Most Trusted Car Insurance
Magma Car Insurance
The Magma 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 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 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 Car Insurance
Third-Party Coverage
Yes
Claim Settlement Ratio
N/A
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 Car Insurance
With a Magma 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
Covers like Compulsory Personal Accident Cover and additional legal liabilities such as paid driver, conductor cover, etc., are also offered by the insurance company.
Types of Magma Car Insurance Policy
The three major car insurance policies offered by Magma General Insurance Company include:
Magma Third Party Liability Policy
The Magma 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 Standalone Own Damage Policy
The Magma 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 Private Car Package Policy
The private car package policy by Magma 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 Car Insurance Premium Calculator
Before deciding on a car insurance policy, a policyholder can use the Magma Car Insurance Premium Calculator. This online tool can be used to get an estimated premium for a four-wheeler insurance policy.
Coverage Under Magma Car Insurance
What is Covered?
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.
What is not Covered?
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 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.
How to Renew Magma Car Insurance?
To renew your Magma insurance policy from Policybazaar.com, you can follow the steps mentioned below:
How to File a Claim Under Magma Car Insurance?
To file a Magma car insurance claim, you can follow these simple steps:
Intimate the Insurer:
Inform the insurance company immediately after the accident so that the Magma car insurance claim can be registered.
Vehicle Inspection:
The insured vehicle will now be inspected by the surveyor so that an estimate of damages can be made.
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.
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 Car Insurance
The following documents are required to raise a Magma car insurance claim:
Car Insurance for Popular Brands in India
FAQs - Magma Car Insurance
-
Can I pay the Magma insurance premium online?
Magma four-wheeler insurance premium can be paid online via bank cards, net banking and UPI payment modes. -
How can I get my Magma general insurance policy downloaded online?
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. -
Can I buy Magma insurance online for my car?
Yes, you can purchase a Magma car insurance policy online after comparing quotes on Policybazaar.com. -
Does Magma offer a cashless repair facility?
Yes, Magma offers a cashless repair facility in more than 3,000 cashless garages all over India.
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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.
+Savings are based on the maximum discount on own damage premium as offered by our insurer partners.
^Lowest Price Guaranteed is based on certifications shared by insurers with us. Policybazaar will facilitate price matching subject to the terms and conditions of select insurers.
##Claim Assurance Program: Pick-up and drop facility available in 1400+ select network garages. On-ground workshop team available in select workshops. Repair warranty on parts at the sole discretion of insurance companies. Dedicated Claims Manager. 24x7 Claim Assistance.
