Magma HDI General Insurance is collaboration between HDI Global SE Germany and the Kolkata-based Magma Fincorp Ltd. Magma HDI Car Insurance is one of their insurance products. Magma HDI General Insurance offers products like Motor Insurance, Liability Insurance, Fire Insurance, Engineering Insurance, Marine Insurance, and more. Magma HDI is one of the top insurers in the country. The cost of Magma HDI car insurance varies depending on the type of policy that you choose to buy.
The company offers a third-party liability cover, an own damage cover, add-ons that can be purchased for an additional premium, a wide cashless garage network, and a host of other benefits. It is counted as one of India’s premier and leading NBFC that caters to the financial needs of the people of the nation, especially the rural ones.
Magma HDI Car Insurance is a type of Comprehensive car insurance policy offered by Magma HDI General Insurance. The insurer provides Private Car Insurance, Commercial Vehicle Insurance, Motor Tractor package, Motor Act Only Policy, Motor Trade Policy, and Motor Trade Internal Risk Policy. Additional benefits that can be included in the car package are windshield or car glass cover, accident cover for a paid driver or unknown passenger, depreciation waiver, and personal belongings damage/theft cover.
Magma HDI Private Car Insurance Policy:
Magma HDI Private Car insurance plan protects you from loss or damage to the private car caused by Burglary, Housebreaking or Theft, Fire, Explosion, Self-Ignition & lightning, Earthquake, Flood, Storm, Landslide or Rockslide, Inundation, Terrorism, Riots, Strikes, Malicious Acts.
Magma HDI Private Car insurance offers two types of car insurance plans:
- Third party liability cover
- Comprehensive car insurance
a.) Third party liability car insurance
Magma HDI third party covers all third party liabilities like bodily injuries, temporary/permanent disability, death of a third party as well as third party property damage up to Rs. 7.5 lakh. Under the third-party cover, you also get covered against accidents. The owner-driver gets a personal accidental cover with coverage up to an amount of Rs. 2 lakhs in the case of death or permanent disability caused while driving the insured car.
b.) Comprehensive car insurance
In addition to all third-party liabilities, a comprehensive policy also provides insurance for damages incurred by the insured’s car in any road accident, natural/man-made calamity, theft, fire, etc.
- Accidental Loss of or damage to the Vehicle
- Liability to third parties, Personal Accident Cover to owner-driver
- Various Add Covers on extra premium
- Damage by a person driving without a valid driving license
- Mechanical or Electrical breakdown and failure
- Damage to tyres/tubes of the Car, unless damage to the vehicle in the accident with liability
- Damage by a person driving under the influence of Liquor/Alcohol/Drugs
- Depreciation, any consequential loss
- Loss/Damage is attributable to War/Mutiny/Nuclear risks.
Magma HDI Car Insurance Add-on Covers:
You can enhance your Magma HDI car insurance cover with extra coverage in the form of add-ons or riders on payment of extra premium at the time of policy purchase. The list of add-ons offered by the Magma HDI car insurance policy is mentioned below: The additional cost for the additional covers will be worth it. It would be minimal in the first place.
Personal Accident Cover: It is for bodily injury/death sustained by the owner-driver of the vehicle, in direct connection with the vehicle insured or during the time of driving traveling or in it as a co-passenger, caused by violent, accidental, external, and visible, coverage up to a limit of Rs. 2 lakhs.
Additional Legal Liabilities: While applying for Private Car Insurance online or traditionally, you can also opt for the following additional legal liabilities for an additional premium. Paid driver/conductor/cleaner employed in the operation of the vehicle, Employees traveling in / driving the vehicle other than the paid driver, and Non-fare paying passengers
Bi-Fuel kit: Any legal liability arising out of the use of the CNG-LPG bi-fuel kit.
NCB Protection: NCB is the No claim bonus which is offered to auto insurance customers at the time of renewal if there is no claim during the previous policy period. The no-claim bonus is a form of discount offered to the customers for not claiming in the previous policy period.
Voluntary Excess Discount: You can avail more discount on the insurance premium, if you opt for a Voluntary Excess, in addition to the Compulsory Excess.
AAI Membership: You can avail of the additional discount if you are a member of the Automobile Association of India (AAI), which is registered with IRDAI.
Anti-Theft Devices: If you have installed anti-theft devices approved by the Automotive Research Association of India (ARAI) in your car, you can avail 2.5% discount (or up to Rs. 500) on your Own-Damage (OD) Premium.
What is covered in Magma HDI Car Insurance Policy?
