Two-wheelers were the most common cause of accidents in 2022 by themselves, accounting for 63,115 incidents. Sadly, they also accounted for 41.5% of all fatalities caused by accidents on India's National Highways. Karan read these staggering statistics and felt how lucky he was to survive such an event. The figures highlighted to Karan how important having a trustworthy bike insurance policy is. It is not just to fulfil regulatory requirements but also to provide much-needed financial security in unpredictable situations.
It is legally mandatory for all bike owners in India to obtain at least a Third-Party Liability Insurance policy. Furthermore, all newly purchased two-wheelers must have insurance coverage with a five-year third-party liability policy as of September 1, 2018. You risk fines and legal repercussions if you ride without a valid insurance policy.
Although Third-Party Insurance is mandatory, the bike owner has complete control over whether to purchase a Comprehensive Two-Wheeler Insurance Policy. A comprehensive plan is a smart choice for people looking for extra financial security because it provides larger coverage.
SBI General offers comprehensive two-wheeler insurance plans designed to protect bike owners and third parties from a range of risks and give them peace of mind while travelling. Can you think of a worse scenario than dealing with a major accident without insurance? We sure can’t. So, let’s dive into the details.
Features And Benefits Of SBI General Two Wheeler/Bike Insurance Policy
With its many features and benefits, the SBI General Two-Wheeler/Bike Insurance Policy is designed to give bike owners reliable financial security and peace of mind. Karan knew that the policy guarantees broad coverage for both meeting legal requirements and protecting against unanticipated events.
Here are some of its main aspects and advantages that Karan would like to share:
- Own Damage Coverage:
This option shields your two-wheeler against calamities like fire, self-ignition, explosions, burglary, accidental damage, theft, riots, and even terrorist attacks.
- Coverage for Third-Party Damages:
The policy also includes coverage for third-party liabilities, such as damages to third-party property brought on by the insured vehicle and paying for third-party injuries or fatalities.
- Comprehensive Insurance:
This option offers total peace of mind by combining own-damage and third-party liability coverage, guaranteeing all-around protection for your bike. It’s just like ensuring you receive the best kind of security from both worlds.
- No Claim Bonus (NCB):
The insurer offers this valuable bonus for each year that you maintain a policy without a claim. This reward often takes the form of premium discounts. The NCB discount from SBI General Insurance can be as much as 50% for years of consecutive claim-free coverage. However, it's essential to remember that the NCB benefit only applies if the policy is renewed within 90 days of its expiration date.
- Cashless Repairs:
By enabling you to have your bike repaired at network garages without having to pay up ahead, Cashless Repairs streamlines the claims procedure. The insurer pays the garage directly for the repairs. SBI General Insurance ensures convenience by giving customers access to a nationwide network of 7,159 cashless garages.
- Add-Ons for Improved Coverage:
A range of add-ons is available for SBI General Insurance's comprehensive two-wheeler insurance policy that is intended to improve your coverage and offer protection in particular circumstances.
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- Nil Depreciation Cover: This add-on guarantees that repair or replacement claims are resolved without taking bike part depreciation into consideration. In other words, if this add-on is selected, the depreciation that was deducted from the claim amount will be refunded, subject to specific terms and conditions.
- Consumables Coverage: This add-on pays for related costs in the event of an accident that results in the loss of replacing, repairing, or replenishing particular bike consumables. Screws, bolts, nuts, bearings, clips, washers, gearbox oil, engine oil, grease, brake oil, distilled water, lubricants, and similar products (apart from fuel) are covered consumables.
- Return To Invoice Cover: This add-on ensures that you will get payment for the bike's invoice value, also known as the Insured Declared Value or IDV, in the event of complete loss, damage, or theft. Under this policy, the insurer covers the bike's purchase price, i.e., the on-road price, and includes the road taxes and registration fees.
- Protection Of NCB (Add-on): Generally, your No Claim Bonus (NCB) will be affected following a claim. As long as there is only one claim made throughout the insurance period, you can keep your current NCB when you renew with this add-on.
