FAQ FOR SBI GENERAL BIKE INSURANCE

1. What factors influence the cost of a zero-depreciation policy premium?

Factors such as the make and model of the vehicle, age of the vehicle, and location of registration affect the zero-depreciation premium.

2. Will there be an additional charge to purchase add-on covers?

Yes, you will be charged an extra fee to incorporate an add-cover.

3. What does the own damage premium mean?

The amount that a policy buyer must pay to insure their Bike under their own damage insurance plan is referred to as the own damage premium amount.

4. What are the advantages of third-party two-wheeler insurance?

In the event of an unexpected event, third-party two-wheeler insurance protects you from any unintentional liability, legal liability, or property damage.

5. Is an inspection required to renew third-party two-wheeler insurance?

If a vehicle is simply insured for third-party liability, no inspection is necessary.

6. Is it possible to pay my two-wheeler insurance premiums online?

Yes, you can pay your two-wheeler insurance premium online with a debit or credit card or using net banking.

7. When should my SBI two-wheeler insurance be renewed?

Before your two-wheeler insurance coverage expires, you should renew it. You can also renew it within 90 days of the last renewal date if you missed it. If you do not renew your policy within 90 days of its expiration date, you will forfeit your NCB benefit.

8. I only have third-party insurance. Is there a separate process for renewing it?

No, both comprehensive and third-party insurance must be renewed using the same procedure.

9. What does the term Insured Declared Value imply?

IDV stands for insured declared value. The value of the bike is determined at the time the policy is purchased by the policyholder. In the event of a claim, this value is used to calculate the claim amount.

10. Is it possible to transfer two-wheeler insurance when a vehicle is sold?

Yes, a two-wheeler insurance policy can be transferred to a new owner if the insurance company provides sufficient proof.

11. Does vehicle insurance cover both the owner and the driver?

Not all insurance policies cover the driver or the owner as a part of the basic Bike insurance that only provides third-party coverage. If the policyholder wants complete coverage, he or she should get a policy that includes both third-party and CPA coverage (owner-driver coverage) for Bike insurance but paid driver cover is not included in two-wheeler insurance.

12. What is an SBI No Claim Bonus?

No Claim Bonus is a discount granted by the company if the insured does not file a claim for the duration of his or her policy period.

13. When it comes to renewal, what is the maximum No Claim Bonus limit?

If no claims are filed for two years in a row, the No Claim Bonus rate will be calculated as follows:

• 20 % after one year
• 25% for the second year
• 35 %in the third year
• 45 %for the fourth year
• Or for a longer period – 50%

14. How long does it take for SBI to renew vehicle insurance?

Renewal of two-wheeler insurance coverage with SBI is a simple and quick process. The time you spend filling out your auto insurance information and completing an online payment.

15. Can I cancel my two-wheeler insurance policy midway?

Yes, a two-wheeler policy can be cancelled and unused premiums can be refunded on a short period basis provided alternate insurance proof is provided. In case of a claim in policy, no refund shall be there.