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.
|Features||Coverage and Benefits|
|Claim Settlement Ratio||97.1%|
|Personal Accident Insurance||Up to Rs. 15 Lakhs|
|No Claim Bonus||Yes|
|No. of Zero Dep Claims||Unlimited|
With a Magma HDI car insurance policy, you can avail the following benefits
The three major car insurance policies offered by Magma General Insurance Company include:
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.
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.
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.
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.
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.
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.
The key replacement add-on cover compensates the policyholder
for the replacement/repair or loss of the keys of the insured car.
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.
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.
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.
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.
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.
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.
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.
To file a Magma HDI car insurance claim, you can follow these simple steps:
Intimate the Insurer:
Inform the insurance company immediately after the accident so that a claim can be registered.
The insured vehicle will now be inspected by the surveyor so that an estimate of damages can be made.
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.
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.
The following documents are required to raise a Magma car insurance claim:
Ans: Magma HDI four-wheeler insurance premium can be paid online via bank cards, net banking and UPI payment modes.
Ans: Magma General Insurance Company offers a claim settlement ratio of 97.1%.
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 website.
Ans: Yes, you can purchase a Magma car insurance policy online after comparing quotes on Policybazaar.com.
Ans: Yes, Magma HDI offers a cashless repair facility in more than 3,000 cashless garages all over India.
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