Magma HDI Two Wheeler Insurance

Magma HDI Two Wheeler Insurance is a type of comprehensive two wheeler insurance policy offered by Magma HDI General Insurance. The insurer provides two wheeler Insurance policy package, Commercial Vehicle Insurance, Motor Tractor package, Motor Act Only Policy, Motor Trade Policy and Motor Trade Internal Risk Policy.

Additional benefits that can be included in the two wheeler insurance policy package are personal accident cover. Magma HDI is a joint venture between Magma Fincorp Limited and HDI Global SE. The insurer has 310 offices across 22 states in India.

• Sum Insured is determined as per the Insured Declared Value (IDV), that is, a specific percentage of the selling price of the two wheeler, as decided by the manufacturer, and its value of depreciation.


• Includes Third Party Liability Only cover that financially secures third parties against accidental death and injury, and Comprehensive Insurance cover that offers financial cover to the insured two wheeler under the same incidents


• Offers financial protection against accident, theft and third party claims


• Offers coverage against loss and damage caused to insured two wheelers arising from natural and manmade disasters


• Includes coverage for damages caused during transit by rail, roadways, water, air, lift, etc.


• Offers add-on covers, like Personal Accident Cover, on the payment of an additional nominal premium


• Offers No Claim Bonus discount (NCB), i.e., a discount ranging from 20% to 50% on the premium for the next policy year when no claim is raised in the existing policy year

• Third Party Liability Only cover for financially protecting third party individuals and property against accidental death and bodily injury, and damages caused by insured two wheeler.


• Offers insurance plans that offer comprehensive coverage for accidental death, bodily injury, damage and theft to the insured two wheeler


• Add-on riders enhance the effectiveness of a basic Magma HDI two wheeler insurance policy


• Includes attractive discounts that increase the affordability of Magma HDI two wheeler insurance


• A no-claim policy year attracts discounts, known as No Claim Bonus, on the premium for the next policy year


• Fast and streamlined claim settlement process, offered online and offline


• Magma HDI two wheeler insurance is availed from more than 200 branches across India

Third Party Liability-Only Cover:

The Magma HDI Two Wheeler third party liability only Insurance policy is designed to offer financial coverage in the event of death or injury caused to a third party, or any loss caused to a third party due to the insured two wheeler.

Damage/loss of the insured two wheeler:

Loss or damage to the vehicle insured by Magma HDI two wheeler insurance due to the following manmade and natural disasters:

• Damage/loss on transit by rail, road, airway, waterway, elevator, etc.
• Fire, explosion, self-ignition
• Theft, terrorist activities, etc.
• Earthquake, storm, flood, landslide, rockslide, hailstorm, etc.

An add-on rider is an optional cover that policyholders of Magma HDI two wheeler insurance can opt for by paying an additional premium over and above the basic premium. It offers benefits that are not extended through basic Third Party Liability or Comprehensive Magma HDI two wheeler insurance policies.

One of the most effective add-on cover is the Personal Accident Cover that offers a cover of Rs. 1, 00,000 to the policy holder in case he/she runs into an accident while riding the insured two wheeler. The rider covers the policyholder as well as the individual who may have been riding as a pillion at the time of the accident. This feature is not applicable for a two wheeler that has been registered for commercial purposes.

Anyone who wants to purchase a Magma HDI Two Wheeler Insurance, should meet the following criteria to be eligible for it:

• Registered vehicle by any Roads & Transport Authority (RTA) in India
• Two wheeler that has not been modified from the original features of its model at the time of purchase, with the exception of modifications made to aid differently abled individuals
• A physical inspection of the two wheeler may be recommended by Magma HDI two wheeler insurance in case the existing policy is nearing its renewal date
• Two wheeler fitness certificate to certify that it is fit enough to ply on Indian roads. This certificate is especially essential for old two wheelers

• Policyholders of Magma HDI two wheeler insurance are eligible for exciting discounts, through a feature called No Claim Bonus (NCB), on the premium for the next policy year if no-claims are made in the previous policy year. Discount rates increase every policy year, up to a maximum of 50%, on no-claims made in previous policy years.


• Further, policyholders are eligible for a discount of 2.5% on Own Damage (OD). premium, up to a maximum of Rs. 50, on having an ARAI-approved anti-theft device installed in the insured two wheeler.


• Discount on premium in case the Magma HDI two wheeler insurance policyholder opts for a Voluntary Excess, over and above the Compulsory Excess, which is the loss incurred by the insured during the claim process.


• Additional discounts are applicable on being a member of a recognized Automobile Association in India.

• Damage/loss due to normal and tear


• Loss due to depreciation


• Electrical or mechanical breakdown of the insured two wheeler


• Damage/loss arising from driving the insured two wheeler under the influence of drugs or alcohol


• Damage/loss caused while driving the insured two wheeler without a valid driving license


• Damage/loss caused during exceptional situations like strike, war, nuclear war, nuclear weapons, etc.


• Damage/loss of the insured two wheeler due to usage for purposes other than what it has been legally registered for; for instance, commercial two wheeler used for private purposes

The claims procedure for Magma HDI two wheeler insurance is as below:

Intimation procedure

• Get in touch with Magma HDI as soon as an accident occurs.
• Inform them about essential details of your insured two wheeler and magma HDI two wheeler insurance policy like policy number, location where it has occurred and information about the driver.
• In case of a theft, a FIR has to be filed at the relevant police station immediately after the incident.
• Make sure that you do not leave your two wheeler unsupervised at the location of the accident.
• Inform Magma HDI two wheeler insurance of the garage where you have taken your insured two wheeler for repair

Repair work

• Take your insured two wheeler to an authorized garage preferably, so that you can benefit from the cashless facility offered by Magma HDI two wheeler insurance
• After conducting an inspection of the damages to the two wheeler, the garage will provide a rough estimate of the expenses that will be incurred for the repair work.
• In case a replacement of damaged parts of the two wheeler is required, new parts can be purchased, unless the Magma HDI two wheeler insurance policy mentions otherwise.

Post-repair process

• Magma MHDI has to be informed about after the repair work has been completed, so that a re-inspection can be conducted.
• If the repair work was undertaken at a network garage, the reimbursement will be made directly to the garage due to the cashless benefits offered by Magma HDI two wheeler insurance. The policyholder has to only bear the expenses for deductibles and depreciation value of the two wheeler. In case the repair was conducted at a garage that is not a part of the network of Magma HDI two wheeler insurance, the policyholder has to bear the entire expenses, and then submit the original bills as proofs to claim reimbursement from the insurer.
• If the policyholder is not satisfied with the repairs done in a network garage, he/she should inform the insurance company about the same.

Documentation

• Necessary documents in original have to be submitted to Magma HDI two wheeler insurance.
• Ensure you submit genuine and original documents only.
• The insurance company will notify the policyholder if some other documents require to be submitted.
• Fraudulent documents will lead to the claim being revoked.

Settlement process

After the relevant documents have been submitted by the Magma HDI two wheeler insurance policyholder has been submitted, and they have been verified by the insurer, the claim will be settled within 7 business days.

Magma HDI two wheeler insurance specializes in offering a range of Third Party Liability Only and Comprehensive two wheeler insurance plans. Each of these have been tailor-made to meet different insurance needs of vehicle owners. Not just that, it also offers add-on riders, each of which are available on a minimal payment above the premium for the basic plan. Other features like cashless benefits, efficient customer service, quick claim settlement, just to name a few, further explain the reason behind Magma HDI two wheeler insurance being one of the most renowned companies in the market today.