About Edelweiss Car Insurance Company
Edelweiss General Insurance Company is a part of Edelweiss Group, an investment and financial services company based in Mumbai. The company deals in various insurance-related services, including car insurance among others.
The Edelweiss General Insurance Company aims at offering insurance services in a simple and hassle-free manner. With its end-to-end customer services, the company also offers fast claim assistance to its policyholders.
Key Features of Edelweiss Car Insurance
|Features||Coverage and Benefits|
|Incurred claim ratio||93.38%|
|Personal Accident Insurance||Up to 15 Lakhs|
|No Claim Bonus||Yes|
Benefits of Edelweiss Car Insurance
By purchasing car insurance from Edelweiss General Insurance Company Ltd., you can avail the following benefits:
- The insurance company provides car repair services at more than 1268 network garages.
- Faster claim settlement with a customer-centric approach
- Priority repair services at the preferred workshops/network garages
- Edelweiss car insurance also offers discounts to members of the Automobile Association of India.
- Discounts on the installation of anti-theft devices are also offered
- Edelweiss General Insurance Company offers various add-on covers to its policyholders
- Edelweiss car insurance claim settlement ratio is 84.52%
- The company also offers Personal Accident Cover to its policyholders.
Types of Edelweiss Car Insurance Policy
Edelweiss car insurance offers three types of motor insurance policies. Let’s have a look at these:
1. Edelweiss Private Car Liability Only Insurance
It is a basic car insurance policy that Edelweiss car insurance provides. The Private Car Liability Only policy offers compensation to a third party on behalf of the policyholder for bodily injuries, death or loss or damage caused to a third party’s property in the event of an accident involving the insured car. Under this plan, the coverage offered for third-party injury or death is unlimited while for third party property damage, it's limited to up to Rs. 7.5 lakh.
However, the Liability Only policy will not cover loss or damages caused to the insured car.
2. Edelweiss Private Car Package Insurance
The Private Car Package policy is a comprehensive car insurance plan by Edelweiss car insurance that ensures the financial safety of the insured car during unanticipated events like road accident, theft, fire, natural disasters, etc. In addition, this policy also covers the policyholder against any third-party liability arising due to a road accident by the insured car.
The Private Car Package insurance can also be enhanced by purchasing add-on covers at the payment of some extra premium amount.
3. Edelweiss Stand-Alone Own Damage Insurance Policy
The Edelweiss Private Car Stand-Alone Own Damage policy covers a policyholder against damages to the insured vehicle in events like fire, theft, earthquake, riot, etc. This policy can be purchased additionally to a third-party liability-only policy to obtain enhanced coverage. Just like the package policy, this plan also the car owner to buy add-on covers on payment of an additional premium.
Coverage Under Edelweiss Car Insurance
- Theft: Damages sustained by the insured car due to theft, burglary, and housebreaking are included.
- Self-ignition: Any damage caused by fire, lightning, explosion, and self-ignition is covered.
- Manmade Disasters: Losses arising due to manmade disasters such as strikes and riots are included in the Edelweiss car insurance policy.
- Natural Disasters: Natural calamities like earthquakes, floods, storms, typhoons, hurricanes, rockslides, cyclones, etc. are covered.
- Accidental Means: Accidents by external means are included in the car insurance policy.
- In-transit Damages: Damages sustained by the insured vehicle while in transit by rail, road, lift, inland – waterways or air – are covered.
- Terrorist Act: Damages incurred due to any terrorist activity are included.
- Contractual Liability: Claims arising due to any contractual liabilities with a third party are not covered.
- Illegal Driving: Illegally driving or using an uninsured car is excluded from the coverage. For instance, claiming for an accident while the car was being driven by a person without a valid driving license.
- Outside Geographical Area: Accidents that take place outside the scope of the geographical area are excluded.
- Consequential Damages: Any consequential damage or loss arising due to car accidents are not covered. For example, if you leave your damaged car unattended and later on, you find out that some of its parts have been stolen, then the insurer will not pay for the loss.
- Civil War: Any type of loss or damage resulting due to situations like enemy strikes, riots, other warlike incidents etc. are excluded.
- Wear and Tear: The cost of repairing routine wear and tear resulting in depreciation of the vehicle is not covered.
- Other Purposes: If the insured car is used beyond the scope of coverage, then it is not covered. E.g., if a private car is used for commercial purposes, then the coverage is not provided.
- Drunk Driving: Damages due to driving under the influence of alcohol or drugs are excluded from the Edelweiss motor insurance policy.
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Edelweiss Car Insurance: Add-Ons
Edelweiss General Insurance Company also offers some add-on covers that a policyholder can purchase with an existing car insurance policy by paying an extra premium. These add-ons are:
The Depreciation Protect cover by Edelweiss car insurance compensates a policyholder with the amount of depreciation incurred by the insured car. This add-on is applicable to cars that are less than 7 years old. A policyholder can utilize this cover only for the first 2 claims during the policy tenure.
The NCB Protect add-on cover allows a policyholder to protect his/her existing No Claim Bonus even after raising a claim during a policy tenure.
Under this add-on cover, the insurance company will compensate for the cost of repair/procurement of a new key and lock if the existing key/lock is damaged or lost.
