Magma HDI Car Insurance

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Magma HDI General Insurance Company Limited is a general insurance company established in the year 2009. The company was formed by way of a joint venture between Magma Fincorp Limited and HDI Global SE Germany. Both the companies carry hands-on expertise in their respective fields and have joined hands to provide top-notch retail and commercial general insurance products in the Indian Markets. 

Magma Fincorp is India’s leading NBFC with a presence of 304 offices in India while HDI Global SE is a part of Talanx Group having a presence in 150 countries. Together they came to form Magma HDI General Insurance Company and to cater general insurance needs of their customers.

Types of Car Insurance Policies with Magma HDI General Insurance Company Limited

Magma HDI General Insurance Company Limited has a variety of products to satisfy the diverse insurance needs and requirements of its customers. The company has a wide portfolio of products under its belt designed to protect and safeguard its customers from unforeseen damages. The following is the list of various products offered by Magma HDI General Insurance Company

  1. Private Car Insurance:
    This car insurance cover is available for private cars to protect them from unforeseen damages or any third-party liability arising due to an accident.
  2. Commercial Vehicle Insurance: 
    This insurance policy is designed to cover the damages caused to and by the commercial vehicle to third-party property or person. It is mandatory for commercial vehicles in India to purchase a comprehensive insurance plan.
  3. Third-Party only car insurance plan: 
    This is a third-party car insurance plan which can be availed to cover third-party liability only.
  4. Motor Tractor Package: 
    This insurance cover is designed for tractors and covers for the damages that might hamper the working of the machinery.
  5. Motor Trade Policy: 
    This insurance cover is designed for those businesses that are involved in the selling of new vehicles. New vehicles can be damaged in transit or in handling even before it is sold to the customer. With this insurance policy, any damages caused to vehicles are covered.
  6. Motor Trade Internal Risk Policy: 
    This insurance covers the damage caused to the third-party person or property by the new vehicle that is not yet sold. The businesses that are involved in the selling of new vehicles opt motor trade internal risk policy to secure any damage to the vehicle or any bodily injury caused to the staff handling pre-sold vehicles.
  7. Stand Alone OD Private Car: 
    This policy provides cover against any damage to or loss of your vehicle or its accessories arising out of any accident/mishap. This plan is provided to car owners with a valid third-party-only car insurance plan.

Thus, above are the various general insurance products offered by Magma HDI General Insurance Company. On this page, we shall learn about Magma HDI Car Insurance Company. Let’s see the benefits of Magma HDI Car Insurance Benefits in detail.

Benefits of Magma HDI Car Insurance Plan

Magma HDI Car Insurance Policy is designed to provide 360-degree complete protection against the unforeseen damages that might come in the way of the car owner. The policy is designed to provide compulsory third-party liability as per the guidelines of the Motor Vehicles Act. The following are the benefits of Magma HDI Car Insurance Policy:

  1. Network of garages: 
    With a large network of garages, Magma HDI Car Insurance plans can be used for cashless claims.
  2. Roadside Assistance:
    This insurance plan covers roadside assistance if your car breaks down at any part of the city without any hassle.
  3. Additional Covers: 
    The car owner can avail additional covers to the base plan and make it more robust and widen the scope of insurance cover. The following additional covers are available under Magma HDI Car Insurance Policy:
    • Personal Accident Cover: The personal accident cover provides compulsory personal accident cover of INR 15 Lakhs.
    • Additional Legal Liability: The following legal liability can be availed by paying an additional premium amount:
      • Cover for paid driver/conductor/cleaner employed towards the operation of the vehicle
      • Employees travelling/driving the vehicle other than the paid driver
      • Non – Fare paying passengers
    • Bi-Fuel Kit: Under this cover, the CNG-LPG bi-fuel kit expenses can be covered by paying an additional premium.
    • Tyre Protect:
      In case of any damage to your tyre, the same is covered in this add-on.
  4. No Claim Bonus: 
    For every claim-free year, the customer is offered a ‘No Claim Bonus’ at the time of policy renewal subject to a maximum of 50%. Additionally, customers can carry forward their No Claim Bonus when they shift to Magma HDI Car Insurance Policy from another motor insurance policy.
  5. Other Discounts: 
    Other discounts as under are also available to the customers of Magma HDI Car Insurance Policy:
    • Voluntary Excess Discount: 
      Additional discount is available to customers who opt for voluntary excess in addition to the compulsory excess.
    • Automobile Association Membership: 
      Additional discount is available for members of a recognised Automobile Association.
    • Anti-Theft Devices: 
      If you have installed an ARAI approved anti-theft device in your car then you are eligible to receive a discount of 2.5% on the OD premium subject to a maximum of INR 500.

What is Covered in Magma HDI Car Insurance Plan?

The Magma HDI Car Insurance policy covers the following damages:

  • Third-Party Liability arising out of accident thereby causing bodily injury/ death to a person or damages to third party property.
  • Damage to own vehicle caused due to accident or natural calamities
  • Damages caused due to events like riots, theft, strike, accident by external means, etc.
  • Damages caused due to events like fire, explosion, an act of terrorism, flood, typhoon, landslide, etc.

What is not Covered in Magma HDI Car Insurance Plan?

Exclusions are any losses or damage caused to the vehicle/accessories but are not covered under the car insurance policy. The Magma HDI Car insurance policy does not cover the following damages:

  • Normal wear and tear of the vehicle caused due to ageing
  • Depreciation or any consequential loss
  • Mechanical or Electrical Breakdown of the Vehicle
  • The car used against the accordance with limitations i.e. private car being used as a taxi
  • Damages caused to the vehicle by the driver without carrying a valid license
  • Damages caused to the vehicle while driving under the influence of alcohol or drugs
  • Damages caused due to act of War, Mutiny or Nuclear Risk

How to Apply for a Magma HDI Car Insurance Plan in India?

