Magma HDI Car Insurance

Magma HDI Car Insurance Overview

Magma HDI Car Insurance By Magma HDI General Insurance Company Limited is a joint venture between Magma Fincorp Limited and HDI Gerling Industries Versicherung AG Germany. The company provides a lot of general insurance solutions at a single source which includes motor insurance, liability insurance, fire insurance, engineering insurance, marine insurance and other miscellaneous insurances like burglary insurance, etc. As such, the company specializes in almost all forms of general insurance barring health and travel insurance but with a different outlook.

Why Magma HDI Car Insurance?

Car insurance is a compulsory addition to your car as per the rules laid down in the Motor Vehicles Act which was passed in the year 1988. Being a mandatory cover, a car insurance policy also comes in handy to pay for any damages wreaked on any third party by your car and you can also claim for your car’s damages if you buy a comprehensive plan.

Magma HDI Car Insurance Plan at a Glance

Types of Magma HDI Car Insurance Policy

Magma HDI offers three types of car insurance policies. One is a comprehensive package policy for a personal car or a commercial car while the other is a liability only policy as made compulsory by the Motor Vehicles Act. Let us take a look at the different types of plans in details along with their features and benefits.

Private Car Insurance Package Plan by Magma HDI

A comprehensive plan that not only covers the mandatory third party liability but also covers loss or damage to own vehicle. The scope of the coverage provided under the plan includes:

• Third party liability which covers legal protection from death or from injury claims against third parties by way of damages which cause death or permanent injury and it also provides for damage to the surrounding property along with the occupants in the vehicle
• Coverage against loss or damage from natural calamitywhich may be fire, explosion, flood, typhoon , self-ignition or lightning, storm, tempest, earthquake, hurricane, inundation, cyclone, landslide and rockslide, hailstorm or frost.
• If the car suffers from man-made causes like strike, malicious act, burglary, theft, riot, accident through external means, terrorist activity, any damage when the car is in transit by road, rail, inland waterway, lift, elevator or air
• The amount of Sum Assured is based on the Insured Declared Value (IDV) which is the listed selling price less depreciation for each year. The depreciation rate is as follows:

The plan also provides the following additional covers after paying a minimal additional premium:

• Personal Accident Cover - the company compensates the owner of the car or two-wheeler in case of any accident. The amount of cover available is Rs.2 lakhs for a two-wheeler and Rs.4 lakhs for other types of vehicles. Other occupants of the vehicle can also be insured under the scope of Personal Accident cover at a maximum amount of Rs.1 lakh for a two-wheeler or Rs.2 lakhs for other types of vehicles
  • Additional Legal Liabilities – Magma HDI Car Insurance provides the additional legal liability cover in case of commercial vehicle insurance plan. The people covered under this head include paid driver or conductor or cleaner who was employed for the vehicle or employees travelling in the vehicle or driving the vehicle other than the vehicle’s paid driver or non-fare paying passengers
  • Bi-fuel Kit – the CNG/LPG big=fuel kit can also be insured against by paying an extra amount of premium

The plan offers various types of discounts which are:

• No Claim Bonus – A discount is declared on renewal premiums if there is no claim in any year and the plan is renewed within a period of 90 days of the expiry of the previous plan. The rate of discount can be as high as 50% and there is also a provision of transferring the bonus from an existing policy.
• Voluntary Excess – If the customer chooses a voluntary excess amount above and beyond the compulsory excess amount, a premium discount is given to him
• Automobile Association Membership – On being associated with any automobile association, you get a discount in premiums
• Anti-theft devices – On installing anti-theft devices in the vehicle, the company provides for a discount of 2.5% of the premium to a maximum of Rs.500 for four-wheelers and Rs.50 for two-wheelers. The anti-theft device should be approved by ARAI in order to claim the discount

There are certain exclusions which are not covered under the plan. The list of exclusions includes:

• Normal wear and tear of the bike due to regular usage and general ageing
• Mechanical or electrical breakdown of the vehicle
• Circumstances where the vehicle is being used otherwise than in accordance with the limitations of the vehicle usage
• Depreciation or any consequential loss
• Damage to or by a person driving any vehicle without a valid driving license
• Damage to or by a person driving any vehicle under the influence of drugs or liquor
• Loss or damage caused to the vehicle due to war, mutiny or nuclear risk
• If the vehicle is used in violation Limitations As to Use clause mentioned in the policy.

Motor Act Only Policy By Magma HDI

A policy which is issued as per the mandate in the Motor Vehicles Act covering only third party legal liability. The scope of coverage offered under the plan includes:

• Any third party legal liability cover which includes legal protection from death or injury claims from third parties due to damages causing a permanent injury or death of a person and damage caused to the surrounding property including occupants of the vehicle, cost and expenses incurred without the prior consent of the company
• Personal Accident Cover - The Company compensates the owner of the car or two-wheeler in case of any accident. The amount of cover available is Rs.2 lakhs for a two-wheeler and Rs.4 lakhs for other types of vehicles. Other occupants of the vehicle can also be insured under the scope of Personal Accident cover at a maximum amount of Rs.1 lakh for a two-wheeler or Rs.2 lakhs for other types of vehicles
• Additional Legal Liabilities - The Magma HDI Car Insurance Company provides the additional legal liability cover in case of commercial vehicle insurance plan. The people covered under this head include paid driver or conductor or cleaner who was employed for the vehicle or employees travelling in the vehicle or driving the vehicle other than the vehicle’s paid driver or non-fare paying passengers
• Bi-fuel Kit – the CNG/LPG big=fuel kit can also be insured against by paying an extra amount of premium

The plan also has some list of exclusions which are:

