Magma HDI Commercial Vehicle Insurance

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About Magma Commercial Vehicle Insurance

Commercial vehicles are used by businesses to carry goods or transport passengers. Since they are used for their services, it is important to minimise their downtime. This is why having Magma commercial vehicle insurance can be helpful for your vehicle. It covers damages caused by unforeseen circumstances, such as collisions, accidents, natural disasters, theft, etc. The Magma General Insurance Limited offers over 73 products across various categories. It has over 95 branches and over 3 million active users. The company provides insurance across several sectors, including motor, health, and travel, and aims to provide guidance and financial protection to everyone.

Key Features of Magma Commercial Vehicle Insurance

Check out the key features of a commercial vehicle insurance policy from The Magma General Insurance Limited in the table below:

Features	Coverage/Benefit
Third-Party Liability Coverage	Mandatory as per Motor Vehicles Act, 1988
No Claim Bonus (NCB) Benefit	Available
Compulsory Personal Accident (PA) Cover	Up to ₹15 Lakh
Add-Ons	Available
Assistance	24x7 assistance

Benefits of Magma Commercial Vehicle Insurance

Here are the benefits of buying a Magma commercial vehicle insurance policy:

A 24x7 hassle-free customer support
High claim settlement ratio with over 4000 network garages
The insurer offers multiple commercial vehicle insurance add-ons to customise your policy as per your requirements
It offers a responsive AI chat service for all insurance queries.

Coverage Under the Magma Commercial Vehicle Insurance

What is Covered?
What is not Covered?

Accidental damages
Third-party liabilities
Damages caused by explosion, self-ignition, fire, or lightning
Damages due to theft or burglary
Losses due to natural disasters, like earthquakes, landslides, etc.
Damages due to manmade disasters, such as riots, war, etc.
Any damage caused to the commercial vehicle while it is in transit via rail, water, air, or road

Consequential losses or damages caused due to driver negligence
Damages caused due to regular wear and tear
Losses caused by overloading the vehicle
Any mechanical or electrical breakdown
Damages caused when the driver is drunk or intoxicated
Damages caused outside the geographical scope mentioned in the policy

Magma Commercial Vehicle Insurance Add-Ons

You can opt for some of the following commercial vehicle insurance add-ons to increase the scope of a standard policy:

Personal Accident (PA) Cover: This is a compulsory add-on cover as per the IRDAI (Insurance Regulatory and Development Authority of India). It offers coverage of up to ₹15 lakh in case the owner-driver meets with an accident and suffers any severe injuries, disablement, or death.
IMT 23: The IMT 23 add-on cover provides coverage for lamps, tyres, tubes, mudguards, bonnet, side parts, bumpers, headlights, and paintwork of the damaged portion. However, policyholders must note that the commercial vehicle insurance company will deduct the depreciation from the claim amount.
IMT 24: The IMT 24 add-on provides coverage for additionally-fitted electrical/electronic accessories that are not included in the manufacturer's invoice/selling price.

How to Buy/Renew Magma Commercial Vehicle Insurance?

Use the steps below to buy or renew Magma commercial vehicle insurance and legally drive in India:

Step 1: Visit Policybazaar.com and click on 'commercial vehicle insurance'
Step 2: Enter the vehicle registration number and click on 'View Prices' or choose the option for a brand new vehicle, if applicable.
Step 3: Provide the required details, IDV, NCB (in case of renewals), and choose the required add-ons.
Step 4: Select the preferred Magma commercial vehicle policy from all the available plans.
Step 5: Pay the premium using netbanking/cards/UPI, and your policy will be sent to your registered email.

How to File a Claim Under Magma Commercial Vehicle Insurance?

You can file a claim against your Magma commercial vehicle insurance using the steps listed below:

Notify the Provider

Inform your commercial vehicle insurance company regarding the accident on their 24x7 helpline to file a claim.

Damage Assessment

A surveyor from Magma General Insurance Limited Ltd., will assess the damages and fill the claim form.

Submit the Documents

After the survey is done and approved, submit all the required documents, including the claim form, commercial vehicle registration certificate, your driving license, motor insurance copy, etc.

File a Police Report

You must also file an FIR within 48 hours in case of theft or any third-party liabilities.

Repair and Claim Settlement

After submitting all the required documents, the vehicle will be repaired, and the insurer will settle the claim.

Documents Required to Raise a Claim Under Magma Commercial Vehicle Insurance

You need the following documents to file a Magma commercial vehicle insurance claim:

Registration Certificate
Valid Driving License
Claim Form
Fitness Certificate
All Applicable Permit
Load Challans
Repair Invoice
FIR /Police Report (if applicable)

Magma Commercial Vehicle Insurance FAQs

Is Magma commercial vehicle insurance mandatory?

Yes, Magma commercial vehicle insurance is mandatory for all goods-carrying and passenger-carrying vehicles.
How to claim Magma commercial vehicle insurance?

You can file a claim against your Magma commercial vehicle insurance in case of an accident, collision, or other damages. To file a claim, inform the insurer, fill the form and submit all the required documents. Once the damage is assessed by the surveyor, the insured vehicle will be sent for repairs.
Which add-ons are available with Magma commercial vehicle insurance?

You can opt for common add-ons to enhance the protection of a standard commercial vehicle insurance, such as IMT 23, IMT 24 (accessories cover), personal accident cover, etc.

How is Magma commercial vehicle insurance premium calculated?

The premium of your commercial vehicle insurance depends on several factors, such as type of policy, the gross vehicle weight, make, model, IDV, registration year, and more. You can use a commercial vehicle insurance premium calculator on Policybazaar.com to get an estimate of the premium.

View more FAQ's

Written By: PolicyBazaar

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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