Magma HDI General Insurance Co Ltd. is a joint venture between Magma Fincorp Ltd, Kolkata and HDI-Gerling Industrie Versicherung AG Germany. Magma HDI General Insurance offers products like Motor Insurance, Liability Insurance, fire Insurance, Engineering insurance, Marine Insurance and more.
Key Benefits of Magma HDI Car Insurance
Cashless Claim Networks
Direct Cashless Claim settlement in network garages across India
Discounts
In case you have installed an ARAI approved anti theft device in your vehicle, you get a discount of 2.5% on the OD Premium to a maximum of Rs.500/-
Accidental Cover /Customer Support
Compulsory personal accident cover of Rs.2 lakh for car* Available only if the owner of the vehicle holds a valid driving license.
Add-on Covers for Magma HDI Car Insurance
Depreciation Cover
Compulsory personal accident cover of Rs.2 lakh for car* Available only if the owner of the vehicle holds a valid driving license.
Third Party Cover
protects against any legal liability arising out of the use of the vehicle, towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property whilst in the Insured’s property.
Personal Accident Cover
Compulsory personal accident cover of Rs.2 lakh for car* Available only if the owner of the vehicle holds a valid driving license.
Inclusion & Exclusion in Magma HDI Car Insurance
Inclusion
Loss or damage to the vehicle against any loss or damage caused to your vehicle or its accessories due to natural and manmade calamities like Fire, explosion, self-ignition or lightning, earthquake, flood.
Exclusion
Normal wear, tear and general ageing of the vehicle
Magma HDI Car Insurance Policy Highlights Updated on 24 Aug 2017
| Features | Specifications |
| Third Party Cover | Upto 7.5 L |
| Incurred Claim Ratio* | 82.03% |
| Net Earned Premium* | 35681 |
*For Year 2015-2016
Overview
Magma HDI is a renowned name in the Insurance industry in India. Formed as a joint venture between Magma Fincorp Ltd - a Kolkata-based Non-Banking Financial Corporation and HDI-Gerling Versicherung AG Germany - a leading insurance company in Germany, it has portrayed a strong vision of being the most preferred and responsible insurance company in the nation. HDI- Gerling was incorporated in 2006 as a part of Talanx Group that operates in more than 150 countries and is known as the pioneer in providing insurance and financial services to the people in an entire world. This group is a Germany based insurance provider that has marked it’s presence as the third largest insurance group in Germany and eleventh largest insurance group in Europe. Magma HDI delivers a throng of insurance products that are competitive enough to give a valid reason to buy them. Have you ever let your small child crossing road without your hold? Then, how can you let your car jaunt without an insurance? Magma HDI car insurance provides a horde of benefits and traits for it’s customers. Being one of the leading names in the insurance sector in India, it has come up with the product that has all the state of art facilities for it’s customers. It reflects it’s concern to your hard earned money by quoting less premium and allowing various discounts thereby. Car is a most sought asset now a days and so as the car insurance. Increasing traffic and road side accidents makes it a necessity along with a car itself and that too is mandated by an Indian Government. A corsage of coverage benefits are ready to greet you with Magma HDI. Covering all the needs of an individual, it is competent enough to stand on the top list of car insurance providers in the country. A comprehensive cover that veils third party damage as well as your own vehicle damage and an assurance for unexpected personal accident is all set to protect you from an unfortunate rain. Having an extra care for you, Magma HDI is offering some additional coverage by paying an extra premium. “Stand Confident on the middle of a road- You have your Magma HDI car insurance” Sum assured is the most important information that is needed while buying a car insurance. There is a simple calculation to get your sum assured value. Sum assured depends upon the Insured’s declared value (IDV) i.e. the listed value of a car less depreciation charged according to the age of a car. Magma HDI calculates the value of Sum assured as follows: If in case the manufacturer doesn’t have any of your accessory’s listed price, then the actual value of that accessory after deducting depreciation would be added to the Sum assured amount. We Indians always thrive for discounts. Magma HDI is giving plethora of discounts on different parameters as discussed below: ‘It’s our birth right to get discounts’- a saying called for Indians generally. ‘Be a proud owner of your car’ Don’t claim a car insurance if your car breaks down due to the following