SBI two wheeler insurance has been offering seamless services to its customers across 100 cities in India. The company has been accredited with iAAA rating for its excellent claim settlement process. SBI General Insurance provides the best insurance services to the families, individuals, Small, mid and large corporate groups.
Why Buy SBI Two Wheeler Insurance
The benefits of buying a two-wheeler insurance policy are manifold. Though it is mandatory to have third-party insurance in India, comprehensive bike insurance offers the needful protection against uncertainties like theft, collision, physical damage, third-party liability, accident cover etc.
In this regard, SBI Bike Insurance offers complete protection to the vehicle and the owner/driver against unforeseen circumstances. With SBI General Two Wheeler Insurance one can overcome the little roadblocks that life throws with ease.
Key Features of SBI Two Wheeler Insurance
- Personalized insurance quotes based on the customer’s profile
- SBI General Two Wheeler Insurance offers special discounts for people aged between 25 and 55 years
- Additional discounts for continuing the police with SBI General Insurance
How is Sum Assured Calculated?
Sum assured of the insured vehicle is determined at the time of policy commencement. The value is equal to the Insured Declared Value of the insured two-wheeler.
IDV of the Insured Vehicle + Accessories is calculated on the basis of the manufacturer’s selling price of that particular bike model and brand. Depreciation is adjusted from this amount.
Elucidated below is the age-wise depreciation schedule for claims arising due to Total Loss/Constructive Total Loss of the insured vehicle.
Depreciation Schedule for Fixing IDV of the insured Two-Wheeler
Up to 6 months5
Age Of The Vehicle
Depreciation For Fixing IDV (%)
|6 months to 1 year||15|
|1 to 2 Years||20|
|2 to 3 Years||30|
|3 to 4 Years||40|
|4 to 5 Years||50|
Vehicles that are more than 5 years old and models that have become obsolete, their IDV is to be determined on the basis of the mutual understanding between the Policyholder and the insurer.
IDV should be considered as the Market Value of the insured bike throughout the policy term without any further depreciation in case of the Total or constructive total loss claims.
The insured two-wheeler is treated as a constructive total loss if the cost of damage repair or retrieval comes out to be more than 75% of the IDV of the insured vehicle.
SBI Bike Insurance Inclusions
- Compulsory third party liability cover that safeguards against any liabilities arising due to third-party vehicle damage, property damage, bodily injuries and death.
- Comprehensive insurance that covers both third-party damage and own vehicle damage. Own damage cover includes loss or damage caused to the insured two-wheeler due to the following reasons-
- Theft, burglary, strike, malicious act, riots and terrorist activity
- Accidental damage by external means
- Fire, self-ignition, and explosion
- Damage caused to the insured two-wheeler in transit by air, rail, road, inland waterway, and elevators
- Natural disasters like flood, lightning, hurricane, inundation, earthquake, frost, landslide, storm, cyclone and rockslide
- SBI General Two Wheeler Insurance offers compulsory personal accident cover of Rs. 1 lakh to the owner of private two-wheelers. It is not applicable for a commercial two-wheeler.
- Personal accident coverage for the Pillion Rider up to Rs. 1 lakh. One can also get this limit extended.
No Claim Bonus in SBI 2 Wheeler Insurance
NCB is earned by the insured for not making a claim during a policy period. No Claim Bonus or Discount is accrued at the time of policy renewal. It is required to renew SBI two-wheeler insurance within 90 days of the expiry of the previous policy. The insured can earn up to a maximum of 50% no claim discount.
Moreover, the insured can transfer the earned no claim discount while switching the insurance provider.
Long-term SBI Two Wheeler Insurance Policy
This plan is designed to offer third party and own damage cover to the insured for a period of 2 and 3 years
Advantages of Buying Long-term SBI two wheeler insurance Policy
- Long-term two-wheeler insurance coverage for 2 to 3 years
- Discount on the premium amount
- Renew bike insurance online from SBI in a hassle-free manner
- In case of a claim of total loss or is theft during the 1st and 2nd year of the policy, the amount will be refunded on pro-rata basis
- No effect or change in third party insurance premium and service tax during the policy term
Coverage Provided under Long Term SBI General Two Wheeler Insurance Plan
- Third party liability cover and own damage cover
- Loss or damage caused to the vehicle due to an accident, fire, theft, natural calamities, terrorist activities and malicious act
- Damage caused to the vehicle in transit by rail, road, air, inland waterway, elevator etc.
Bonus in Long-term SBI Bike Insurance Plan
- 5% discount on the own damage premium for members of the Automobile Association subject to a maximum of Rs. 100 for 2-year insurance plan and Rs. 150 if the insured opts for a 3-year SBI two wheeler insurance plan.
- No Claim Discount up to 50%
- Up to 25% or a maximum of Rs. 750 of voluntary deductibles on the own damage premium.
- Up to 2.5% discount on installation of anti-theft devices, subject to a maximum of Rs.1000 on the purchase of a 2-year policy and Rs. 1500 on the purchase of a 3-year SBI 2 wheeler insurance plan.
