Magma Electric Car Insurance

Key Features of Magma Electric Car Insurance

The table below highlights the important features of the Magma EV insurance policy:

Types of Magma Electric Car Insurance

There are three types of electric vehicle insurance policies offered by Magma General Insurance Limited:

1. Third-Party EV Insurance

   Third-party insurance for EVs is a basic liability-only policy that legally & financially protects electric car owners against third-party injury/death or property damages from road accidents involving their insured EV.

2. Own Damage EV Insurance

   Magma General Insurance also offers standalone own damage insurance for EVs, which covers loss or damage to the insured car arising from an accident,natural disasters, fire, and theft..

3. Comprehensive EV Insurance

   A comprehensive EV insurance policy by Magma covers the insured electric car against both own damages and third-party liabilities.

Magma Electric Car Insurance Premium Calculator

IRDAI regulates third-party EV insurance premiums based on the battery capacity of the EV. Have a look:

*Disclaimer: (These prices are set by IRDAI and are subject to change. Always refer to the official IRDAI website for the latest premium rates.)

On the other hand, the premium for comprehensive EV insurance can be calculated through the car insurance premium calculator or manually by using the following formula:

Comprehensive Insurance Premium = Own-Damage Premium ((IDV * premium rate set by insurer) + cost of add-ons) - (NCB + discounts) + (Third-Party Premium)

Magma Electric Car Insurance Add-Ons

Magma car insurance offers the following add-on covers under an own damage or comprehensive plan:

1. Battery Secure Add-On

   The battery protect cover in an EV insurance policy is the most valuable add-on that covers loss or damage to the EV's battery, charging equipment, and electric motor from unexpected power surge, electrical faults, or consequential damage caused by water ingression or short circuit.

2. Zero Depreciation Cover

   The zero dep cover, or nil dep cover, ensures that no depreciation (on your EV or its parts) is deducted at the time of claim settlement. Hence, you receive a full claim amount for replaced or repaired parts, except the deductibles.

3. EV Roadside Assistance (RSA)

   The RSA in car insurance add-on for electric vehicles provides emergency services in case your EV breaks down on the road due to mechanical or electrical faults. The services under this cover include flatbed towing, mobile battery charging, and on-spot minor repairs.

4. Return to Invoice Cover

   If your EV suffers a total loss (damage beyond repair or theft), the Return to Invoice Cover will help you receive the original invoice value of your EV (ex-showroom price, road tax and registration charges and road tax).

How to Buy Magma Electric Car Insurance?

To quickly secure electric car insurance for your EV by Magma General Insurance, follow these simple steps:

1. Visit the 'Electric Car Insurance' section on Policybazaar.com.
2. Provide the vehicle registration number or select 'Brand New Car.'
3. Select your EV's make, model, variant and RTO details.
4. From various plans shown, select Magma.
5. Choose the required add-ons and review the final premium and coverage.
6. Pay the premium online via cards, UPI, or netbanking.
7. Receive your Magma EV insurance policy document via email.

How to File a Claim Under Magma Electric Car Insurance?

In case of an unfortunate accidental damage to your vehicle, you can use your car insurance to file a claim for repairs:

1. Inform the Insurer

   Notify Magma about the accident or insured event.

2. Register the Claim

   Provide the policy and vehicle details and register the claim.

3. Survey & Inspection

   The insurer assesses the damage where required.

4. Submit Documents

   Submit the claim form and other required documents.

5. Claim Settlement

   The approved amount is settled according to the policy terms, with cashless or reimbursement settlement as applicable.

Documents Required for Raising Magma EV Insurance Claim

To ensure a hassle-free EV insurance claim process, keep the following documents handy:

• Duly filled claim form
• Your Magma EV insurance policy copy
• Vehicle Registration Certificate (RC)
• Driving licence
• ID/address proof
• Repair estimate/bills
• FIR (if applicable)
• Bank details/cancelled cheque (if required)

Magma Electric Car Insurance FAQs