Edelweiss Car Insurance Company offers two types of plans - third-party insurance and comprehensive insurance.
Every car is subject to depreciation or the loss of value over time, which directly impacts the insurance coverage. Zero depreciation cover is a popular vehicle insurance add-on that car owners choose. It transfers the risk of the car’s depreciation to the insurance company in exchange for a small fee.
Who Can Opt Edelweiss Zero Depreciation Car Insurance?
- New automobile owners.
- Owners of High-End Automobiles with Expensive Parts.
- Residents of accident-prone areas.
- New Motorists.
- Who drives regularly
Edelweiss Zero Depreciation Car Insurance Policy Benefits
- Claims settled within a short period
- 20 years of experience as an insurance company (offering reliability)
- Special recognition and awards were received, like the SAP ACE award 2018
- Customer care service available 24*7
- Special priority is given for service at certain garages
- Cashless claim settlement
- Different options of policies available for different customer needs
Greater Claims Payments: When combined with a conventional comprehensive automobile insurance plan, the zero depreciation add-on cover helps consumers to get higher claim amounts. The policy transfers obligation for depreciation costs from the insurer, indicating that Edelweiss will be responsible for retirement payments.
Multiple Claims: During the course of a policy term, a customer can make up to two claims for the Edelweiss zero depreciation protection.
Edelweiss Zero Depreciation Car Insurance Claim Process
The depreciation of a vehicle is indicated on the policy terminologies at the time of settling claims. As previously stated, you must pay 50% depreciation on nylon, plastic, and rubber parts, including batteries, 30% on fibreglass components, and 5-10% on wooden parts and other similar items.
The insurance only compensates the damage after depreciation is deducted in the case of basic auto insurance policies.
One can purchase zero-depreciation automobile insurance as an add-on now that you're aware of the benefits.
Edelweiss Zero Depreciation Car Insurance FAQs
Ans: It does not cover wear and tear of parts of the car and damage due to war or nuclear damage. Electrical or mechanical damage is also not covered under the standard policy.
Ans: No, but having any of these two policies as mentioned earlier, will mean legally, one has taken motor insurance.
Ans: Like other insurance companies, Edelweiss insurance also offers an no claim bonus discount on its own damage premiums. It can go up to 50% if no claim is filed for up to 5 years.
Ans: An endorsement provides all information about any modifications made to the policy documentation, such as the policyholder's name, registered phone number, and address.
Ans: You must complete an endorsement form detailing the details of the installed devices. For the installation of such devices in the insured vehicle, the firm offers a 2% savings on rates.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.Read More