Magma HDI Commercial Vehicle Insurance Policy
Magma HDI’s commercial vehicle insurance policy is designed to cover the third-party liabilities and own damages arising due to a road emergency. The policy helps in covering the loss or damage caused to the insured vehicle. Customers can buy Magma HDI Commercial Vehicle Insurance online and compare different features and benefits as per their requirements.
The insurer also lets you save premium by availing concession through No-claim bonus, AAI membership, Anti-theft device installation, and Voluntary deductibles.
Magma HDI Commercial Vehicle Insurance Coverage
Under Magma HDI commercial vehicle insurance policy the insured can avail the following coverage benefits:
- Third-party liability: The policy covers legal liabilities arising due to the use of the insured vehicle. It covers third-party liabilities, bodily injuries, third-party property damage, and death.
- Loss or damage to the vehicle: The policy offers coverage for loss or damage caused to the insured vehicle and its accessories due to man-made calamities and natural calamities.
- Natural Calamities: This includes explosion, fire, lightning, or self-ignition, flood, earthquake, tempest, typhoon, storm, hurricane, cyclone, landslide, frost, and rockslide.
- Man-made Calamities: Theft, burglary, malicious act, riot, strike, terrorist activity, accident by external means, and any damage during transportation via rail, road, lift, inland waterways, or air.
Sum Insured – Insured Declared Value
All the commercial vehicles are insured at a fixed value called the IDV or the Insured’s Declared Value. The Insured declared value is derived on the basis of the selling price listed by the manufacturer of the vehicle (plus the accessories) after deducting the depreciation for each year as per the rates given in the table below:
Age of the vehicle
% of Depreciation
> 6 months
> 6 months and up to 1 year
>1 year and up to 2 years
> 2 years and up to 3 years
> 3 years and up to 4 years
> 4 years and up to 5 years
Magma HDI Commercial Vehicle Insurance Add-on Covers
Magma HDI commercial vehicle insurance policy offers certain add-on features to enhance your coverage benefits. You can avail of the following coverage benefits by paying an additional premium:
1. Personal Accident Cover
A compulsory personal accident cover of Rs 1 Lakh is provided for two-wheelers and Rs 2 lakh for individual owners of the vehicle, and not company-owned vehicle. Vehicle occupants can also get personal accident cover for up to a maximum sum insured of Rs 1 Lakh for each individual if it is a two-wheeler. And the limit for occupants is Rs 2 Lakh for other class of vehicles.
You can also opt for a higher Personal Accident coverage limit. All the benefits are available if the vehicle owner owns a valid driving license.
2. Additional Legal Liabilities
- The insured or the applicant can opt for the given additional legal liabilities that come at an extra Magma HDI commercial vehicle insurance premium:
- Conductor/cleaner/paid driver employed in the operation of the insured commercial vehicle
- Non-fare paying passengers related legal liabilities
- Employees driving or traveling in the vehicle other than the paid driver
Coverage for CNG-LPG bi-fuel kit can be opted for on payment of an additional premium.
Magma HDI Commercial Vehicle Insurance Exclusions
Magma HDI commercial vehicle insurance can restrict providing cover for any loss or damage if it arises under the following circumstances:
- Normal wear and tear of the vehicle
- The general ageing of the vehicle
- Any consequential loss or Depreciation
- Electrical/Mechanical breakdown
- The vehicle being other than the purpose mentioned
- If the insured is found to be driving without a license
- Damage caused to a persona while driving under the influence of liquor or drugs
- Loss or damage owing to war, nuclear risk, or mutiny
Magma HDI Commercial Vehicle Insurance Renewal
Magma HDI commercial vehicle insurance renewal can be done online without the need to visit the insurer or an agent in person. By providing the existing policy number you can renew the motor insurance policy for any of your commercial vehicles on Policybazaar.com.
By visiting the renewal page, you can save up to 80% on commercial vehicle insurance premiums. Enter your name and mobile number and get to view free quotes. Once you are done comparing quotations from different insurers you can select the one that works for you.
There is a link to pay the policy premium online and your policy will be mailed to you.
Magma HDI Commercial Vehicle Insurance Claim
Magma HDI commercial vehicle insurance claims are settled in a timely and fair manner. The insurer is known to provide claim assistance:
- In case of an emergency
- Coordinate in order to replace/repair your lost or damaged property
- Keep updated regarding the claim progress
To register a claim for Magma HDI commercial vehicle insurance policy you can reach out to Magma HDI General Insurance Co. Ltd or Policybazaar’s claim team over the phone, email, submit the claim online or manually.
In the event of the claim you will be required to submit the following information:
- Policy number
- Date of the incident causing a damage/loss
- Type of the damage/loss
- Location of the incident
- Communication address and contact details
- Claim form duly signed and filled with the supporting documents
Magma HDI Commercial Vehicle Insurance FAQs
Ans: With Magma HDI commercial vehicle insurance policy you can get financial and legal cover for third-party liabilities. If you opt for a comprehensive policy then you can get coverage/compensation for natural calamities and man-made calamities.
Q2. If my commercial vehicle gets overturned will Magma HDI Commercial Vehicle Insurance policy cover it?
Ans: Yes, you can opt for the vehicle overturning coverage benefit as an add-on cover. You would need to pay an additional premium to avail of overturning benefit cover.
Ans: Yes, you can opt for a bi-fuel kit cover as an add-on. You would need to pay an additional premium to get your bi-fuel kit covered.
Q4. Do I get any benefit from having an AAI membership if I buy Magma HDI Commercial Vehicle Insurance policy?
Ans: Yes, Magma HDI General Insurance Co. Ltd. provides rebate if the insured has AAI membership for the commercial vehicle.
Q5. What are the documents required to file a claim for Magma HDI Commercial Vehicle Insurance policy?
Ans: The insurer can ask for the following documents at the time of claim settlement:
- Policy papers
- Claim form
- Driving license
- Route permit
- Aadhar card copy
- Vehicle RC
- Tax paid receipt
- Fitness certificate
- Load challan
- FIR Copy