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  • Magma HDI Two Wheeler Insurance Policy

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    Overview of Magma HDI Two Wheeler Insurance:

    In India it is mandatory to have third party liability cover for your two wheeler. Just as important is the fact that the vehicle as well as its user are covered in the instance of an unforeseen incident. In order to assure that you will get comprehensive best two wheeler insurance coverage you can opt for the Magma HDI Two Wheeler Insurance policy.

    Features and Benefits of Magma HDI Two Wheeler Insurance Plan:

    Sum Insured

    The sum insured on the two wheeler under this insurance policy is based on the Insured Declared Value (IDV) which is a fixed value that is calculated based on the selling price of the vehicle and its depreciation value. The selling price taken into consideration is the listed price provided by the manufacturer.

    No Claim Bonus

    You can avail a maximum of 50% No Claim Bonus upon renewal, if the two wheeler insurance policy is renewed within 90 days from the date of expiry of the previous policy. No Claim Bonus can be transferred from an insurance policy from another insurance provider to Magma HDI General Insurance.

    Discounts

    There are various discounts that you can avail on the Magma HDI Two Wheeler Insurance policy which includes NCB (No Claim Bonus) and other discounts. The policy holder is eligible to avail maximum 50% No Claim Bonus upon renewal. If you have equipped your vehicle with an anti-theft device that is approved by ARAI, you are eligible for a 2.5% discount on Own Damage premium, worth up to Rs. 50.

    Cover Offered under the Magma HDI Bike Insurance Policy:

    Magma Two Wheeler Insurance Coverage

    Third Party Liability Cover: The Magma HDI Two Wheeler Insurance policy covers any legal liabilities arising out of death or injury to a third party or any loss to a third party due to the use of the insured vehicle.

    Cover for damage or loss of the two wheeler: Any loss or damage to the insured two-wheeler which arises out of any one of the following reasons, is covered by the policy. These are – explosion, fire, self-ignition, damage caused by external influence, damage while in transit by airway, elevator, inland waterways, rail or road, loss or damage inflicted by earthquake, lightning, typhoon, flood, storm, hurricane, inundation, storm, cyclone, tempest, hailstorm, rockslide, frost, landslide, theft, burglary, malicious act, riot, terrorist activity or strike.

    Add-On Covers

    At an extra added premium, you can also avail an additional extension to your Magma HDI Two Wheeler Insurance policy in the form of a personal accident cover.

    The Personal Accident Cover offers a Rs. 1, 00,000 cover for the policy holder in the event of an accident while riding the two wheeler. This feature is not available for a vehicle which is owned by a company. Both the policy holder as well as the passengers in the vehicle can be covered under this facility for a sum assured of up to Rs. 1, 00,000 per person.

    Exclusions under the Magma HDI Two Wheeler Insurance Policy:

    • Damage or loss caused due to driving the vehicle under the influence of alcohol or drugs.
    • Loss or damage due to wear and tear
    • Loss due to depreciation and consequential loss
    • Damage or loss caused by driving the vehicle without having a valid driving license
    • Damage or loss arising out of mutiny, nuclear war or nuclear weapons.
    • Electrical or mechanical failure/ breakdown
    • Damage or loss due to war.
    • Damage or loss to the vehicle due to its usage other than that which is approved in the Limitation As to Use clause that is mentioned in the policy document.

    Documentation required for Magma HDI Bike Insurance:

    Accident Claim

    For accident claim, the following documents are required to initiate the claims process:

    • Original policy document
    • FIR from the local police station
    • Report from the Fire Brigade
    • Duly filled claim form
    • Estimate of cost of repairs
    • Registration Certificate
    • Driver’s License
    • Tax token
    • Original Cash Memo/ Receipt/ Invoice or Bills if the non-cashless repair cost is more than Rs. 25,000.
    • Original towing bill.

    Theft Claim

    For theft claim, the following documents are required to initiate the claims process:

    • Original policy document
    • FIR from the local police station
    • Acknowledged intimation to the RTA office.
    • Duly filled claim form
    • Registration Certificate
    • Driver’s License
    • Tax token
    • Intimation to the NCRB
    • Ignition keys to the vehicle
    • Purchase invoice
    • Original copy of the final report provided by the police
    • Duly filled form 28, 29, 30 and 35
    • Subrogation and Indemnity.

    Magma HDI Bike Insurance Claim Procedure:

    The claims process for the Magma HDI Bike Insurance is as follows:

    1. Intimation process
      1. In the event of an accident, you have to immediately inform MHDI of the incident and mention details such as the policy number, place of occurrence and the driver’s details.
      2. You should also inform the customer care of the workshop where you are going to place the two wheeler for repair.
      3. It is important to make sure that the vehicle is not left unsupervised at the scene of the accident.
      4. If a theft has occurred, the policy holder should file an FIR at the local police station immediately.
    2. Repair work
      1. Try to take the vehicle to an MHDI authorised garage for repair work.
      2. When the inspection of the vehicle is being done at the workshop, it is advisable to be present there.
      3. When the inspection is complete, the surveyor will provide the details of loss.
      4. Repairs of the vehicle should be undertaken only after the inspection is complete, and at the advice of the surveyor.
      5. When there is a requirement to replace damaged parts of the vehicle, new parts can be utilised, unless otherwise stated in the policy.
    3. After the repairs
      1. MHDI should be informed about the completion of repairs and a re-inspection will be conducted.
      2. If the repair work was done at a network garage, the policyholder will only be required to bear the cost of the deductibles and depreciation of the vehicle. If the repair was done at a workshop outside the MHDI network, then the policyholder will be paying the entire cost of repair work, and will then have to submit the original bills to the insurer for reimbursement.
      3. If the vehicle was not repaired in a satisfactory manner, intimate MHDI on the same.
    4. Documentation
      1. All required documents should be submitted to the insurance provider or the surveyor, in original.
      2. The insurer or the surveyor will notify you in case there is a need for submission of additional documents.
      3. You should refrain from getting into an agreement with an unauthorised party regarding the claim.
      4. Ensure that you provide only genuine documents to the insurer in the claim process.
      5. Failure to comply to these guidelines can result in the claim being revoked.
    5. Settlement process

    Once all the relevant documentation is received by MHDI, the claim will be settled within 7 working days.

    Magma HDI Two-Wheeler Insurance Frequently Asked Questions (FAQs):

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    6. 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.

    7. 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.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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