Other add-ons include enhanced third-party property damage coverage and personal accident coverage for the owner-driver. These add-ons offer additional security and are paid in excess of the sum insured than the standard vehicle insurance coverage.
Types of SBI General (Two Wheeler/Bike Insurance) Insurance Policy
SBI General offers the following categories of two-wheeler insurance:
- Comprehensive Bike Insurance Policy - Two-Wheeler Insurance Policy Package
For five years, this insurance will meet the Motor Vehicles Act's obligatory third-party liability requirements. It also offers coverage for accidental loss or damage to the insured vehicle, which remains valid for a year from the policy's start date.
The plan provides third-party liability protection. This includes coverage for lawsuits resulting from a third party's accidental death or serious injury as well as any property damage caused by the insured vehicle's activity. In these situations, this guarantees financial stability.
Along with third-party coverage, the policy also covers the vehicle's accidental loss or damage from natural disasters like earthquakes, floods, and storms, as well as man-made events like theft, riots, strikes, burglaries, malicious acts, and even terrorist activities.
- Third Party Bike Insurance Policy - SBI Motor Act Only Two Wheeler Insurance (5 Years)
For a continuous five-year term, this policy guarantees that you are protected against third-party financial and legal liabilities. It lessens the financial strain of dealing with incidents or damages caused by your insured two-wheeler to third parties. It also provides protection against third-party lawsuits, including paying for any related legal fees.
In addition, SBI General provides additional options like the Motor Act Only Insurance Policy and the Long-Term Two-Wheeler Package Policy, both of which are intended to give bike owners more comprehensive and extended coverage.
What Is Covered Under SBI General Two Wheeler/Bike Insurance Policy?
An outline of the coverage that the policy offers is as follows:
- Third-Party Liability Coverage:
This section provides protection against a third party's injury or demise. It also provides you with peace of mind in the event of tragic accidents by covering any damages the insured two-wheeler may cause to third-party property.
- Damage Or Loss To The Vehicle:
The policy covers damage or loss brought on by an accident, fire, explosion, or self-ignition. It also covers damage suffered while travelling by air, rail, road, lift, or inland waterways.
It also additionally covers damages caused as a result of natural calamities like landslides, storms, cyclones, hailstorms, floods, lightning, and earthquakes. The policy provides protection against man-made damages, such as theft, burglary, rioting, strikes, malicious acts, and even terrorist activities, in addition to natural disasters.
- Personal Accident Cover For Owner-Driver:
As long as the owner-driver has a valid license to drive, the policy provides personal accident coverage for them. It covers accident-related medical costs, and the designated beneficiary will be compensated in the terrible event that an accident results in fatality.
- Pillion Rider Coverage:
Pillion riders have the option of purchasing personal accident insurance for additional safety when riding. The maximum coverage for a pillion rider's personal accident is Rs. 1 lakh.
- Comprehensive Coverage For Theft And Total Loss:
The coverage promises your financial security by paying the current market value in the case of theft or total loss (when the bike is irrevocably damaged).
Note: It's imperative to remember that the terms and conditions specified in the policy document apply to the coverage offered, including any add-ons. Thus, always review the policy wording for a clear and comprehensive knowledge of what is covered under your policy.
What Is Not Covered Under SBI General Two Wheeler/Bike Insurance Policy?
Karan also wanted to know what is not covered under his policy. Here are several instances of what the policy does not cover:
- Claims resulting from a contractual liability.
- Any accidental loss, damage, or liability that takes place outside of the policy's designated geographic area.
- Electrical or mechanical failures.
- The vehicle's normal ageing or wear and tear.
- Damage brought on by or to someone operating the car without a valid driver's license.
- Damage resulting from using the bike for activities not covered by the policy.
- Damage or loss brought on by nuclear-related dangers, revolt, or war.
- Damage brought on by or to someone operating a vehicle while under the influence of alcohol or drugs.
- Company-owned vehicles are not covered under personal accident coverage.
Note: The nature of these exclusions is generic. The policy wordings should be examined for a more thorough explanation of what is not covered, including specific limitations and exclusions.