The Road Side assistance cover provides roadside assistance to the policyholder if the insured car suffers a mechanical or electrical breakdown on the road.
Engine Protect add-on cover compensates policyholders against the damages sustained by the insured car's engine and gearbox due to water ingression or oil leakage.
In case of total loss and theft of the vehicle, the insurance company will pay the latest available sales price of the vehicle to the policyholder under this add-on cover.
Under this add-on cover, the insurance company covers the cost of consumables that are replaced/replenished during the repair of the insured car. Consumables include engine oil, AC gas oil, brake oil, etc.
The insurance company will pay for the loss or damage of personal belongings of the policyholder, such as clothes, laptops etc., during an unanticipated incident such as a road accident of the insured car. For each claim under this add-on cover, the policyholder will have to pay an amount of Rs. 250.
Under this add-on cover, the insurance company will provide coverage for replacing or repairing the tyres and tubes of the insured car.
Under a Mandatory Deduction Protect add-on cover, the insurance company will waive the mandatory deductible at the time of claim settlement as mentioned in the policy. This add-on cover can be purchased for cars less than 5 years old.
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How to File a Claim Under Edelweiss Car Insurance?
In case your car meets with an accident or any other mishap, you can call Edelweiss Car Insurance to raise a claim. Let’s see how it should be done:
- Contact the Insurer: Contact Edelweiss car insurance provider soon after the incident to register your claim
- Keep Relevant Documents: Keep all the relevant documents handy as you will need them during claim filling. Fill out the claim form and attach the required documents.
- Inspection: Once you have informed Edelweiss General Insurance Company, a professional will be assigned to your case for car damage assessment. The surveyor will evaluate your case and will take you through the claim process.
- Claim Settlement: Your case will be resolved by the surveyor based on your opted plan and its coverage. In the case of a cashless claim, the insurance company will settle the claim directly with the network garage. In the case of non-network garages, you will have to pay the repair expenses, which will be reimbursed to you later by the insurance company.
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Documents Required to Raise a Claim Under Edelweiss Car Insurance
Mentioned below are the documents that you would need to submit as part of your Edelweiss car insurance claim procedure-
- Duly signed claim form
- Police FIR copy
- Copy of valid Driving License
- Estimated cost of the repair work
- Repair bills as well as payment proof or discharge voucher
- Road tax receipts
- Copy of the car insurance policy
- Copy of Registration Certificate (RC)
How to Renew Edelweiss Car Insurance?
To avail the continuous benefits of the Edelweiss car insurance policy, it is important to renew it before the expiry date. Edelweiss car insurance offers an easy online renewal facility. Follow the below-mentioned steps for Edelweiss car insurance renewal online:
Step 1. Visit the official website of Policybazaar Insurance Brokers Private Limited and go to the Car Insurance page from the ‘Insurance Products’ dropdown
Step 2. On the given renewal form, enter your car number and select ‘view instant quotes’.
Step 3. Fill in the required details and select View Prices
Step 4. Enter the expiry date of your policy and details of the previous claim
Step 5. Find the Edelweiss motor insurance plan. To view policy details, select the “Policy details” option
Step 6. Select the add-on covers you wish to add at an extra premium and proceed
Step 7. Enter No Claim Bonus of your existing policy and proceed forward
Step 8. You have to fill out the proposal form and proceed with “Summary and Payment"
Step 9. Once the premium has been verified, you can pay the amount using your preferred payment method.
Step 10. Once paid, your Edelweiss car insurance renewal will be complete.
The Edelweiss motor insurance renewal documents will be sent to you on your registered email id.
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Ans: Yes, you can transfer your NCB to Edelweiss General Insurance Company when you switch your insurer. But to avail your No Claim Bonus or NCB, you must renew your car insurance policy before it expires or within 90 days of the expiry date. Failure to do so will nullify your NCB.
Ans: The maximum No Claim Bonus that you can enjoy is a 50% discount on your own damage car insurance premium. This maximum limit is applicable only if you have not lodged any claim in the previous 5 years.
Ans: Edelweiss car insurance policy is usually valid for a year, except in the case of new cars. The policy commencement and expiry date are clearly mentioned in your policy documents. Also, you don’t need to worry about renewing your Edelweiss car insurance policy as the insurer will send you a reminder in advance so that you can renew your policy within the stipulated time.
Ans: Edelweiss car insurance claims are generally settled within 7 working days. All you need to do is submit all the essential documents and your claim will be settled immediately.
Ans: Edelweiss has got a great network of workshops/garages, so you will be able to find a cashless garage nearby. You can also check the list of all the garages on the insurer’s site.
Ans: Once you have made the payment, the insurer will send you a soft copy on your registered email id. In case you lose your hard copy, you can refer to the soft copy that is there in your inbox. To get another hard copy, you can call the insurer. You can also send them an e-mail and get your copy right away.
Q7: If I file an Edelweiss car insurance claim, will a surveyor be appointed to check out my insured car?
Ans: Yes, the insurance company will appoint a surveyor to examine your car. It is important to keep your Edelweiss car insurance documents handy during the inspection.