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Magma Zero Depreciation Car Insurance

A Magma zero depreciation add-on cover can additionally be purchased with your Magma comprehensive car insurance policy. This add-on covers the cost of any depreciation borne by your car or its parts which is usually not covered under a standard comprehensive motor insurance policy.

Benefits of Magma Zero Depreciation Insurance

The value of a car starts to depreciate as soon it is taken out of the showroom. This depreciated value is deducted by your insurer at the time of claim settlement. With the help of a Magma zero dep cover, a policyholder can get the whole claim amount without deducting the cost of depreciation borne by the insured vehicle. Some benefits of having a Magma zero depreciation cover include:

No Out-of-Pocket Expenses: By purchasing a Magma zero depreciation add-on, you will not have to pay any depreciation-related expenses out of your pocket. All the expenses along with depreciation will be covered by your insurer.
Overall Protection: With Magma zero depreciation car insurance, you can get overall protection in case your car meets with an unforeseen incident.
Easy Claim: Claiming under a Magma nil depreciation cover is also very simple and easy. The company offers a timely and straightforward approach towards claim settlement.
Affordable Premium: The premium of a Magma zero depreciation cover is also very affordable. By paying a small premium over your existing one, you can get your car fully covered with a zero dep cover.

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How to Buy Magma Zero Depreciation Add-on Cover?

You can buy Magma zero dep add-on along with a comprehensive car insurance policy easily from Policybazaar.com. Follow the steps given below:

Visit the homepage of Policybazaar.com
Select the 'Car Insurance’ from the 'Insurance Products' dropdown
Enter your car number and select the rest of the details of your car
From the given comprehensive car insurance plans, select Magma car insurance plans
Now, add the 'Zero Depreciation' cover from the 'Add-ons and Accessories' dropdown
Once, you have selected the add-on, your premium will get updated accordingly
Now pay the premium amount via desired online mode of payment
Once you have paid the premium, you will be issued Magma comprehensive car insurance policy along with zero depreciation cover.

Magma Zero Depreciation Car Insurance Claim Process

Claiming for a Magma zero depreciation car insurance is also very simple. Here is how you can claim with a Magma zero dep add-on cover:

Firstly, inform the insurance company about the damages sustained by your car
The insurance company upon intimation will register a claim under your plan
A surveyor will be appointed by the insurance company to estimate the cost of damages sustained by your car
The insured vehicle will then be sent for repairs to an authorised garage.
Once the repairs are done, the insurer will directly settle the claim with the network garage
Since the policyholder has purchased a zero dep cover, the insurer will pay the full claim amount without deducting the depreciation.

Documents Required for a Magma Zero Depreciation Car Insurance Claim

The following documents are necessarily required to raise a claim under Magma zero depreciation cover:

Magma motor insurance policy papers
Valid driving license
Copy of Registration Certificate
Duly filled and signed claim form
Estimates of repair and bills of repair
Copy of Police FIR

FAQs

Q1. Can I buy a Magma zero dep cover for my 5-year-old car?

Ans: Yes, you can purchase a Magma zero depreciation cover for your 5-year-old car. A zero dep cover can be purchased for new and old cars of up to 5 years old.
Q2. What is not covered under a Magma zero dep car insurance?

Ans: A Magma zero depreciation does not cover drunk driving, third-party damages, driving without a license, cars more than 5 years, or mechanical or electrical failure.
Q3. Can I purchase a Magma zero depreciation cover with a third-party car insurance policy?

Ans: No. A Magma nil depreciation add-on can only be purchased with a comprehensive car insurance plan as it only covers depreciation borne by the insured car.
Q4. Can I buy a Magma zero depreciation cover online?

Ans: Yes, you can easily buy a Magma zero depreciation cover along with your comprehensive car insurance policy online on Policybazaar.com.

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Generali Central Zero Depreciation Car Insurance

HDFC ERGO Zero Depreciation Car Insurance

ICICI Lombard Zero Depreciation Car Insurance

IFFCO Tokio Zero Depreciation Car Insurance

IndusInd Zero Depreciation Car Insurance

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in