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Edelweiss Bike/Two Wheeler Insurance
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Edelweiss General Insurance Company Limited is a wholly-owned subsidiary of Edelweiss Financial Services Limited. The company was founded on 2nd March 2016 with its registered office in Mumbai, Maharashtra.
Edelweiss General Insurance Company offers a wide range of insurance solutions such as health insurance, motor insurance, home insurance, fire insurance, loan protection segments, engineering insurance, and marine insurance. It has touched the lives of millions of people over the last 20 years through different products. Edelweiss General Insurance Company aims to bridge the gap between the customers and insurance by making the insurance simply effortless. The company has received special recognition in SAP ACE Award 2018. Edelweiss Motor Insurance Incurred Claims Ratio stood at 145% for the financial year 2018-2019.
Types of Edelweiss Two-wheeler Insurance Plans
Edelweiss General Insurance offers various options to buy two-wheeler insurance plans. The two-wheeler insurance plans offered are as follows:
Two-wheeler Third-party Liability Only Insurance
It is compulsory under the Motor Vehicles Act, 1988 to buy a basic third- party liability insurance policy for all bike owners. The third-party liability insurance plan pays the damages to the third party if you happen to cause injury to them or damage their property while riding your bike. Edelweiss Two-Wheeler Insurance offers two types of third-party liability only insurance plans-
- One Year Liability only insurance-One year liability only insurance provides coverage against third party liability for a term of only one year.
- Long-term liability only policy- This insurance policy provides cover against third-party liability on new bikes. This insurance plan comes with a period of 5 years.
Comprehensive Insurance Policy
A comprehensive bike insurance policy is also called a two-wheeler package insurance plan. The package insurance plan offers dual coverage of third-party liability as well as for damages suffered by your own bike. When you purchase a third-party liability insurance policy, you get coverage only for the liability against a third- party. However, when you purchase a comprehensive two-wheeler insurance plan, you get the benefit of extended coverage which includes your own damages. Edelweiss offers a single year two-wheeler comprehensive policy that has a coverage duration of one year and can be renewed annually.
The bundle plan covers third- party liability for five years and own damages for one year. This plan is offered to new bikes.
Standalone Own Damage Insurance
Standalone own damage insurance policy for two-wheelers covers only the damage caused to your own two-wheeler. It can be brought along with a third-party liability insurance policy.
Note- As per the recent guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), every two-wheeler owner is required to buy a third-party liability plan for a minimum tenure of 5 years at the time of purchasing a new bike or scooter. Along with a third party plan of five years, you can also purchase one year's own damage insurance plan under the bundled option offered by Edelweiss General Insurance Company. You can also opt to buy a standalone 5-year third-party liability plan and a standalone own damage plan of one year independently.
Benefits of Edelweiss Two-wheeler Insurance
Let us have a look at the benefits, you can get by buying Edelweiss two-wheeler insurance plans:
- Easy buying- You can buy a two-wheeler insurance plan from the website of Edelweiss General Insurance Company by following a very easy process. All you are required to do is to visit the website of the company, enter your details, choose your plan and pay the premium.
- Customer Service- The company provides 24*7 hassle-free customer care service and ensures that every interaction is completed in an easy, quick and hassle-free manner. You can contact the customer care department of the insurance company for any query or can also request a call-back by visiting the website of the company.
- Wide Network of Garages- Edelweiss General Insurance Company has tie-up with more than 15,000 network garages all over the country. You can avail cashless settlement of your two-wheeler insurance plan at any of these network garages conveniently.
- Quick and easy claim settlement process- The claim settlement process of the two-wheeler insurance plan offered by Edelweiss is very quick and easy. All you need to do is to inform the insurance company about the damage caused and submit the relevant documents through mail to the email address of the company. After enquiry, your claim would be settled within 7 working days.
- Renewal- Renewing an insurance plan is as easy as buying it. All you have to do is visit the website of the insurance company and make changes if you want to buy adding add-ons and pay the premium. Your policy will be renewed within minutes.
What is Covered Under Edelweiss's Two-wheeler Insurance Policies?
The coverage of a two-wheeler insurance policy depends on the type of insurance plan that you have brought. Let us have a look at what is covered under two-wheeler insurance policies offered by Edelweiss General Insurance Company:
- Third-party liability- All the liability arising to the third party due to an accident by your vehicle will be borne by the insurance company. It includes physical injuries caused to the third party or damages to third-party property. Third-party liability is available under a two-wheeler third party liability insurance plan as well as under a comprehensive or packages insurance plan.
- Own damage- Own damage refers to the damage caused to the insured vehicle. Under this cover, you get covered for the repair costs or financial loss suffered if your bike is damaged due to accidents, collisions and man-made or natural calamities. The calamities covered include fire, theft, earthquake, flood, cyclone, strikes, riots, etc.
- Minor damages- Damages such as broken parts and scratches are covered under the comprehensive Edelweiss two-wheeler insurance plan. You can make an insurance claim under this plan if your bike suffers any minor damages due to an accident.
- Personal accident (if opted)- If you buy a personal accident insurance cover, you would be covered for accidental death and disablement while riding the bike. The personal accident cover can also be extended to cover your pillion rider.
What is not Covered Under the Edelweiss Two-wheeler Insurance?
There are certain situations which Edelweiss two-wheeler insurance plan does not cover. These are called exclusions. Some of the permanent exclusions under Edelweiss two-wheeler insurance plans are as follows-
- War-related damages - Any damage suffered due to war, civil unrest, mutiny, commotion or nuclear perils would not be covered.
