Magma HDI Two Wheeler Insurance

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Magma HDI Two Wheeler Insurance Overview

Magma HDI Two Wheeler 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.

What is a two-wheeler insurance plan?

A two-wheeler insurance plan is an insurance coverage taken on the two-wheeler which is compulsory as dictated by law. If one has a two-wheeler, one would also need to have a valid insurance cover on the two-wheeler. The two-wheeler insurance cover provides financial compensation to any third party or property if they suffer any injury or harm as a direct consequence of using your two-wheeler. This cover is called a third party liability cover and is a mandatory requirement. If you want to cover your own injuries and damages to your own vehicle, you would have to buy a package policy which would provide such coverage along with the third party liability coverage. While a third party cover is legally compulsory, opting for a package plan is solely the choice of the policyholder. The package policy would be costly compared to a third party cover because it provides a comprehensive coverage.

Magma HDI Two wheeler Insurance Plans

Magma HDI General Insurance Company Limited offers one type of two-wheeler insurance plan which is a comprehensive plan which not only covers third party legal liability but also provides for loss or damage to own vehicle. Let us take a look at the features and benefits of the policy offered by the company in details.

H2: Scope of coverage under Magma HDI Two Wheeler Insurance

The plan provides the following coverage to the customer:

  • A comprehensive two wheeler insurance plan with third party coverage
  • Damage or loss due to any natural calamity like fire flood, or any other natural disaster like earthquake, hurricane, etc.
  • Even man-made calamities like theft, burglary or even terrorism
  • The amount of Sum Assured provided under the plan 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:

Age of the vehicle

% of Depreciation

Not exceeding 6 months

5%

Exceeding 6 months but not exceeding 1 year

15%

Exceeding 1 year but not exceeding 2 years

20%

Exceeding 2 years but not exceeding 3 years

30%

Exceeding 3 years but not exceeding 4 years

40%

Exceeding 4 years but not exceeding 5 years

50%


The Magma HDI Two Wheeler 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

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

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
  • If the vehicle is used in violation Limitations As to Use clause mentioned in the policy.

Applying for Magma HDI Two wheeler Insurance Plans

2 wheeler insurance plans offered by the company can be bought:

  • Call their toll free number or leave details for a call back
  • Purchase it online
  • Or through any agent or broker at the branch

Applying For Magma HDI Two Wheeler Insurance Through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Term Insurance under the Motor Insurance tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Click Begin Your Comparison. Enter few details about your two-wheeler and previous policy. You can also retrieve your previous searches and continue from where you left.
  4. Enter your vehicle’s registration details in case you have bought a two-wheeler policy from PolicyBazaar. Now Click.
  5. Fill your two-wheeler details, variant, registration number and year of registration. Next click Continue.
  6. You will see a pop-up on the screen which you need to fill with details about your two-wheeler registry date and previous insurer.
  7. You will be taken to the Two-Wheeler Insurance quotes page where you will see two-wheeler insurance quotes of more than 10 insurers. You can choose the policy - Zero Depreciation and Third Party Only. You may select add-ons for 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 No Claim Bonus (NCB), registration details, vehicle manufacturing details and previous policy expiry detail. Click Proceed.
  10. This will take you to the new page. Fill in the necessary details to buy the plan.

You can also check insurance for the following bike models:

Magma HDI Two Wheeler Insurance - 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 two wheeler insurance?

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

3. What is the policy renewal process for Magma HDI two wheeler insurance?

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

4. What is the company’s process to settle for Magma HDI two wheeler insurance?

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 two wheeler insurance?

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.

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