Need Reviews on Edelweiss General Insurance

[xkcd0137]

Hello fellow TAIgers, Sorry if my query seems a little stupid but here it goes.

My Car's Rear Torsion Beam (was unfortunately Cut and Welded, hence) needs to be replaced. It costs Rs. 20,000.
Though I am doubtful due to welding but Ford ASC has assured that it can be replaced under insurance.
I may have to replace Wheel bearings (Rs. 6500) as well, whose cost I'll have to bear as the Ford ASC says.

My Car's insurance expires on 21st November, 2019 and I have 20% NCB currently. Unfortunately, I don't have NCB protector cover in my current policy.
I am planning to buy NCB protector in my next policy and make claim after 22nd November, 2019 so that I don't lose out on future NCB discounts.

Now, I checked both PolicyBazaar and Coverfox and only Edelweiss General Insurance is offering all 4 Add-ons that I want i.e Zero Dep, Invoice Cover, NCB Cover and 24x7 RSA with a premium of Rs 19,700 on both.
I searched online for Edelweiss' Claim settlement ratio but since it is a new company, couldn’t find any data yet. So should I go for Edelweiss? Has anyone here availed of their services?
I have read somewhere that Surveyors are independent of Insurance companies, but will it affect my chances of claim acceptance if I switch to Edelweiss?
Do these companies decline insurance claims of new customers especially with NCB cover?
Edelweiss does not offer Cashless facility for the Local Ford ASC, but I don't mind paying bills myself as long as I am sure to get the whole amount as refund comfortably.

Another concern - When I logged onto Edelweiss' site to read policy details, they do not seem to offer Invoice Cover for my vehicle.
So, Policy Bazaar and Cover Fox are selling me Invoice Cover on Edelweiss's policy when Edelweiss itself is not offering it on their own site.
I also called Edelweiss' customer care and they confirmed that they will not give Invoice Cover whereas Policybazaar's CC says that they will offer Invoice Cover. Should I be concerned?

My last 3 policies are from New India Assurance which has tie-up with Ford ASCs too. They do not offer Invoice cover after 3 years of ownership.

 

[xkcd0137]

@Akash1886 @mayankdixit @Mr.Boss @Iron Rock
Kindly advise.

Update:
Edelweiss is offering Zero Dep, Invoice Cover, NCB cover, RSA, Key Lock cover, Consumable cover for ₹21,207 (from Coverfox)

Royal Sundaram is offering the same for ₹22,677 without the Consumable cover. (from RS site)

Tata AIG is also offering all these add-ons but their site is a little cumbersome to understand so gave up on them.

Should I go for Edelweiss? Couldn't find their Claim settlement ratio since they are a new company.

 

[xkcd0137]

@VISHNUCARCRAZY sir, if you have some time to spare, kindly advise me on my above conundrum.

 

[VISHNUCARCRAZY]

I am not an expert in Insurance , sir , thats why didn't reply.

 

[Iron Rock]

Hello there might not be anything right and wrong here, personally reading T&Cs of insurance providers is a big pain - comparison is a even bigger pain given the language quirks they adopt.
Hence i personally go with an insurance company where i know some higher ups - never had to invoke one yet but still gives me peace of mind.

 

[xkcd0137]

Hello there might not be anything right and wrong here, personally reading T&Cs of insurance providers is a big pain - comparison is a even bigger pain given the language quirks they adopt.
Hence i personally go with an insurance company where i know some higher ups - never had to invoke one yet but still gives me peace of mind.

Thank you sir for your reply. I am now inclined to go for Royal Sundaram's policy coz it is available with their CC. I don't have much trust on Coverfox yet. I just want to ensure that the claim gets approved without much hassle. This is quoted on RS's site, "It has a competitive Grievances Resolved Ratio of 99.28% and an Incurred Claim Ratio of 84.99% "
My previous two experiences with New India were smooth. Ford ASC managed it by themselves, I just had to pay for Compulsory deductible, Salvage and Consumables and got the car back.

 

[xkcd0137]

Found these FY 2019-20 1st Quarter Public Disclosures by these companies -

Edelweiss General Insurance -
Claims Outstanding - 1
Claims reported - 31
Claims settled - 22
Claims repudiated - 0
=> CSR = 68.75
Claims Rejected Ratio = 0

Net Premium (in lakhs) - 2023
Net Incurred claims (in lakhs) - 1501
=> Claims Incurred Ratio = 74.2

https://www.edelweissinsurance.com/...Data.pdf/e0defd69-3373-8079-f101-a87359dfb049
https://www.edelweissinsurance.com/...tion.pdf/0eec6130-0533-0ccb-9ddf-71159a2fc998

Royal Sundaram -
Claims Outstanding - 9054
Claims reported - 87053
Claims settled - 76049
Claims repudiated - 789
=> CSR = 79.12
Claims Rejected Ratio = 0.82

Net Premium (in lakhs) - 165,210
Net Incurred claims (in lakhs) - 157,037
=> Claims Incurred Ratio = 95.05

https://www.royalsundaram.in/html/files/PublicDisclosures/2019-2020-1stquarter/NL-25.pdf
https://www.royalsundaram.in/html/files/PublicDisclosures/2019-2020-1stquarter/NL-26.pdf

Comparing these two with The New India Assurance - the BIGGEST player in Motor Insurance -
Claims Outstanding - 58,121
Claims reported - 227777
Claims settled - 196721
Claims repudiated - 5035
=> CSR = 68.80
Claims Rejected Ratio = 1.7

Net Premium (in lakhs) - 964,818
Net Incurred claims (in lakhs) - 877,800
=> Claims Incurred Ratio = 90.98

https://www.newindia.co.in/cms/d4393ddc-a6f6-4cea-8a95-752c4eab858d/Public Disclosures Final June 2019.pdf?guest=true

Though these Ratios tend to vary by almost 10 points from one quarter to another due to Outstanding claims, Value of Claims and various other factors, comparing each company for same quarter is the best I could do. So according to this above data, RS doesn't seem bad at all.

 

[xkcd0137]

I have a new problem. My car was registered on 22/11/2016, as is stated on the RC card as well. But the Royal Sundaram executive is saying that when he is punching in my Registration number, the system is itself taking the date as 25/11/2016 and he is NOT able to change it. So according to him the policy will state 25th as the Registration date and this should not be of any concern. This was not an issue in my last two policies which I bought Online from New India. Kindly advise.

 

[Mr.Boss]

Though I am doubtful due to welding but Ford ASC has assured that it can be replaced under insurance.

In this case I suggest to get the insurance from the Ford A.S.S tie-up service provider.

I have a new problem. My car was registered on 22/11/2016, as is stated on the RC card as well. But the Royal Sundaram executive is saying that when he is punching in my Registration number, the system is itself taking the date as 25/11/2016 and he is NOT able to change it.

I had similar issue with Bajaj Allianz last month.

 

[xkcd0137]

In this case I suggest to get the insurance from the Ford A.S.S tie-up service provider.

Yes. RS has cashless facility with Ford ASC if I recall correctly.

I had similar issue with Bajaj Allianz last month.

That was a sham. All this BS was conveyed to me by some senior at RS but when I insisted on getting the date corrected, the junior guy with whom I was interacting from start said that If he put in 22/11 as date of registration, the system was taking the age of Car as 4 years, hence Higher premium value. Whereas for 25/11, it was showing age as 3 years, hence the lower premium.

I will file a complaint against his senior for misguiding.