Two Wheeler Insurance Edelweiss Two Wheeler Insurance

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Edelweiss Two Wheeler Insurance

According to the Motor Vehicles Act of India, it is mandatory to have a third party liability insurance policy if you are a two wheeler owner. However, it would be advisable to go for a comprehensive bike insurance policy that comes with a package of benefits, including the third party liability cover to protect your dream two wheeler from the road risks that it is exposed to. When we are talking about bike insurance policies, Edelweiss General Insurance is worth mentioning because of its diversified two wheeler insurance policies that can cater to the varied needs of individuals. The company has developed a sack of tailor-made bike insurance policies that can serve your purpose according to your needs. to know more about these policies, have a look at the following mentions.

Benefits and Features of Edelweiss Two Wheeler Insurance

Two wheeler insurance policies of the company have come up with a sack full of benefits and key features that have made the policies consumer-friendly and popular. Look at the inclusions of the policies stated below.

It will cover financial loss caused to you, your vehicle, and third-person/property due to a road accident.

It offers coverage for damages due to fire/self-ignition of the motorbike.

Natural disasters such as floods, landslides, earthquakes, and more are covered.

You can get personal accident cover of Rs. 15 lakhs.

If there is burglary and theft, or complete loss of motorbike, the policy will be there to compensate for that.

Damage to your own two wheeler will be taken care of by the insurer.

The company also offers multiple rider options such as engine protection cover, roadside assistance, daily cash allowance, accessories cover, zero dep, return to invoice cover, consumables cover, key replacement, etc., to strengthen your policy.

A cashless facility is also available with the company. A wide network of cashless garages is spread all over the country.

The company promises easy and quick claim settlement to improve your claim experience.

The policies can be renewed online. Therefore, you neither have to stand in a long queue nor visit the branch physically to renew your bike insurance policy.

Different Types of Edelweiss Two Wheeler Insurance

The company offers a wide range of two wheeler policies. The followings are the mentions.

Zuno Two Wheeler Liability Only:

The company will indemnify the insured person in the event of an accident caused by or arising out of the use of the two wheeler against all sums which the insured will become legally liable to pay in respect of:

Death of or bodily injury to any person so far as it is necessary to meet the requirements of the Motor Vehicles Act.

Damage to property other than property belonging to the insured or held in trust or in the custody or control of the insured.

Nature of injury	Scale of Compensation
Death	100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye	100%
Loss of one limb or sight of one eye	50%
Permanent total disablement from injuries other than those named above	100%

Apart from these, the Company will pay all costs and expenses incurred with its written consent.

Two wheelers Stand Alone Own Damage Insurance Policy/Edelweiss Comprehensive Two-Wheeler Package Insurance Plan:

Under this policy, the Company will indemnify the insured person against loss or damage to the vehicle insured hereunder and/or its accessories whilst thereon:

By fire, explosion, self-ignition, or lightning;

By burglary, housebreaking, or theft;

By Riot and Strike

By Earthquake (Fire and Shock Damage)

By Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm, or frost

By accidental external means

By malicious act

By terrorist activity

Whilst in transit by road, rail, inland waterway, lift, elevator, or air

The benefits are subject to a deduction for depreciation at the rates mentioned in the followings:

For all rubber/nylon/plastic parts, tires and tubes, batteries, and airbags – 50%

For fiberglass components – 30%

For all parts made of glass – Nil

The rate of depreciation for all other parts including wooden parts will be as per the following schedule:

Age of the two wheeler	Percentage of depreciation
Not exceeding 6 months	NIL
Exceeding 6 months but not exceeding 1 year	5%
Exceeding 1 year but not exceeding 2 years	10%
Exceeding 2 years but not exceeding 3 years	15%
Exceeding 3 years but not exceeding 4 years	25%
Exceeding 4 years but not exceeding 5 years	35%
Exceeding 5 years but not exceeding 10 years	40%
Exceeding 10 years	50%

Rate of Depreciation for painting: In the case of painting, the depreciation rate of 50% will be applied only to the material cost of the total painting charges. In the case of a consolidated bill for painting charges, the material component will be considered as 25% of the total painting charges for the purpose of applying depreciation.

