About Magma HDI General Insurance Company Limited
Magma HDI General Insurance Company Limited is a joint venture between HDI Global SE Germany and Magma Fincorp Limited, Kolkata. HDI Global SE Germany is a part of Talanx Group and operates in close to 150 countries. Magma Fincorp is one of the largest non-banking finance companies in India. The company focuses on fulfilling all the aspirations of the customers by putting their needs first. Magma HDI focuses on providing the best customer service through the products.
Magma HDI Two-Wheeler Insurance
The two-wheeler policy offered by Magma HDI is designed to provide the mandatory third-party liability cover according to the Motor Vehicle Act and also cover any loss or damage to your two-wheeler due to the reasons listed in the policy.
Key Features and Benefits of Magma HDI Two-Wheeler Insurance Policy
Magma Hdi Two Wheeler Insurance offers comprehensive insurance plans and the minimum third-party liability cover. Facilities like cashless garages can be very helpful at a time of need. Get an idea about some of the perks of having an insurance policy by looking at the video below. Choose the Magma Hdi Two Wheeler Insurance plan that best suits your needs.
Some of the key features and benefits of Magma HDI Two Wheeler Insurance Policy have been listed below:
- Customer care support provided 24X7
- Customer support through multiple ways like email, telephone, and much more
- A lot of additional cover options are available to improve the cover you get
- The claim settlement process and vehicle inspection is a simple process
Coverage offered under Magma HDI Two-Wheeler Insurance Policy
- Third-party liability - The third-party liability coverage provides protection for your two-wheeler against any liability that might arise from the use of the two-wheelers affecting third parties. Any liability leading to a bodily injury and death of a person or damage caused to any third-party property will be covered under this option.
Any loss or damage to vehicle - The package policy provides cover for any loss or damage to your two-wheeler or any of its accessories due to any of the conditions listed below:
- Theft, burglary, riots, terrorist activities, and any malicious acts
- Damage caused during transit by rail, road, lift, and inland waterway
- Fire, self-ignition, explosions, and accidental damage through external means
- Earthquake, lightning, typhoon, flood, storm, hailstorm, cyclone, frost, rockslide, and landslide
Any damage or loss to the vehicle or any of its accessories will not be covered if it happens due to any of the following reasons listed below:
- Electrical or mechanical breakdown
- Damage to or by a person who does not possess a valid driving license
- Damage to or by a person who is under the influence of alcohol or drugs
- Normal wear and tear and aging of the vehicle
- Violating the Limitation As to Use clause provided in the policy during the use of the motor vehicle
- Consequential losses or depreciation
Add-On Covers Available
Additional covers can be availed for Magma HDI two wheeler insurance at a nominal cost. The following additional cover can be availed to increase the cover you get for your vehicle:
- Personal Accident Cover - A compulsory accident cover of Rs.1 lakh will be provided for two-wheelers that have individual owners. This add-on cannot be availed for any company-owned vehicle. You along with the other occupant in the vehicle will be offered a cover of Rs.1 lakh per person. It is to be noted that this will be valid only if the owner possesses a valid driving license.
Other than the additional cover, there are also some other discounts one can avail. These discounts have been listed below:
- No Claim Bonus (NCB) - No Claim Bonus is offered at the time of policy renewal if you have not made any claims during the policy period. This bonus can go up to 50%, provided the policy is renewed before the completion of 90 days from the date of expiration of the policy. The benefits of the No Claim Bonus can also be transferred when you are switching from one motor insurance company to another.
- Anti Theft Devices - In case the vehicle has an ARAI approved anti-theft device installed, you can avail a discount of 2.5% on the Own Damage premium up to a maximum of Rs.50 for two-wheelers.
Magma HDI Two-Wheeler Insurance Claim Process
In case the two-wheeler breaks down, meets with an accident, or is stolen, the policyholder can make the claim by following the steps mentioned below:
- Magma HDI has to be immediately intimated about the policy, place of the accident, and the driver.
- The details about the workshop where the repairs will be carried out will also have be intimated to Magma HDI.
- The vehicle should be left unattended at the spot where the accident took place.
- In case of a theft, an FIR has to be lodged immediately in the local police station.
- It is advisable to shift the vehicle to a Magma HDI Preferred Workshop to get the repairs done.
- It is necessary to wait for advice from the surveyor after inspection before proceeding with repairing the vehicle.
- It is good to be at the workshop when the surveyor carries out the inspection at the workshop.
- Unless stated otherwise, new parts should be used only in the parts of the vehicle where replacement has been approved.
- After completing the survey process, the surveyor will be communicating the loss assessment details to the policyholder.
- Magma HDI has to be intimated for doing the post repair re-inspection.
- If the repairs have been in an Magma HDI Preferred workshop, only the difference amount as per the Surveyor assessment will have to be paid to the workshop.
- In case repairs are done in other workshops, the amount will have to be settled directly and the bills will have to be submitted to Magma HDI in original.
- Magma HDI has to be notified if the repairs have not been carried out as advised by the surveyor. They can also be intimated if you do not feel satisfied with the repairs done.
