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Magma HDI Car Insurance
The Magma HDI car insurance policy is designed with unique features to protect your four-wheeler from unanticipated losses such as accidents, theft, third-party liabilities, and more. This policy by Magma General Insurance Company also offers a wide range of add-on covers to provide extra protection for your car.
About Magma General Insurance Company
Magma HDI General Insurance Company is a jointly held entity by Adar Poonawalla and Rising Sun Holdings Private Limited.
With over 70 products across multiple categories, Magma HDI covers all sorts of risks under the General Insurance category. The company strives to offer affordable products to consumers of all insurance-related sectors. Furthermore, the company is committed to maintaining transparency in all of its transactions.
Key Features of Magma HDI Car Insurance
| Features | Coverage and Benefits |
| Third-Party Coverage | Yes |
| Claim Settlement Ratio | 96.6% |
| Personal Accident Insurance | Up to Rs. 15 Lakhs |
| Network Garages | 4,000+ |
| No Claim Bonus | Yes |
| No. of Zero Dep Claims | Unlimited |
| No. of Non ZD Claims | Unlimited |
Benefits of Magma HDI Car Insurance
With a Magma HDI car insurance policy, you can avail the following benefits
- The company offers an easy and convenient policy purchase process
- Discounts like NCB, voluntary deductibles, AAI membership and discounts on anti-theft devices are offered by the insurance company
- The Magma HDI car insurance claim settlement ratio is 96.6%.
Covers like Personal Accident Cover and additional legal liabilities such as paid driver, conductor cover, etc., are also offered by the insurance company.
Types of Magma HDI Car Insurance Policy
The three major car insurance policies offered by Magma General Insurance Company include:
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Magma HDI Third Party Liability Policy
- The Magma HDI third-party liability car insurance policy offers a basic third-party cover. This car insurance policy covers third-party liabilities such as third-party property damage, death, and injury to the third party caused due to the insured car.
It is a mandatory cover that every car owner must have to drive on the roads in India. The compensation offered under this type of insurance is limited to Rs. 7.5 lakh for property damage and for death or disability is unlimited. -
Magma HDI Standalone Own Damage Policy
- The Magma HDI standalone own damage policy is an additional plan that can be purchased along with a third-party car insurance policy. Since a third-party plan offers coverage to third parties only, this policy can be purchased to cover any own damage sustained by the insured car.
Thus, a standalone own-damage car insurance policy covers own damage caused to the insured car due to an unforeseen incident on the road such as theft, fire, etc. It can be purchased along with a third-party liability plan to get enhanced coverage. -
Magma HDI Private Car Package Policy
- The private car package policy by Magma HDI offers wider coverage by covering third-party liabilities and own damages. Also known as comprehensive car insurance, this policy covers damages caused to the insured car due to unanticipated events like road accidents, collisions, natural disasters, theft, fire, etc.
Moreover, this policy also covers third-party damages caused due to the insured car.
Magma HDI Car Insurance Premium Calculator
Before deciding on a car insurance policy, a policyholder can use the Magma HDI Car Insurance Premium Calculator. This online tool can be used to get an estimated premium for a four-wheeler insurance policy.
Coverage Under Magma HDI Car Insurance
- Third Party Damages: Third-party liabilities such as third party death, injury and property damage.
- Natural Disasters: Damages arising out of natural calamities like hurricanes, floods, cyclones, earthquakes, etc.
- Manmade Acts: Damages caused to the insured car due to strikes, riots, and terrorist acts are covered.
- Theft: Losses arising out of theft, housebreaking or burglary of the insured car
- Fire: Losses sustained by the insured car due to fire, self-ignition or explosion are also included in the policy coverage
- External Means: Any damage sustained by the insured car due to external means such as a collision or road accident.
- In-Transit: Any damage to the insured car while it was in transit via road, rail, water or air.
- Drunk Driving: Damages sustained by the insured car when the driver was under the influence of alcohol are not covered.
- No Licence: Damages caused to the insured car when the driver was not having a driving licence while driving the four-wheeler.
- Other Uses: When the insured car was being used for other purposes, such as commercial purposes.
- Outside Geographical Location: Damage sustained by the insured vehicle when being driven outside the geographical scope of the policy is not covered.
- Breakdown: Any electrical or mechanical breakdown of the insured car is excluded.
- Wear and Tear: Depreciation or general wear and tear sustained by the insured vehicle.
Magma HDI Car Insurance: Add-ons
Nil Depreciation Cover
Usually, the depreciation sustained by the insured vehicle is not covered under a standard car insurance policy. With a nil depreciation add-on,
the insurance company also covers the depreciation borne by the insured car at the time of claim settlement. So you are not required to pay anything from your pocket.