Magma HDI Car Insurance offers a comprehensive motor insurance policy for all-around protection and security against all the possible damages against both external and internal factors. It covers:
- In Magma HDI car insurance Third Party Liability will get unlimited coverage i.e. whatever the court awards as your liability to the “Third Party” due to accidental death or injuries caused by your vehicle, will be met with by Magma HDI General Insurance Company Ltd.
- In case of your vehicle causing Third Party property damage, Magma HDI Car Insurance Policy will offer to compensate up to Rs. 7.5 lakhs.
- With Magma HDI Car Insurance Policy, your vehicle is protected from natural calamities like Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Magma HDI Car Insurance policy also protects your vehicle from manmade calamities like Burglary, theft, riot, strike, malicious act, and accident by external means, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, elevator or air.
What is not covered in Magma HDI Car Insurance Policy?
- Consequential loss, depreciation, wear & tear mechanical and electrical breakdown/failure, or breakages are not covered.
- The policy doesn’t cover loss or liability while the vehicle is used outside the scope of limitations of use and/or being driven by a person not duly licensed.
- Accidental loss or damage caused due to wilful Negligence is not covered.
- Damage due to nuclear or radioactivity or nuclear weapons, war, and related activities.
- Accidental loss or damage suffered during the insured or any person driving with the knowledge and consent of the insured is under the influence of stimulating liquor or drugs are not covered.
- The Private Car Policy covers other than Hire or Reward, Carriage of goods (personal luggage), Organized racing, Pace makings, Speed Testing, Reliability Trials, Use in connection with Motor Trade.
- Policy deductibles are not covered as per the terms and conditions of Magma HDI Car Insurance Company.
How IDV is calculated in Magma HDI Car Insurance?
The IDV of a vehicle and accessories is arrived at the manufacturer's ex-showroom price of the brand and model at the inception of the policy or at the time of the renewal. The schedule of depreciation for fixing the IDV is as below:
|Up to 6 months
|6 months – 1 year
|1 year – 2 years
|2 year – 3 years
|3 year – 4 years
|4 year – 5 years
How to Buy Magma HDI Car Insurance Online?
You can now instantly purchase a Magma HDI General Insurance Private Car insurance policy online, avail yourself of the benefit of calculating premium and choose the insurance plan that would best suit your needs. Buying car insurance online can be done through a simple three-step process on our website at your convenience. Follow these simple steps to avail a policy within minutes:
- Fill out the required details in the form and estimate the premium payable according to your car type and make.
- Enter your details in the required fields such as name and address.
- Make a payment online and buy car insurance instantly.
Magma HDI Car Insurance Renewal Online:
With Magma HDI General Insurance, car insurance renewal is a quick and hassle-free process. With Zero paperwork and speedy processing, you can renew your car insurance policy in no time. The renewal process is more or less the same as buying a new policy and can be done through three simple steps.
- Enter the expiring policy details on the insurance renewal online form. The form can be accessed through the “Magma HDI” website.
- Proceed to the next page to examine the new policy details
- Make a payment online and your car insurance policy will be renewed instantly.
Buy/Renew Magma HDI Car Insurance Policy with PolicyBachat:
At PolicyBachat.com renew Magma HDI's car insurance policy online is easy and quickly sitting at home. Follow the below-mentioned steps to renew your policy within 5 minutes.
- Go to 'Car Insurance Online' to compare quotes above this article. Fill in the registration number of your car and required details and tap on 'Start Save Money.
- On the quotes section, choose an insurer for a new car insurance policy, or for renewing select the one to suit your needs, go with the current provider or switch to the new one to get more benefits and coverage.
- Make the payment and you will receive the confirmation at your email address. If need assistance call: 1800-123-4003.
How to Claim Magma HDI Car Insurance:
An insurance claim is an official request made by the policyholder to the insurance company for compensating for the loss/damage involving his/her insured car. The amount of claim that the policyholder is entitled to entirely depends on the type of policy purchased. Magma HDI General Insurance allows its policyholders to make instant claims and provides quick and convenient claim settlements.
Cashless Claim Process:
Let's explore the steps to be taken while making a cashless claim:
- Log on to the Magma HDI website and locate the nearest network garage. The same information can also be obtained by making a call to the company’s toll-free number.
- Call for roadside towing assistance. However, if you are not able to drive the car or the car is not in a condition to be driven, seek roadside assistance
- The extent of damage will be assessed by the surveyor.
- At each stage of the claim process, you will receive regular status updates.
- The payment for the services will be made by the insurance company directly to the cashless service provider.
Reimbursement Claim Process:
The following are the steps to be taken to file a claim for reimbursement:
- Register a claim on the Magma HDI website or through the toll-free customer care number.
- Fill the duly signed claim form
- Submit all necessary documents
- At each stage of the claim process, you will receive regular status updates.
- The claim will most likely be settled within 7 working days.