- All the documents will have to be submitted as per the checklist. This will also depend on the nature of the accident. The documents will have to be submitted either to the surveyor or at the nearest Magma HDI office.
- Originals will have to be provided along with the photocopies for verification purposes.
- Don't enter into an agreement with anyone about the claim incident who is not authorised by Magma HDI.
- Magma HDI or the surveyor will intimate you if any additional documents are required to be submitted.
- Make sure that all the documents submitted to Magma HDI or the surveyor possesses genuine information.
- The claim settlement discharge voucher can be executed instead of accepting the settlement proposed by Magma HDI.
- The claim will be settled by Magma HDI before the completion of 7 days from receiving the receipt of answers and complete documentation to the queries raised.
Documents required for claim process
In case of an accident claim, the following documents will have to be submitted to make the claim:
- A Registration Certificate (RC) copy along with the original to verify the Registration Certificate
- Claim form filled by the insured
- Police First Information Report (in cases where it is applicable)
- Driving license copy along with the original for verification purposes
- Repair or replacement bills originals (this is when you are applying for a reimbursement claim)
- A fire brigade report in case of a fire
- Images of the damaged vehicle taken after the accident
- Discharge voucher
In case of a theft claim, the following documents will have to be submitted to make the claim:
- Claim form filled by the insured signed in the required places
- Copy and original of driving license for verification
- Copy and original of Registration Certificate for verification. If the claim is being made for a total theft, the original RC will have to be surrendered
- Original bills of repair or replacement done (this is for reimbursement claims)
- Report from Fire Brigade (in case of a fire)
- Police First Information Report
- Photos of damaged vehicle
- Vehicle keys (entire set)
- Power of attorney and subrogation in a situation of total loss and theft
- Final report - trace report has not been received for the lost vehicle by the police
- In case of total loss and theft, an NOC has to be obtained from the lender and submitted for the claim process
- Indemnity bond
- Discharge voucher
Magma HDI Two-Wheeler Insurance FAQs
Can I get a duplicate of my insurance policy if I have lost the policy for my vehicle?
A duplicate of the policy can be received by making a payment of Rs.50. You can call the toll free number or visit any of the branch offices to get assistance about the same.
Can a policy be canceled midway?
Yes, there is an option to cancel the policy midway. This can be done only after making sure that the vehicle is at least insured for liability risks.
What is No Claim Bonus?
If the policyholder does not make any claims during the previous policy year, a reward will be given to the policyholder at the time of renewal. This No Claim Bonus can be accrued up to a maximum of 50%.
Where can the policy be renewed?
The policy can be renewed by visiting any one of the branch offices of Magma HDI.
What if my policy has expired?
Before issuing a new policy, an inspection of the vehicle will have to be done. In order to get this done, you can either call the toll free number or contact any branch office for assistance.
Can I use my existing policy for a new vehicle?
You can make use of your existing policy for your new vehicle. Contact the nearest branch office or call the toll free number to get assistance for the same.
Why is it necessary to insure the vehicle?
It is mandatory for for all the vehicles to at least cover third-party liability risks. This will cover vehicle owners against any legal liability that they might face for any death, bodily injury or property damage to any third party involving the motor vehicle in a public place. The motor vehicle is a valuable asset and it is important to protect it against damage, theft or accidents.
Can I get a duplicate copy of my two wheeler insurance policy if I have lost the original?
Yes, by paying a fee of just Rs. 50 you can avail a duplicate copy of the policy from Magma HDI.
Is it possible to cancel the two wheeler insurance policy before the expiry of the same?
Yes, you can cancel the two wheeler insurance policy midway after making sure that the vehicle is insured for the compulsory third party liability.
Can I transfer the No Claim Bonus I accumulated under my policy from another insurer to Magma HDI two wheeler insurance policy?
Yes, you can transfer the No Claim Bonus accumulated under your previous policy from another insurer to Magma HDI two wheeler insurance policy.
How can I renew my Magma HDI two wheeler insurance policy?
You can renew your Magma HDI two wheeler insurance policy directly through any branch of the insurance provider or you can also renew the policy online instantly.
What is Solatium Scheme?
As per the Solatium scheme formulated by the Government, victims of ‘Hit and Run’ motor accidents will be provided a compensation. In the event of death, the amount given is Rs.25,000, whereas, Rs.12,500 is provided for grievous injuries.
What are the advantages of online purchase of two-wheeler insurance?
If you purchase a two-wheeler insurance online, you can be assured of a hassle-free process with no documentation involved. The policy will be available to you instantly, as well. Online policy purchase also offers you various safe payment options, such as net banking, credit card, or debit card.
What happens to the insurance when I sell my two-wheeler?
You will have to inform your insurance company of the two-wheeler sale. In the case of insurance, the following options are available to you:
- You can transfer the insurance policy to the name of the buyer. It should be noted that the No Claim Bonus accrued on the policy will not be transferred to the new owner of the bike.
- If the buyer is already in possession of a two-wheeler insurance to be used for the bike, you can cancel your insurance policy. You are eligible for a refund in premium for the remaining part of the policy tenure. If needed, you can also request to preserve the accumulated NCB on the cancelled policy for use in the insurance of a new vehicle at a later date.
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