Loss of Personal Belongings
Under the Personal Belonging cover, the insurance company will pay
for any damage or loss to the personal belongings which were present in the insured car during the time of unforeseen peril.
Cover for Key Replacement
Usually any damage to the keys of the insured car is not covered under a Magma motor insurance policy.
With the purchase of the key replacement add-on cover, the insurer compensates the policyholder for the replacement/repair or loss of the keys of the insured car.
Return to Invoice
Under the return to invoice add-on, the insurance company will pay the current invoice value in the event of total loss or theft of the insured four-wheeler.
The insurance company will also pay the registration fees and road tax.
Engine Cover
A standard car insurance policy does not cover any damage to the engine of the insured car. However, under the engine protection add-on, the insurance company compensates
for the repair or replacement of the engine and its parts due to incidences like water ingression, engine malfunction, etc.
NCB Protect Cover
Any accumulated No Claim Bonus gets nullified once the policyholder raises a Magma HDI car insurance claim.
An NCB Protect cover allows a policyholder to retain his/her NCB discount even after making a claim during the policy year.
Tyre Guard
Damages to a car’s tyres and tubes are not covered under a standard car insurance policy.
This additional cover compensates the policyholder for the cost of repair or replacement of tyres and tubes of the insured four-wheeler.
Consumables Cover
By purchasing a consumables add-on, a policyholder gets compensated for the cost of replacement of consumables.
These include oil filters, screws, nuts, etc, of the insured car.
Roadside Assistance Cover
With a Roadside Assistance cover, the Magma General insurance company offers roadside assistance if the insured car gets stuck on the road.
Some damages that are covered under this add-on include mechanical and electrical breakdown, accidental immobilisation, flat tyres, dead battery, etc.
How to Renew Magma HDI Car Insurance?
To renew your Magma HDI insurance policy from Policybazaar.com, you can follow the steps mentioned below:
Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited
Step 2: Click on the '’Car Insurance'' tab from the homepage of the website
Step 3: Enter your car number in the given form for Magma car insurance renewal
Step 4: Select your car details, such as make, model, variant, fuel type, and registration year
Step 5: Select your previous policy expiry date and claim details
Step 6: From the mentioned plans, find the Magma HDI car insurance renewal plan and check the policy details
Step 7: Select any add-on you wish to include in your plan
Step 8: Proceed with premium payment
Step 9: Pay the required premium via the desired payment mode
Step 10: Once the premium has been paid, you will be able to renew your car insurance policy. Your Magma car insurance renewal papers will be mailed to you.
How to File a Claim Under Magma HDI Car Insurance?
To file a Magma HDI car insurance claim, you can follow these simple steps:
1
Intimate the Insurer:
Inform the insurance company immediately after the accident so that the Magma car insurance claim can be registered.
2
Vehicle Inspection:
The insured vehicle will now be inspected by the surveyor so that an estimate of damages can be made.
3
Documents Required:
Submit all the required documents to the insurer so that your claim can be verified. After claim verification, the insured four-wheeler will be sent for repairs in a network garage.
4
Claim Settlement:
Once the repairs are done, the insurance company will directly settle the claim via the cashless claim process. In case of a reimbursement claim, the claim amount will be reimbursed to you later.
Documents Required to Raise a Claim Under Magma HDI Car Insurance
The following documents are required to raise a Magma car insurance claim:
- Registration Certificate
- Duly signed and filled Magma HDI motor claim form
- Copy of Police FIR
- The original estimate of repairs
- KYC Documents
Car Insurance for Popular Brands in India
FAQs
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Q1. Can I pay the Magma insurance premium online?
Ans: Magma HDI four-wheeler insurance premium can be paid online via bank cards, net banking and UPI payment modes. -
Q2. What is the claim settlement ratio of Magma HDI car insurance?
Ans: Magma General Insurance Company offers a claim settlement ratio of 96.6% -
Q3. How can I get my Magma HDI general insurance policy downloaded online?
Ans: You can download a copy of the Magma car insurance policy online from your account dashboard on Policybazaar.com. You can also download a soft copy by visiting the insurer’s official website.
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Q4. Can I buy Magma HDI insurance online for my car?
Ans: Yes, you can purchase a Magma car insurance policy online after comparing quotes on Policybazaar.com. -
Q5. Does Magma HDI offer a cashless repair facility?
Ans: Yes, Magma HDI offers a cashless repair facility in more than 3,000 cashless garages all over India.
Cashless Garages across India
4000+ Cashless Garages in India
Car insurance companies
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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