• Cover for a paid driver or conductor or cleaner who was employed in the operation of the vehicle
• Employees travelling in the vehicle or driving the vehicle other than the vehicle’s paid driver
• Non-fare paying passengers

 Commercial Comprehensive Insurance Package By Magma HDI Car Insurance

 A comprehensive motor insurance plan for commercial vehicles. The scope of coverage provided under the plan includes:

• A third party legal liability cover which includes legal protection from death or injury claims from third parties due to damages causing a permanent injury or death of a person and damage caused to the surrounding property including occupants of the vehicle, cost and expenses incurred without the prior consent of the company
• Loss or damage to the car because of natural calamities like fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
• Loss or damage to the car due  to man-made causes like burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage at the time the car is in transit by road, rail, inland waterway, lift, elevator or air
• The amount of Sum Assured provided is based on the Insured Declared Value (IDV) which is the listed selling price less depreciation for each year. The depreciation rate is as follows:

The plan also provides the following additional covers after paying a minimal additional premium:

• Personal Accident Cover - the company compensates the owner of the car or two-wheeler in case of any accident. The amount of cover available is Rs.1 lakhs for a two-wheeler and Rs.2 lakhs for other types of vehicles. Other occupants of the vehicle can also be insured under the scope of Personal Accident cover at a maximum amount of Rs.1 lakh for a two-wheeler or Rs.2 lakhs for other types of vehicles
  • Additional Legal Liabilities – the company provides the additional legal liability cover in case of commercial vehicle insurance plan. The people covered under this head include paid driver or conductor or cleaner who was employed for the vehicle or employees travelling in the vehicle or driving the vehicle other than the vehicle’s paid driver or non-fare paying passengers
  • Bi-fuel Kit – the CNG_LPG big=fuel kit can also be insured against by paying an extra amount of premium
  • IMT 23 cover for lamps, tyres/tubes, mudguards, bonnet / side parts, bumpers, headlights and paint works
  • Overturning – the company covers overturning damages in mobile cranes/ drillings rigs/ mobile plants/ excavators/ navvies/shovels/grabs and rippers if the customer is willing to pay an additional premium

Discount and offers in Magma HdI Car Insurance

The plan offers various types of discounts which are:

• No Claim Bonus – a discount is declared on renewal premiums if there is no claim in any year and the plan is renewed within 90 days of the expiry of the previous plan. The rate of discount can be as high as 50% and there is also a provision of transferring the bonus from an existing policy.
• Anti-theft devices – on installing anti-theft devices in the vehicle, the company provides for a discount of 2.5% of the premium to a maximum of Rs.500 for four-wheelers and Rs.50 for two-wheelers. The anti-theft device should be approved by ARAI in order to claim the discount

Exclusions Under Magma HDI Car Insurance Policy

There are certain exclusions which are not covered under the scope of the plan. The list of exclusions includes:

• Normal wear and tear of the bike due to regular usage and general ageing of the vehicle
• Mechanical or electrical breakdown of the vehicle
• Circumstances where the vehicle is being used otherwise than in accordance with the limitations of the vehicle usage
• Depreciation or any consequential loss
• Damage to or by a person driving any vehicle without a valid driving license
• Damage to or by a person driving any vehicle under the influence of drugs or liquor
• Loss or damage caused to the vehicle due to war, mutiny or nuclear risk

Buying Magma HDI Car Insurance:

Any individual has multiple avenues to buy the required plan. The avenues are:

• Through Phone - talk to the customer service representative with the request for purchase
• Through a call back - provide your name, your mobile number and your email id on the company’s website to request the company to call you back
• Intermediaries - you maypay a visit to thebranch of the insurer or reach out to an agent

Applying For Magma HDI Car Insurance Through PolicyBazaar

1. On the PolicyBazaar homepage, click on Car Insurance under the Motor Insurance tab.
2. Click New Quotes to compare and choose from top insurance providers.
3. Click Start Comparing to do a fresh comparison by entering few details about your car and previous policy. You can also retrieve your previous searches and continue from where you left.
4. Click Upload Photo in case you are running short of time. You can take a photo of your previous policy and upload it. You will get a link via email to buy a policy.
5. Choose the policy type - Renewal Policy, Expired Policy and New Car Policy. Fill your car registration details, model, fuel type and variant. Next click Continue.
6. You will see a pop-up on the screen in which you will be required to fill the necessary details about your car policy.
7. You will then be taken to the Car Insurance quotes page where you will see car insurance quotes of more than 10 insurers. You can select add-ons, zero depreciation cover and passenger cover which you can add to your basic insurance policy. 
8. After reviewing and comparing each life insurance quote, click the premium breakup to buy the desired plan.
9. You will see a pop-up on the screen which you need to fill with details about your vehicle. Click Proceed.
10. This will take you to the new page. Fill in the necessary details to buy the plan.

Magma HDI Car Insurance Plan - FAQs

1. How to pay a premium? What are the modes of payment available?

The Magma HDI General Insurance company Ltd. offers 2 modes of premium payment namely:

• Cash payment at the branch
• Cheque Payment

2. How can I check policy status for Magma HDI car insurance plan?

You can contact the nearest branch to inquire about the policy status.

3. What is the policy renewal process for Magma HDI car insurance plan?

You can contact the nearest branch to inquire about renewal process.

4. What is the company’s process to settle claim for Magma HDI car insurance plan?

You need to intimate the company on the company’s mail id customercare[at]magma-hdi[dot]co[dot]in. You should download the suitable claims form and submit it with relevant documents at your nearest branch. The claim is processed within 7 days if there is no discrepancy occurring.

5. What is the policy cancellation process for Magma HDI car insurance plan?

If the vehicle is liability covered you can ask for the cancellation of the policy. For the cancellation of the policy, just visit the nearest branch.