Edelweiss Personal Accident Cover:

The Company will pay the compensation as per the following scale for bodily injury, or death sustained by the owner-driver of the vehicle in direct connection with the two wheeler involved or whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver, caused by violent accidental external and visible means which independent of any other cause will within six calendar months of such injury result in:

Nature of injury	Scale of Compensation
Death	100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye	100%
Loss of one limb or sight of one eye	50%
Permanent total disablement from injuries other than those named above	100%

The benefit is subject to the following conditions:

The owner-driver is the registered owner of the vehicle involved.

The owner-driver is the Insured named in this Policy.

The owner-driver holds an effective driving license, in accordance with the provisions of the Central Motor Vehicles Rules, 1989, at the time of the accident.

What Are The General Exclusions of Edelweiss Two Wheeler Insurance?

Understanding a policy is not completed if you do not go through its exclusions of it thoroughly. Therefore, to avoid future complications, and to offer you a better idea of the policy, here are the general exclusions of Edelweiss Two Wheeler Insurance policies.

The Company will not be liable in respect of any claim arising whilst the vehicle insured is being used otherwise than in accordance with the ‘Limitations as to Use’ or being driven by, or is for the purpose of being driven by him/her in the charge of any person other than a Driver as stated in the Driver’s Clause.

The Company will not compensate for any claim that arises out of contractual liability.

Any accidental loss or damage or liability directly or indirectly caused by or contributed to, or arising from nuclear weapons material will not be covered.

If the damage or loss is arising out of or in connection with war, invasion, acts of foreign enemies, hostilities, or war-like operations, the company will not take any responsibility for that.

Any accidental loss damage caused sustained or incurred outside the Geographical Area indicated in the Schedule will be excluded from the policy.

The company will not make any compensation for wear and tear, mechanical and electrical breakdown, failures, or breakages.

Any accidental loss or damage suffered, whilst the Insured or any person, driving with the knowledge and consent of the insured, is under the influence of intoxicating liquor or drugs will not be reimbursed.

Damage to Tyres and Tubes will also not be covered unless the insured two wheeler is damaged at the same time, in which case the liability of the Company shall be limited to 50% of the cost of replacement.

Loss of or damage to accessories by burglary housebreaking or theft will also fall under the category of exclusions unless the Vehicle is stolen at the same time.

How To Make Endorsements in Edelweiss Two Wheeler Insurance?

An endorsement is a change or amendment in the rules and regulations of your two wheeler insurance policy. This is with respect to the registered information. You can make the endorsements with respect to the following information:

Legal liability for employees traveling/riding the motorbike (except for paid cleaner/driver)

Transfer of interest

Extension of the geographical area of cover

Extension of Personal Accident Cover to another person (except for paid cleaner/driver)

PA cover to another person (except for paid cleaner/driver)

How to renew Edelweiss Two Wheeler Insurance?

With the growing demand for digitalization, Edelweiss General Insurance Company has come up with different online facilities. One such is renewal. So, you can renew your bike insurance policy under this insurer online, at your own pace, following the below steps.

Go to the official website of the company.

On the right side of the homepage, there will be the Renewals option. Click on that.

After that, select the Motor Insurance Renewal tab.

You will be directed to a new page.

There, you have to put your registered mobile number and click on the Proceed option.

Then, select the policy that you want to renew.

The renewal option will be displayed before you. Check that carefully.

If everything is fine, pay the renewal amount by choosing the preferable payment option online.

You are done here. Upon successful renewal, you will get a notification about the same in your registered mobile number and/or email ID.

Claim Process of Edelweiss Two Wheeler Insurance

The company offers both cashless and reimbursement claims. It promises a really quick and easy renewal process so that you can get the defined compensation for your loss or damage, as soon as possible. The general claim process is defined below.

As soon as the incident happens, intimate the insurer using their toll-free number, 1800 12000, or paid landline number, 022 423 12000. Or else, you can also write to the company using its official email ID.

In case of an accident and theft, you need to do an FIR. This part is mandatory.

Take your bike to the insurer’s nearest and most convenient network garage.

You can also download the claim form from their official website.

Share the details of the incident with the insurer.

Keep all the documents with you for future reference.

A thorough assessment of the validity of the claim will be done on behalf of the company.