- 50% discount on Own Damage premium for vehicles modified or designed for the differently–abled people.
- 5% tenure discount on Own Damage premium and 8% for 2 years policy period and 3 years policy period respectively.
SBI Two Wheeler Insurance Add-on Covers
One can buy the following add-on covers by paying an extra amount of premium on the SBI two bike insurance policy-
- Personal accident cover of Rs. 1 lakh for the owner/driver
- Personal accident cover of Rs. 1 lakh for the pillion rider
- Option to choose a higher limit of personal accident cover
SBI 2 Wheeler Insurance General Exclusions
SBI two-wheeler insurance claim will be rejected under the following circumstances-
- Claims arising due to contractual liabilities
- Loss or damage incurred or sustained outside the geographical area
- Claims arising for a vehicle being used beyond the scope of coverage
- Vehicle being driven by other than a driver stated in the driver’ clause
- Claims arising due to consequential losses
- Loss or damage arising from nuclear contamination, ionizing radiations or nuclear weapons material
- Any accidental loss damage and/or liability arising out of warlike conditions, rebellion, civil war, the act of foreign enemies, invasion, hostilities and similar circumstances
Renew Bike Insurance Online from SBI
The insured can renew SBI bike insurance online in a hassle-free manner. Now getting insurance quotation is a matter of a few clicks, where insurance seeker can buy or renew a plan after comparing it. To get SBI bike insurance quotation online, following information is required –
- Bike Registration Number as mentioned on the RC
- Mobile Number
SBI General Two Wheeler Insurance Claim Settlement Process
- To file an accidental claim get in touch with SBI two-wheeler insurance team within 24 hours
- The insured will have to provide them with the policy number to initiate the claim
- He/she can call them at their toll-free number or visit the nearest branch and speak to an SBI representative
- After assessing the damage, a list of documents will be provided to the After submitting those documents, the claim process will be initiated by the insurer.
Documents Required for Settling SBI Bike Insurance Claims
For Accident Claims Following Documents Are Required –
- Duly signed and filled the claim form
- Motor Driving License
- Original copy of the vehicle registration book
- Police FIR report for third-party liabilities, death, fire, and bodily injuries
- KYC details for damage above Rs. 1 lakh
- Estimate for repairs from repairer where the vehicle is to be repaired
- Payment receipts and repair bills
- Additional documents required for commercial vehicles such as Load Challan, Fitness Certificate, Permit and Tax Certificate
Additional Documents Required for SBI 2 Wheeler Insurance Theft Claims
- Original RC of the two-wheeler
- Tax Payment Receipt
- Original Policy documents
- All the sets of keys/Service Booklet/Warranty Card/Original Purchase Invoice.
- Final Investigation Report
- Police FIR
- Non-traceable Report
- Letter of Subrogation
- NOC from the Financer if the claim is to be settled in the name of the insured. Form 35 signed by the financier is also required
- Form 28, 29 and 30 signed by the policyholder
- Letter of acknowledgement from the RTO intimating the theft and declaring the vehicle as ‘ No Use’
SBI General Two Wheeler Insurance FAQ’s
Q1. What are the deductibles in 2 wheeler insurance?
There are two types of deductibles- Voluntary and Compulsory Deductibles. Voluntary deductibles are opted by the insured willingly to get discount on the insurance premium. Whereas, compulsory deductibles are made mandatory by the insurance company for the insured to pay off. For example, a voluntary deductible of Rs. 1000 would earn you some discount on the premium. And at the time of claim, you will have to pay Rs. 1,000(voluntary deductibles) + Compulsory deductibles from your own pocket.
Q2. What is an endorsement?
All the changes that are made to your insurance policy are called as an endorsement. Any changes related to the coverage, vehicle and driver are made in the endorsements.
Q3. What is No-Claim-Bonus in two-wheeler insurance?
No claim bonus is a discount, given by an insurer to a policyholder for not making any claim during the policy period. No claim discount is accrued over years and is payable at the time of renewal. You can earn 20 to 50% of NCB on own damage premium.
Q4. What is the applicable rate of depreciation on two-wheeler parts?
The rate of depreciation on all the parts of the two-wheeler including wooden parts shall be applicable as mentioned in the table below-
Rate of depreciation for painting: In the case of painting, the depreciation rate of 50% shall be applied only on the material cost of total painting charges.
|Up to 6 months||NIL|
|6 months to 1 year||5|
|1 to 2 Years||10|
|2 to 3 Years||15|
|3 to 4 Years||25|
|4 to 5 Years||35|
|5 to 10 Years||40|
|More than 10 Years||50|
Q5. How to renew Bike Insurance Online from SBI?
To renew SBI Two Wheeler Insurance online you need to provide the following information–
- Bike Registration Number
- Mobile Number
Q6. How is premium determined in case of a new two-wheeler?
Following factors are taken into consideration while calculating the premium for two-wheeler insurance-
- Two-wheeler’s age
- Insured Declared Value
- Cubic capacity (CC)
- Zone of Registration