- Mechanical or electric breakdown- No coverage is provided for any mechanical or electrical breakdown of the two-wheeler.
- Accident due to drunk driving- Any damage caused due to an accident resulting from drunk driving the vehicle is not covered under the two-wheeler insurance plan. If the rider is drunk or under the influence of any drug, then any claim for damages to a third party or injuries caused to the owner or to the two-wheeler would not be covered.
- Servicing- Regular servicing is not included in two-wheeler insurance. Every bike requires regular servicing in order to run smoothly and last longer. The servicing cost is to be borne by the bike owner and would not be compensated by the insurance company.
- Driving without a valid licence- Damage caused to a two-wheeler while driving without a valid licence or using the vehicle for illegal activities would not be covered under the two-wheeler insurance plan.
- Third-party contract- Any damage that arises out of a contract entered into with the third party would not be compensated by the insurance company.
- Damage outside India- The cover under two-wheeler insurance offered by Edelweiss is available only within the geographical limits of India. In the event of an accident happening when you travel by your bike beyond the borders of India, you cannot make an insurance claim and no compensation would be entertained.
- Inactive policy- If your policy has been lapsed or is inactive, then any damage caused to the vehicle during the lapse or inactive period would not be covered.
How to Buy Edelweiss Two-wheeler Insurance Policy?
Edelweiss offers a simple procedure for buying a two-wheeler insurance policy. Here are the steps to buy a two-wheeler insurance policy from Edelweiss:
- Visit the official website of Edelweiss General Insurance Company (www.edelweissinsurance.com). Then go through the available plans, check the prices and the policy wordings to understand which policy would best suit your requirements.
- Fill in the relevant details such as the name of the owner, address, contact number along with the basic information about your bike such as make and model, etc.
- You can opt for add-ons with your insurance plan as per your requirement at the time of buying the two-wheeler insurance plan.
- After filling in the relevant details, you are required to submit the document which includes your ID proof and a KYC document.
- The last step includes payment of the premium through any of the online or payment options available.
Alternatively, you can also buy a two-wheeler insurance plan from Edelweiss by visiting one of the branches along with relevant documents. However, the process of buying a two-wheeler insurance plan online is easier and faster online.
Edelweiss Two-wheeler Claim Process
You can make cashless claims under your two-wheeler insurance plans by following the steps mentioned hereunder-
- Inform the insurance company- First of all, you are required to inform the insurance company about the damage. To inform the insurance company you can call on the toll-free number 1800 12000.
- Upload photos- You are then required to click pictures of the damaged vehicle and upload it for further inquiry by the insurance company. Insurance companies will access the damage with the help of the pictures.
- Check the damage– A surveyor of Edelweiss would come and check the damage suffered after you have requested for the insurance claim. If found suitable, the surveyor would credit the estimated cost of repairs to your registered bank account.
- Repair your bike at your ease- Once the estimated cost of repairs gets credited to your bank account, you can repair your bike at your ease whenever you want without any out of pocket expenses.
The claim procedure of Edelweiss is quite easy. If you submit the valid documents along with the form on time, your claim would be settled within 7 days of the submission of the form without any hassle.
Reviving a Lapsed Edelweiss Two-wheeler Insurance Policy
In the event of non-payment of a premium of two-wheeler insurance policy on time, the cover would lapse. If you pay the premium within the grace period offered by the insurance company, your policy can be reinstated along with the accumulated no claim bonus. However, if you do not pay the premium within the grace period, your policy will lapse and you will be required to call the insurance company to inspect your vehicle and offer you a fresh quote. It is similar to buying a new policy. After receiving a fresh quote from the insurance company, you can pay the premium and revive your policy.
Review of Edelweiss Two-wheeler Insurance
Edelweiss enjoys the trust of millions under its insurance policies. Its two-wheeler policy is also popular among its customers. It also offers many add-ons which enable you to customise your two-wheeler insurance plan as per your requirements. The plans are very reasonably priced and the process of claim is quite simple. You can buy the policy online in simple steps and also get the benefit of online renewals. The coverage is comprehensive and the premium payable is also affordable. Thus, you can choose Edelweiss as the preferred insurance provider for your coverage needs.
Details of Edelweiss Two-wheeler Insurance Company
|Registered Office Address||Edelweiss House, Off CST Road, Kalina, Mumbai- 4000098|
|Toll-Free Number||1800 12000|
Add ons for your Two Wheeler Insurance
Edelweiss Two Wheeler Insurance FAQs
1. How long does it take for Edelweiss General Insurance Company to settle a claim?
Edelweiss settles a claim within 7 working days after receiving the claim form and all the other relevant documents.
2. Can I transfer the No- claim bonus from the previous insurance company of my two-wheeler?
Edelweiss allows the facility to transfer your no claim bonus from your previous insurance provider when you port your policy to Edelweiss.
3. How can I check if my preferred garage is a cashless one?
Edelweiss General Insurance Company has tie-up with a wide network of garages across the country. You can visit the website of Edelweiss General Insurance Company to check if your preferred garage is in the cashless list or not.
4. What are the add-ons available with a two-wheeler insurance plan?
Edelweiss comprehensive two-wheeler policy offers all the standard insurance add-ons which include depreciation protect, pillion protect, invoice value protect, consumable expenses protect, medical emergency expenses protect and additional third party property damage protect. You can buy one or more of these add-ons when buying or renewing your coverage.
5. How long is my insurance cover valid for and can I renew it online?
Generally, your insurance cover will be valid for one year. However, for new bikes, you can purchase a third party insurance policy for up to five years at a time. You can renew your insurance online by visiting the official website of the company.
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