{"buttonLabel":"Get a Quote","productCollection":"car_insurance_companies","productId":"8","productLink":"https:\/\/www.sbigeneral.in\/portal\/motor-insurance\/private-car-insurance","productName":"SBI General Insurance"}
{"buttonLabel":"Get a Quote","productCollection":"car_insurance_companies","productId":"8","productImage":"referral_logos\/in\/insurance\/sbi_general-1","productLink":"https:\/\/www.sbigeneral.in\/portal\/motor-insurance\/private-car-insurance","productName":"SBI General Insurance"}

SBI Car Insurance Review: Cheap Online Policies

SBI General Insurance offers a single comprehensive car insurance policy, which is cheapest and for used car drivers. They offer multiple discounts and a variety of add-on coverages, boast strong claim settlement rates, and have a convenient online purchasing platform.

SBI Car Insurance Review: Cheap Online Policies

SBI General Insurance offers a single comprehensive car insurance policy, which is cheapest and for used car drivers. They offer multiple discounts and a variety of add-on coverages, boast strong claim settlement rates, and have a convenient online purchasing platform.

Editor's Rating


Good for

  • Consumers looking to purchase a discounted comprehensive policy online
  • Used car drivers

Bad for

  • Consumers seeking a third party or standalone policy online
  • Drivers of SUVs and luxury cars

SBI General Insurance offers a comprehensive car insurance policy that covers damages to the insured car from natural and man-made accidents, damages to third party property and injuries to the owner or driver of the insured car. They offer up to 16 add-on options and six discounts as well.

Their policies are the cheapest for used cars, with annual premiums up to 47% below market average. Consumers can purchase a new comprehensive plan on SBI's website using their convenient and speedy online purchasing tool.

The company has a 97% claim settlement rate and an 87% incurred claims ratio, both of which are strong and healthy numbers for an Indian car insurer.

Summary of SBI General Car Insurance
Choose up to 16 add-on coverage options and 6 discounts
Comprehensive policies for used cars are up to 47% cheaper than market average
Drivers can purchase a new policy online in just a few easy minutes

SBI General Comprehensive Car Insurance Policy Benefits

SBI offers a single comprehensive car insurance policy, and it's best suited for drivers with used cars. Their annual premiums are cheap, up to 47% below market average, and start at just Rs. 6,922 for a used Honda Amaze. They also offer competitive rates for new sedans, starting 2% below average for a new Honda Amaze.

Bar graph showing premium prices for a used Honda Amaze
Bar graph showing premium prices for a used Honda Amaze

SBI General's comprehensive policy provides personal accident insurance for the owner or driver of the insured car, and covers against damages from both natural and man-made calamities up to Rs. 15 lakhs, as well as damages to third party property. Their plan does not protect against:

  • Driving without a valid driving license
  • Driving under the influence of drugs or alcohol
  • Speeding, racing, motor trade
  • Using a private car for commercial purposes
  • Depreciation
  • Mechanical or electrical failure or breakdown

The company offers up to 16 optional add-on features to further enhance your scope of coverage, compared to the average car insurer in our study who offers just 14. They uniquely offer both a daily cash allowance and a hospital cash allowance, and are the only one of the 16 insurers we analysed to offer both. The daily allowance provides the policyholder with cash for each day they are without their car due to ongoing repairs, and the hospital allowance provides a cash benefit for each day they are in a network hospital being treated for injuries from an accident.

Add-On CoverageAvailability
Personal Accident Coverage (Passenger)Available
CNG Kit CoverageAvailable
Legal Liability For Paid Driver/WorkerAvailable
Tyre & Tube DamageAvailable
Hospital Cash AllowanceAvailable
Depreciation CoverageAvailable
Engine & Gear Box ProtectionAvailable
Consumable Expense CoverageAvailable
Personal Belongings CoverageAvailable
Roadside AssistanceAvailable
Invoice Price CoverageAvailable
No Claims Bonus ProtectionAvailable
Key & Lock ReplacementAvailable
EMI ProtectionAvailable
Daily Cash AllowanceAvailable
Conveyance BenefitAvailable
Electrical Accessories CoverageUnavailable
Non-Electrical Accessories CoverageUnavailable
Road Tax CoverageUnavailable
Ambulance Expense CoverageUnavailable
Medical Expense CoverageUnavailable
Loss of License/Registration ReplacementUnavailable
Small Repair ClaimsUnavailable

SBI General also offers up to six discounts to apply to their comprehensive policy, the second-most of any insurer in our study. None are particularly unique to SBI, but their voluntarily increased deductible is the most useful to consumers. Consumers who opt for this discount will be rewarded with a cheaper annual premium in exchange for a higher deductible in case of an accident. This discount is best suited for drivers without a history of accidents, who are less likely to file a claim and pay a deductible at all.