reasons: “Insure your car, assure your savings”- Keep renewing your car insurance every year as you can never take a call on your next second. Let’s be secure and safe! Bought a car? Take a next step- buy your car insurance today! We wish you a safe driving! Magma HDI car insurance compensates for any losses or damages on insured vehicles along with third party liability settlements. Damages due to natural or man-made calamities including theft of a customer’s vehicle is covered by Magma HDI. Magma HDI car insurance provides additional coverage at extra costs for personal accidents up to 2 lakhs, for paying any legal liabilities and for installation of CNG-LPG bi-fuel kits in new vehicles. These add-on covers can be acquired by paying additional premium amounts. Magma HDI gives discounts up to 50% on No Claim Bonus amounts if zero claims have been made during the policy tenure. Other discounts that Magma HDI offers are with respect to Voluntary Excesses, anti-theft devices and for members of Automobile Associations. Magma HDI car insurance does not cover the following: Magma HDI determines the insured sum as a fixed value i.e., the Insured's Declared Value (IDV), which is calculated on the basis of the car manufacturer’s listed selling price plus the price of accessories after deducting the depreciation depending on the age of the vehicle. While making a claim, customers have to bear the following expenses - compulsory excess, reasonable value of salvage and depreciation value of the vehicle.Magma HDI Car Insurance
Magma HDI Car Insurance Coverage
Magma HDI ‘Extra Coverage at Extra Premium’
Personal accident cover
It offers a personal accident cover for Rs.2 lakhs for the individual owner or the driver of the vehicle while driving and Rs.2 lakhs per person for other occupants of the vehicle. This cover would be granted only if the driver/owner who is driving the vehicle, holds a valid driving licence.
Additional legal liabilities
This facility is only available for the commercial vehicle where the paid driver, conductor, cleaner, employees travelling or driving the vehicle other than the paid driver and non-fare paying passengers are covered under the policy.
Bifuel-kit
It also covers the vehicle’s LPF or CNG bifuel kit damage.
Magma HDI Car Insurance Sum Assured
Age of a car does not exceeds 6 months
depreciation charged @ 5%
Age of a car exceeds 6 months but doesn’t exceeds 1 year
depreciation charged @15%
Age of a car exceeds 1 year but doesn’t exceeds 2 years
depreciation charged @ 20%
Age of a car exceeds 2 years but doesn’t exceeds 3 years
depreciation charged @ 30%
Age of a car exceeds 3 years but doesn’t exceeds 4 years
depreciation charged @ 40%
Age of a car exceeds 4 years but doesn’t exceeds 5 years
depreciation charged @ 50%
Magma HDI Car Insurance Discounts
Let’s drive safe and avoid claiming a car insurance
Get ‘No claim Bonus’ at the end of the year and get discounts up to 50% on our premium at your next renewal of policy. But remember, insurance should be renewed within 90 days of the expiry date.
Lend a helpful hand in your own expenses
Choose for higher sum of Voluntary excess to your own damage expenses and earn a good discount on your premium amount.
Be a member of Automobile Association
Enrol as a member of an automobile association and get an additional discount on your premium.
Protect your car with Anti-Theft Devices
Install an ARAI approved anti-theft device in your car and get rewarded with 2.5% of discount on your premium subject to the maximum of Rs.500.
Magma HDI Car Insurance Exclusions
FAQs for Magma HDI Car Insurance
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News About Magma HDI Car Insurance
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Insurers Unhappy with Hike in Car Premium Rates
The recent move by the Insurance Regulatory and Development Authority (IRDA) to hike third-party car insurance premium has greatly irked general insurance companies. Given that net claims on motor insurance have risen by 6.8% in 2013-14, the insurance industry feels this hike to be inadequate in competing against the rising claims and higher losses.
According to sources, a total of 38,461 third-party liability claims exceeding Rs 1 lakh were settled in the year 2013-2014 alone, with Rs 2,343 crore being the total settlement, where the average ticket size amounted to Rs 6 lakh for one claim.
Though the IRDA is trying to maintain a balance between the rise in premium and the insurers losses, speaking on the matter, the CEO of Magma HDI General Insurance Company is of the view that with the rise in the number of vehicles and population, the number of claims and their ticket size is bound to increase, not to forget the rising medical costs.
27th April 2015
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017