If no discrepancy is found, your claim will be approved.

The company will directly pay for the network garage. You just need to pay the deductibles, co-payment, etc.

In case of a reimbursement claim, submit all the relevant documents to the company once the repair is done. In this case, you do not have to take your bike to a network garage under the company. You can repair your bike at any garage of your choice.

Once all the necessary documents are submitted, the company will verify and evaluate those. If everything is fair, the claim amount will be reimbursed to your bank account within the stipulated time.

The mandatory documents for a successful claim:

Duly signed claim form.

Copy of valid vehicle Registration Certificate (R.C.)

Copy of valid Driving License (D.L)

Copy of the first two pages of the policy document

FIR for accidental damage

Original repair bill, cash receipt, and proof of release

Other required documents as per the company’s demand, if required.

Frequently Asked Questions

1. What is the rate of depreciation for painting?

In the case of painting, the depreciation rate of 50% will be applied only to the material cost of the total painting charges. In the case of a consolidated bill for painting charges, the material component will be considered 25% of the total painting charges for the purpose of applying depreciation.

2. What is the percentage of the first-year premium to be retained by the Company?

For this follow the below table:

Policy period	Percentage
Not exceeding 1 month	20%
Exceeding 1 month but not exceeding 2 months	30%
Exceeding 2 months but not exceeding 3 months	40%
Exceeding 3 months but not exceeding 4 months	50%
Exceeding 4 months but not exceeding 5 months	60%
Exceeding 5 months but not exceeding 6 months	70%
Exceeding 6 months but not exceeding 7 months	80%
Exceeding 7 months but not exceeding 8 months	90%
Exceeding 8 months but not exceeding 12 months	100%
For the remaining full policy years, the premium will be refunded on a pro-rata basis

3. What is the policy tenure of Chola Motor Two Wheeler Bundled policy? And, who can buy the policy?

The Policy Tenure of this policy is 5 years for Third party Liability, 1 year for Own Damage Section, and 1 or 5 years for CPA cover for owner-driver. Only Newly Registered vehicles (Brand new vehicles) are allowed for Insurance under this Policy.

4. What is IDV?

IDV, or Insurance Declared Value, is technically your bike’s current market price/value. This price is the maximum amount that can be insured and is fixed while purchasing the insurance policy. This amount is also the one that would be paid; if so, it happens that you undergo a total loss or direct theft of your two-wheeler.

This is an important consideration because, over the years, your two-wheeler’s value will get lowered due to factors such as depreciation. This will also cause the IDV to get lowered, along with the premium.

5. What are the important factors while calculating the IDV?

While calculating the IDV, some of the factors taken into account are as followings:

The main focus is on the term or age of the vehicle since that’s how even the depreciation factor can come into account. It is always advised to get an IDV that’s closest to the market value, but it also depends on your insurance company. The company may offer to even reduce the IDV by some percentage which would mean a lower premium rate.

6. What will happen to my No Claim Bonus (NCB) while renewing an expired two wheeler policy under this company?

No Claim Bonus has its validity up to 90 days from the expiry of the previous policy date. Now, if you do not renew the insurance policy within 90 days of its expiry, the No Claim Bonus becomes zero and then on the renewal of the policy, there will not be any NCB that will be passed on as you will no longer be eligible.

7. If I sell my bike, can I transfer the insurance to the new buyer?

Yes. You can transfer your existing two-wheeler policy to the new owner of the bike insured. However, you will need to be proactive about this step for a smooth process, as there is a specific time limit for this. The point to be noted here is that the premium remains the same even after the transfer. Furthermore, NCB accumulated by the original policyholder remains invalid for the new owner. The new policyholder will need to wait until a specified time to accrue NCB benefits.

8. What are the factors that can influence the bike insurance premium?

The following factors are important while calculating two wheeler insurance premiums:

9. What is Chola Bike Insurance Premium Calculator?

This is an online tool available from the company that calculates the premium amount that you need to pay for your two wheeler on the basis of the given credentials. Thus, it also helps you choose the right bike policy. It eliminates the possibility of the involvement of a middleman and eventually reduces the cost. It also helps to facilitate the faster process and reduced paperwork and enables you to recognize the factors that may affect your premium amount.

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