Magma HDI Car Insurance

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Magma Hdi Car Insurance
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  • 97.1% Claim settlement ratio

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      Magma HDI Car Insurance

      The Magma HDI car insurance policy is designed with unique features to cover 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 some extra protection to your car.

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      About Magma General Insurance Company

      Founded in 2009, Magma HDI General Insurance Company Ltd. is a joint venture between Magma Fincorp Limited and HDI-Gerling Industrie Versicherung AG Germany.

      With over 65 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 97.1%
      Personal Accident Insurance Up to Rs. 15 Lakhs
      Network Garages 4,000+
      No Claim Bonus Yes
      No. of Zero Dep Claims Unlimited
      No. of Comprehensive 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 company
      • The insurance company has a seamless claim settlement ratio of 97.1%
      • 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:

      1. 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.

      2. 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.

      3. 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 cover own 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 is not covered under a standard car insurance policy. However, under the nil depreciation add-on,

      the insurance company also covers the depreciation borne by the insured car at the time of claim settlement.

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      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.

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      Cover for Key Replacement

      The key replacement add-on cover compensates the policyholder

      for the replacement/repair or loss of the keys of the insured car.

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      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.

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      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 the parts of the insured car.

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      NCB Protect Cover

      Any accumulated No Claim Bonus gets nullified once the policyholder raises a claim.

      An NCB Protect cover allows a policyholder to retain his/her NCB discount even after making a claim during the policy year.

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      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.

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      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.

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      Roadside Assistance Cover

      With a Roadside Assistance cover, the 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.

      Read more
      View more Add-ons

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      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 and select 'Car Insurance' from the homepage

      Step 2: Click on the 'Car Insurance'' tab from the homepage of the website

      Step 3: Enter your car number in the given form

      Step 4: Select your car details, such as 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 add to 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 a 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

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      Magma HDI Car Insurance Reviews & Ratings

      4.8 / 5 (Based on 3 Reviews)
      (Showing Newest 3 reviews)
      Rajesh
      Gurugram, February 28, 2024
      Online process
      I preferred the online process as there are a lot of benefits of the online process like there is no involvement of an agent and sometimes customers can get small discounts on online purchases. I took Magma HDI third party car plan online for my Punto car from Policybazaar for which I did not need to go anywhere else.
      Mahesh
      Mumbai, January 25, 2024
      Good Experince
      I was not happy with the features my dealer’s insurance policy offered and wanted to port it to a new one. Came to know that I could do it at the time of renewal and that too online. Since my car is a Honda City, I wanted a comprehensive policy that could offer me all the coverage. I then started doing research and stumbled upon Policybazaar. These guys helped me in comparing car insurance plans of multiple insurers along with their add-ons as well. Ended up purchasing a Magma car insurance which was not only in my budget but also offered me the add-ons that I needed esp the Return to Invoice add-on. Happy that I could switch my insurer with so much ease and online too. Literally took me some minutes to get the coverage that I actually wanted.
      Anila
      Delhi, December 20, 2015
      Satisfied
      I have my car insured with magma hdi car insurance. I just have to pay a premium of 17000 per year. They rarely take 4 to 5 days to everything done it’s a whole easy process. My car was almost damage to its half though the company had given me had the whole of the claim amount within a week.

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.

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