Magma HDI Car Insurance

Magma HDI is one of the top insurers in the country. The company offers a third-party liability cover, an own damage cover, add-ons that can be purchased for an additional premium, a wide cashless garage network, and a host of other benefits.

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.

Magma HDI Car Insurance Policy Highlights Updated on 08 Dec 2021

Features Specifications
Third Party Cover Upto 7.5 L
Incurred Claim Ratio* 81.71%
Net Earned Premium* Rs.320.49 crore

*For Year 2017-2018

Magma HDI Car Insurance


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.Magma Fincorp Ltd, having it’s roots strengthened in rural India is a Non-Banking Financial Corporation. It is counted as one of the India’s premier and leading NBFC that caters to the financial needs of the people of the nation, especially the rural ones.

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.

Magma HDI Car Insurance Plan

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.

Magma HDI Car Insurance Coverage

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.

  • Damage to Own Vehicle: Any loss or damage to the vehicle or it’s parts or accessories that has incurred due to natural calamities like flood, storm, hurricane, earthquake etc. and man-made calamities like fire, explosion, strike, riots, terrorist attacks, theft, burglary, damage in transit by road, rail, lift, air etc. are covered under a private
  • Third Party Damage:: A comprehensive car insurance policy provides a cover against any legal expenses or legal claims demanded by the third party in case of any damage incurred in terms of death, injury or property damage to the third party.

Having an extra care for you, Magma HDI is offering some additional coverage by paying an extra premium.

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.

“Stand Confident on the middle of a road- You have your ”

Magma HDI Car Insurance Sum Assured

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:

Age of a car does not exceed 6 months depreciation charged @ 5%
Age of a car exceeds 6 months but doesn’t exceed 1 year depreciation charged @15%
Age of a car exceeds 1 year but doesn’t exceed 2 years depreciation charged @ 20%
Age of a car exceeds 2 years but doesn’t exceed 3 years depreciation charged @ 30%
Age of a car exceeds 3 years but doesn’t exceed 4 years depreciation charged @ 40%
Age of a car exceeds 4 years but doesn’t exceed 5 years depreciation charged @ 50%

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:

Magma HDI Car Insurance Discounts

‘It’s our birth right to get discounts’- a saying called for Indians generally.

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.

‘Be a proud owner of your car’

Magma HDI Car Insurance Exclusions

Don’t claim a car insurance if your car breaks down due to the following reasons:

  • Break down due to ageing of the vehicle.
  • Normal wear and tear of the vehicle.
  • Damage caused under the influence of drugs or alcohol.
  • Driver drives the vehicle without a valid driving licence.
  • Mechanical or electrical breakdown.
  • Damage caused due to nuclear risk, war or mutiny.

“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 Customer Care

The customer care team of Magma HDI can be contacted at the toll-free number, 1800 3002 3202. The email ID of the team is, and you can send an email to get in touch with them if needed. You can also login to the insurer’s website to record grievances.

Other ways in which you can contact the insurance company include:

  • Use the ‘Request a Callback’ option to receive a call from the customer service team of the insurer.
  • Click on ‘Write to Us’ option at the website and fill up the online form with your query/issue/feedback.

You can locate the cashless garages of the insurer through the ‘Locate Garage’ option. You will have to select the city and vehicle type to get the required information. The ‘Locate Office’ option at the website enables you to identify the branch offices of the insurance company. You will be required to select the city and update the vehicle type for the same.

FAQs for Magma HDI Car Insurance

  1. What is the bandwidth of coverage provided by Magma HDI car insurance?

    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.

  2. What are the add-on covers available to a customer at extra costs?

    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.

  3. Does Magma HDI give any discounts for its car insurance customers?

    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.

  4. Are there any exclusions with respect to Magma HDI car insurance?

    Magma HDI car insurance does not cover the following:

    • Wear and tear / Ageing of the vehicle
    • Mechanical or electrical breakdowns
    • Depreciation / Consequential losses
    • Loss / Damage to insured vehicle due to war, mutiny or nuclear catastrophes
    • Damages done by drivers without a valid license
    • Using the car in violation of Limitation As To Use clause mentioned in the car insurance policy
    • Damages done by drivers under the influence of alcohol or drugs
  5. How is the insured sum calculated by Magma HDI car insurance for a customer?

    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.

  6. What are the documents that a customer needs to submit at the time of a claim?
    • Copy of the claim intimation
    • Copy of the Magma HDI car insurance policy and the premium receipt
    • Completely filled-in claim form
    • Valid Driving License
    • Registration Certificate of the vehicle
    • Estimate of repairs from the garage along with a stamped receipt
    • Bills/Cash Memo of repairs
    • Verification of road tax
    • Police Panchanama/FIR
    • Permit and Fitness Certificate
  7. What additional expenses will customers incure when a claim is being settled?

    While making a claim, customers have to bear the following expenses - compulsory excess, reasonable value of salvage and depreciation value of the vehicle.

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News About Magma HDI Car Insurance

  • 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.

    27 April 2015

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

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