How To Buy SBI General Two Wheeler/Bike Insurance Policy from SMC?
It's easy to buy your SBI bike/two-wheeler insurance policy from SMC. Simply complete these steps:
- Start by going to the official SMC website.
- Navigate to the General Insurance tab and find the two-wheeler insurance section.
- Type in the correct registration number of your vehicle. Instead of using the registration number, you can also continue by entering the details of your bike, like the make, model, fuel type, variant, RTO, etc.
- Enter the necessary data on the screen, including whether the vehicle belongs to an organisation.
- After that, you'll be taken to the Quotes page, where you may see a number of quotes from various insurance providers.
- Choose the SBI General plan that best fits your requirements, choose any add-ons you want to add to the policy, and then pay for it.
- Lastly, ensure that you get the policy documentation and payment acknowledgement for your records.
Securing your bike insurance from SBI General through SMC is made simple and quick by following the simple steps mentioned above.
How To Renew SBI GENERAL Two Wheeler/Bike Insurance Policy from SMC?
It is simple and quick to renew your SBI General Two-Wheeler/Bike Insurance Policy through SMC. Like him, even you can take the steps listed below:
- Check for the link to complete the renewal that SMC Insurance will send you over text or email.
- After clicking the link, you will be taken to the portal of the insurer.
- In the designated fields, enter your policy number and the necessary information.
- Update your current information or make any essential changes if needed (this step is optional).
- To guarantee accuracy, carefully go over all of the policy information that you've entered.
- Use the provided online payment method to complete the transaction.
- A confirmation email and text message will be sent to the email address you registered with as soon as the payment has been processed.
- Your registered email address will receive the revised policy PDF for convenient access and review.
You can easily renew your policy and guarantee continuous coverage for your bike by following these easy steps.
How To Claim SBI General Two Wheeler/Bike Insurance Policy from SMC?
Using SMC to submit a claim for your SBI General Two-Wheeler/Bike Insurance Policy is simple and effective. This is how it operates:
- To start, submit your claim request on SMC's official website.
- The SMC team will document all required personal information and the problems associated with your claim.
- After that, the insurer will receive your claim details for further processing.
- Upon examining the claim request and verifying the supporting documentation, the insurer will take the appropriate steps, like authorising cashless payment.
- You will be informed as soon as the insurer reaches a decision. The next steps in the claim settlement procedure will be explained to you by the service team.
- You will also be informed of any outstanding dependencies before they are sent to the insurer.
- Following the completion of the procedure, you will receive notification regarding the claim's status, including whether it is authorised for reimbursement or cashless settlement.
By following these procedures, SMC guarantees a seamless and open claim procedure, keeping you updated and assisted at every turn.
How Can SMC Help You To Settle A Claim?
Having successfully assisted with more than 2.04 million claims, SMC is a dependable partner in the claim settlement process. Here's how SMC can help you have a more seamless experience -
- Step-By-Step Guidance: SMC offers thorough support for comprehending the claim process, making sure you are aware of all the essential documents and steps.
- Round-The-Clock Assistance: Any questions or concerns you may have during the claim settlement procedure can be answered by 24/7 support.
- Professional Support: By utilising SMC's expertise, you can confidently handle the often intricate claims procedure and make sure you get the funds that are due under your SBI General Two-Wheeler Insurance Policy.
The complicated and often stressful claim settlement process is made much simpler when SMC is on your side.
Documents Required To Claim SBI GENERAL Two Wheeler/Bike Insurance
The following documentation is typically required in order to start a claim with SBI General Insurance -
- A properly signed claim form
- A second copy of your driver's license
- An RC (Registration Certificate) copy
- A copy of the First Information Report (FIR) for your insurance policy, if the claim relates to a death or serious injury
- The original repair invoice or repair estimate slip
Having these records on hand will be helpful for a seamless and effective claims procedure. Remember that the precise paperwork needed may change based on the kind of claim, such as third-party liability or own damage claims.
