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 more than 65 products across multiple categories, Magma HDI covers all sorts of risks under General Insurance. The company strives to offer affordable products for 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|
|Personal Accident Insurance||Up to 15 Lakhs|
|No Claim Bonus||Yes|
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 95.84%
- Covers like Personal Accident Cover, 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:
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 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 a wider coverage by covering third-party liabilities and own damages as well. Also known as comprehensive car insurance, this policy covers 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 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 License: Damages caused to the insured car when the driver was not having a driving license while driving the four-wheeler.
- Other Uses: Any damage caused 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
To enhance the coverage of a Magma HDI car insurance policy, a policyholder can also purchase add-ons by paying some extra premium. Additional covers offered under Magma HDI car insurance policy include:
Usually the depreciation is not covered under a standard car insurance policy. However, under this 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.
This add-on cover compensates the policyholder for the replacement/repair or loss of the keys of the insured car.
Under this 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 registration fees and road tax will also be paid by the insurance company.
A standard car insurance policy does not cover any damage to the engine of the insured car. However, under this add-on, the insurance company compensates for the repair or replacement of the engine and the parts of the insured car.
An NCB Protect cover allows a policyholder to retain his/her NCB discount even after making a claim during the policy year.
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 such as oil filter, 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 immobilization, flat tyre, dead battery, etc.
Explore add-ons for your car insurance
How to File a Claim Under Magma HDI Car Insurance?
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.
- 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 HDI Car Insurance
Following documents are required to raise a Magma HDI car insurance claim:
- Registration Certificate
- Duly signed and filled claim form
- Copy of Police FIR
- Original estimate of repairs
- KYC Documents
How to Renew Magma HDI Car Insurance?
To renew Magma car insurance policy from Policybazaar.com, you can follow the steps mentioned below:
- Navigate to the ‘Car Insurance’ page from the ‘Insurance Products’ menu
- Enter your car number in the given form
- Select your car details such as model, variant, fuel type, and registration year
- Select your previous policy expiry date and claim details
- From the mentioned plans, find Magma HDI car insurance renewal plan and check the policy details
- Select any add-on you wish to add to your plan
- Proceed with premium payment
- Pay the required premium via desired payment mode
- 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.
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 95.84%.
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 3000 cashless garages all over India.