The company also offers a discount for cars with an anti-theft device installed, and this is perhaps the easiest discount to obtain. From the insurer's perspective, if their policyholders protect against car theft, there is a much lower risk they'll need to file a claim for a stolen vehicle. This is why SBI rewards consumers who take this extra safety measure.

No Claims BonusYes
Auto Association MembershipYes
Anti-Theft DeviceYes
Vintage CarYes
Vehicle Modified for HandicappedYes
Voluntarily Increased DeductibleYes
Personal InformationNo
Specific LocationNo
Credit ScoreNo

Comparing SBI General's Insurance Profile Against the Market

SBI General has a slightly-above-average 4.3-of-5 star rating on PolicyBazaar, but a perfect 5-star rating on InsuranceDekho. Their policyholders are most satisfied with their expansive network of cashless garages, the ease of use of their online purchasing tool, and most of all, the ability to customize their plans with so many useful add-on benefits.

SBI's 97% claim settlement rate is above-average among the insurers we studied, so policyholders can be confident that their claims will be settled without many inconveniences and in a timely manner. SBI also boasts an 87% incurred claims ratio (ICR), which is firmly in the healthy and desired range for an Indian car insurance company. The optimal range is 75-90%, and insurers who fall within this range have a strong ability to settle claims against annual premium collection.

Car Insurance Companies ICR
Car Insurance Companies ICR

SBI also offers a network of 5,400 cashless garages, one of the three-largest networks among the 16 insurers we reviewed. With approximately 1,500 more garages than the average car insurer in India, there's an increased likelihood that you'll be able to find a convenient repair option in the unfortunate case of an accident.

SBIMarket Average
Market Share1.94%3.57%
Incurred Claims Ratio87%90%
Claim Settlement Rate97.0%94.3%
Cashless Garages5,4003,870
PolicyBazaar Star Ratings4.3 (14 reviews)4.2 (22 reviews)
InsuranceDekho Star Ratings5.0 (91 reviews)4.9 (167 reviews)

Online Car Insurance Platform and How to Purchase

SBI General's online quoting tool is fast, smooth and very user-friendly. It provides a step-by-step, easy-to-navigate process that breaks your annual premium costs out into separate line items, so you can determine exactly which features are most important relative to their price. Consumers can finish the entire quoting process in under ten minutes, one of the fastest of any insurer we analysed.

You are also able to apply any of their six discounts to your brand new policy online. For comparison, half of the car insurers in our study require you to work with an agent to unlock any discounts, so the ability to lower your annual costs independently is an advantage that many policyholders enjoy.

SBI's website and car insurance information portal is also very modern and simple to use, but one of the drawbacks of their online platform is the lack of useful tools available to consumers. They do not provide a car insurance calculator, which many consumers use to help estimate their potential costs before beginning the purchasing process, and there is no live support option either. So, if you're confused or stuck at a certain step in the process, you'll have to call their customer support line instead of instantly being helped by a dedicated agent.

Despite a slight lack of resources, their website does have a cashless garage locator and an office branch locator, both of which are extremely helpful to ensure that a repair center and an SBI office are in your area. SBI also provides a hospital network directory, so policyholders can make sure that in case of an accident, they're being treated at an in-network hospital that unlocks certain benefits, such as the hospital cash allowance.

Claim Process and Rules

SBI General policyholders can submit and initiate the claim process using any of four methods: email, phone, SMS, or using their online claim process portal. You can find all the forms and documents you'll need to start the claim process right on their website.

They pledge to keep you informed on the status of your claim throughout the process via email, phone or SMS, and also aim to process all claims as quickly as possible. A dedicated agent will contact you within 24 hours of submitting your claim, and all claims will be settled within 30 days. This is a slightly long lead time, compared to some insurers in our study who aim to settle claims the same day they are submitted.

Mike Wagenman

Mike Wagenman is a Senior Research Analyst at ValueChampion India, specializing in insurance. He holds a Bachelor of Arts degree in Communication and Business from Rider University, and his prior work experience includes data, revenue, and business analysis in the international travel and technology markets. Mike has worked with clients around the world to help identify financial value and find the most optimal way to achieve success.