Depreciation Rate For Different Parts Of Two Wheeler Insurance Policy
In the case that the insured vehicle is damaged or lost, the insurer will provide compensation, subject to the following depreciation reductions for the replaced parts -
For all tyres, tubes, batteries, rubber, nylon, and plastic parts
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50% depreciation
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For parts made of fibreglass
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30% depreciation
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For any other glass parts
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NIL (no depreciation)
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Depreciation Based On The Age Of The Vehicle In A Two-Wheeler Insurance Policy
The age of the vehicle also affects depreciation. The breakdown is as follows:
Age of Vehicle
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% of Depreciation
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Not more than six months
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Zero depreciation
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More than six months but not more than a year
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5% depreciation
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Over a year but not more than two years
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10% depreciation
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Over two years but under three years
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15% depreciation
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Over three years but under four years
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25% depreciation
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Over four years but under five years
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35% depreciation
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Going over five years but not over ten years
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40% depreciation
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Over ten years
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50% depreciation
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These depreciation rates, which take into account the age and condition of your car, guarantee that claims are handled fairly.
Wrapping Up,
In the world of biking, everyone’s bike remains their reliable travel buddy and more than just a means of transportation. You wouldn't ride a motorbike without the needed safety measures, so why take the chance of driving without the proper insurance? This is where SBI General Bike Insurance promises protection in the event of an accident, theft, or unanticipated damage. Consider it a safety net that ensures you're always prepared for anything that might come up, allowing you to enjoy every ride with confidence. No matter where the road takes you, SBI General Bike Insurance is the ideal riding companion because of its customisable plans and simple claims process, which guarantee a safe and easy ride. Keep yourself protected and free!
FAQs
Yes, SBI General is one of the trusted options for two-wheeler/bike insurance. It guarantees complete protection for your bike with a range of coverage levels designed to satisfy various needs. The company provides a range of add-ons to further customise your insurance plan, and the process is smooth. Additionally, SBI General's seamless claim procedure enhances its overall dependability as a leading option for bike insurance.
It's simple and convenient to buy SBI General Two-Wheeler/Bike Insurance. Just navigate to the two-wheeler insurance area on SMC's official website. After that, choose your desired plan and add-ons, input your bike's registration number or vehicle registration number, pay, and you'll receive an acknowledgement and your insurance policy documents.
Your desired level of coverage will determine the best policy for your two-wheeler. A Comprehensive Bike Insurance policy is your best option if you want to have the most protection possible. This kind of coverage makes sure you're protected in the event of an accident by covering both your personal damages and third-party liabilities.
It's easy to find the best two-wheeler insurance plan. Simply go to the General Insurance tab on SMC's official website and find the two-wheeler insurance section. Once there, enter the details of your bike, evaluate the estimates that are offered, and select the policy that best suits your requirements.
It's simple and quick to download your SBI General Two-Wheeler Insurance policy document. Just click on 'Download Policy' in the 'Quick Links' section of the SBI General website. You must enter the captcha code, your date of birth, and your policy number. Once you've provided this information, follow the on-screen instructions to access your policy document.
The best bike insurance provider is determined by a number of criteria, such as the coverage options they provide, the level of customer service they provide, and how effectively they settle claims. It's a good idea to speak with an insurance specialist who can evaluate your unique requirements, financial situation, and coverage choices in order to choose the best insurer. This will help you select the insurance provider that best suits your circumstances.
The model and age of your bike, where you live, and the kind of coverage you select (third-party or comprehensive) can all affect how much your two-wheeler insurance policy costs. Each of these criteria will influence the final premium you’ll pay.
For FY'22, SBI General has an outstanding Motor Claim Settlement Ratio of 98%.
Just sign in to your customer portal on the insurer's website to view the details of your two-wheeler insurance policy. After logging in, you may view and download your policy details for convenient access by going to the 'Policy Documents' section.
All admissible claims are normally resolved within 30 days of receiving the final survey report and/or the last required documents, as SBI General Insurance strives to start the claim procedure as soon as possible. Remember that the specific settlement time may change based on how complicated the claim is.