• Magma HDI Motor Insurance

    Commencing operations in 2012, Magma HDI was formed following a joint venture between Magma Fincorp Limited and HDI-Gerling Industrie Versicherung AG. Having more than 70 branches and 5 zonal offices spread across the country, Magma HDI collected a record Rs.430 crore gross premium in its first full year of operations. Magma HDI deals with insurance products ranging from Motor Insurance, Liability Insurance, Fire Insurance, Engineering Insurance, Marine Insurance and Burglary & Risk Insurance.

    Why Should You Buy Motor Insurance From Magma HDI Insurance

    Some of the advantages of buying a motor insurance from Magma HDI Insurance are listed below:

    • Customers can purchase a motor insurance policy of their choice - four-wheeler insurance, two-wheeler insurance or a commercial vehicle insurance policy.
    • Customer claim request and settlement facilities.
    • Customers subscribed to the Magma HDI Insurance car insurance can choose from a number of cashless garages to get their car serviced.
    • Customers can track their claim status online.
    • Customers can transfer their no-claim bonus from any insurance provider.

    Types Of Motor Insurance From Magma HDI Insurance

    Magma HDI Insurance offers the below listed insurance policies for motor vehicles.

    • Private Car Package Insurance - The Private Car Package insurance is a comprehensive insurance policy which protects (offers coverage) the customer’s car from theft, natural calamities, man-made disasters, riots, strikes, etc. The policy also offers protection from legal liability to a third party in an accident and personal accident coverage for the owner of the vehicle.
    • Two-wheeler insurance package - The two-wheeler insurance package is a comprehensive insurance and includes own-damage cover and third-party liability insurance. In case you require additional protection, you can opt for various add-ons. Customers can also opt for the Liability only insurance, which is a minimal third-party liability policy.
    • Commercial comprehensive package insurance - Specifically designed for commercial vehicles, such as buses, trucks, taxis, etc, the Commercial comprehensive package Insurance includes third-party liability, personal accident cover and coverage for the vehicle damage. With the help of this insurance, the commercial vehicle is protected from theft, fire, explosion, riots, earthquakes, floods, accidents, malicious activities, etc. Customers can also avail direct claim settlement facility at the listed Magma HDI Insurance network garages across India. To enhance one’s protection, commercial vehicle owners can also purchase the add-on covers.

    Magma HDI Insurance Liability Only Policy - Inclusions

    Customers can also choose to buy a minimal level of motor insurance for his/her car, as mandated by the Motor Vehicles Act, 1988. This insurance scheme protects the policyholder from liability claims raised by a third party after an accident, which includes third-party injuries, disabilities, or death and coverage for third-party property damage. The third-party risk policy offers no coverage for the vehicle or personal damage met to the insurance holder and it is advisable to hold a comprehensive motor policy instead to negate this factor.

    Magma HDI Insurance Comprehensive Motor Insurance Policy - Inclusions

    Magma HDI Insurance offers a comprehensive policy for private vehicles (four-wheelers and two-wheelers) and commercial vehicles.

    Magma HDI Insurance Two-Wheeler Package Insurance- Inclusions:

    • Coverage for the damage of the vehicle following an accident.
    • Third-party liability coverage - including injury, death and coverage for the property of the third-party.
    • Personal accident cover for the insurance holder - including injury and death.
    • Loss of damage to the vehicle caused by fire, lightning, natural calamities (earthquakes, floods, cyclones, etc.), riots, strikes, theft, terrorism,etc.
    • Customers can also choose an extra cover to cover damages met to consumable parts (electrical and nonelectrical), and personal accident cover to a passenger other that the driver.

    Magma HDI Insurance Private Car Package Policy - Inclusions:

    • Third-party liability coverage - including injury, death and coverage for the property of the third-party.
    • Personal accident cover - in case of injury, loss of limbs, loss of eyesight, etc., following an accident.
    • Coverage for damages met by the vehicle following an accident.
    • Claim for damages caused either by fire, lightning, natural calamities (earthquakes, floods, cyclones, etc.), riots, strikes, theft, terrorism,etc.
    • The Magma HDI Insurance Private Car Package Policy also offers extra coverage to cover damages met to electrical and nonelectrical parts.

    Magma HDI Insurance Commercial Comprehensive Package Policy - Inclusions:

    • Personal accident cover - in case of injury, loss of limbs, loss of eyesight, etc., following an accident.
    • Protection for vehicles of different sizes and types.
    • Third-party liability coverage - including injury, death and coverage for the property of the third-party.
    • Coverage for damages met by the vehicle following an accident.
    • Reimbursement claim for damages caused either by fire, lightning, natural calamities (earthquakes, floods, cyclones, etc.), riots, strikes, theft, terrorism,etc.

    Magma HDI Insurance Comprehensive Motor Insurance Policy - Exclusions

    If injury, death, damage to the vehicle are met following an accident under the below listed circumstances, the insurer will not be able to avail any insurance coverage.

    • Driving under the influence of liquor/drugs.
    • Negligence leading to accidental losses.
    • Losses incurred while the vehicle was being driven by someone who is not named in the policy or isn’t the owner of the vehicle.
    • Driving without a valid license.
    • Using the vehicle beyond its limits.
    • Depreciation, wear and tear, etc.
    • Consequential losses to the vehicle.
    • Electrical or mechanical breakdown.
    • Losses from nuclear war, radiation/weapons.
    • Losses from war and other such related events.

    Magma HDI Motor Insurance FAQs:

    1. Can you name some of the add-on covers offered by Magma HDI Insurance?

    Yes, some of the add-on cover are:

    • Depreciation cover
    • Consumable cover
    • GAP value cover
    • Passenger assist cover

    2. I need to make a claim, which documents should I submit?

    You should submit the following documents:

    • Copy of claim intimation
    • Copy of policy and premium receipt
    • Duly-filled Claim Form
    • Driving License
    • Registration Certificate of Vehicle
    • Estimate of repairs from repairer and stamped receipt
    • Bills and Cash Memo of repairs
    • Verification of road tax,
    • Police Panchanama/FIR,
    • Permit and Fitness Certificate

    3.Is the multi-year policy available for four-wheeler as well?

    No, that is not available as of now. That said, you can get a multi-year insurance policy for two-wheelers.

    4.Is it possible to transfer my no-claim bonus?

    Yes, you can transfer your no-claim from your previous insurer.

    5. How can I purchase a motor insurance policy from Magma HDI Insurance ?

    You can visit the website of Magma HDI Insurance, choose your policy (two-wheeler, four-wheeler, commercial vehicle policy) and make the payment for it. The payment can be made either by debit cards, credit cards, cheque, or net banking.

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