Buying a Magma HDI Car insurance policy is simple. Customers who wish to purchase the policy can buy the policy online. Within a few clicks and by entering valid information like Manufacturing Make of your vehicle, Model type, RTO, Registration Date, etc. you will receive an online car insurance policy quote. If you are satisfied with the features, benefits and online quote offered by the insurance provider then you can go ahead to pay the premium amount. Once the premium amount is paid and the receipt of payment is acknowledged by the company, they shall issue Magma HDI Car Insurance Policy for your prized possession.

Magma HDI Car Insurance Claim Process 

The claim process of Magma HDI Car Insurance policy is simple and quick. The company offers round-the-clock customer support for a faster and hassle-free car insurance claim. The company has a huge network of cashless garages where the customer can avail car services instantly without burning a hole in the pocket.

Documents Necessary for Magma HDI Car Insurance Claim

For hassle-free and quick claim settlement the customer needs to keep ready the following documents:

  • Duly filled Claim Form
  • Copy of Registration Certificate of the insured vehicle
  • Driving License of the driver
  • In case of an accident, Copy of FIR
  • Repairs Estimates
  • KYC documents of the proposer
  • Road permit documents of the vehicle
  • Fitness Certificate of the Vehicle
  • Original Vehicle Registration Certificate

Customers can process the claim settlement in two ways namely:

Cashless Claim Process for Magma HDI Car Insurance

Under this, the claim amount shall be directly paid to the car workshop after submission of all required and relevant documents

  1. If there has been an accident, an MCR (Motor Collision Report) needs to be filed
  2. You need to take your car to an authorised garage of Magma HDI for cashless claim
  3. A surveyor will visit the car to estimate the cost for the repair
  4. Once that is approved, your vehicle would be repaired
  5. Then the bills would be directly settled by the insurance company

Reimbursement Claim Process for Magma HDI Car Insurance

Under this, the primary expenses are borne by the car owner while the insurance company will reimburse the amount back once all the documentation formalities are completed by the customer.

  1. The surveyor will visit the car at the owner’s residence or specified address for a survey of the vehicle to estimate the cost of repair from the accident
  2. Once the surveyor approves the claim and mentions the amount approved, the vehicle can be repaired from any garage
  3. The money needs to be paid by you and then you can claim the same from the insurance company after submitting the relevant documentation.

How to Renew Your Lapsed/Expired Magma HDI Car Insurance Policy Online?

Renewing a lapsed Magma HDI Car insurance policy is simple. Within a few clicks, customers can renew their lapsed or expired policy with Magma HDI Online Portal. The customer only needs to login to the online portal with valid credentials, enter valid policy details like policy number, name, mobile no, etc. Once the customer enters all the required details, the online portal shall create an online quote stating the premium amount that is to be paid in order to renew the lapsed or expired policy. If all details and the premium amount is accepted and paid by the customer, the company shall renew the lapsed Magma HDI car insurance policy online. However, for renewing lapsed policy the customer needs to keep the following documents handy:

  • Policy document
  • Copy of RC Book
  • KYC documents of the proposer or car owner

In order to renew an already lapsed car insurance policy, there needs to be a survey done by the insurance company to confirm that the vehicle is in a good condition and an insurance policy for the same can be provided. Also, if the vehicle insurance policy has lapsed or expired for a tenure of 90 days or more, your NCB or No Claim Bonus would also lapse. Thus, it is a good idea to renew your car insurance policy in time so that you get continuity benefits.

Magma HDI Car Insurance Review

Magma HDI General Insurance Company is working efficiently towards satisfying the insurance needs and requirements of its customers. The company is known for offering a range of general insurance products. Apart from offering a range of products, the company is known for building efficient and customer-centric services. The company is known for its products and customer service. They are striving towards creating an ecosystem that attracts and nurtures more insurance customers.

Magma HDI Insurance Customer Care Number

Customers of Magma HDI Car Insurance Company and all prospective customers who wish to contact the company can reach through the following manner:

The customer support team is available at service 24*7. For any support and service, the customers can reach the above-given number at any time of the day.

Magma HDI Car Insurance FAQs

  • 1. How many add-on covers does Magma HDI Car Insurance Company offer?

    Magma HDI Car Insurance Company provides a range of toppings which their customers pick and choose to avail additional coverage for their car insurance policy. These add-on covers provide additional protection thereby ensuring peace of mind. By adding the add-on covers customers can customize their base car insurance policy by paying a minimal extra premium and secure themselves against any cost incurred due to loss or damage to the car. The add-on covers offered by Magma HDI Car Insurance Policy are as under:

    1. Engine Protection
    2. NCB Retention
    3. Zero Depreciation
    4. Roadside Assistance
    5. Invoice Value
    6. Key replacements
    7. Loss of Personal Belongings
    8. Inconvenience Allowance
  • 2. What is the incurred claim ratio of Magma HDI Insurance Company?

    According to IRDA Annual Reports, 2018-2019 reports the incurred claim ratio of Magma HDI Car Insurance Company is 65%.

  • 3. How can I check my Magma HDI Car Insurance Company’s Car Claim status online?

    Customers who wish to check the Magma HDI Car Insurance Company’s Car Claim status online need to kindly visit the Insurance Information Bureau (IIB) website, a portal created by IRDA. Enter the valid required details on the website to know the claim status. This platform has made claim status checks easier.

  • 4. How can I download my Magma HDI Insurance Company’s Car Policy Document Online?

    To download a car policy document online, you need to first login to the website with valid credentials and then you can download your car policy document. Alternatively, you can call the customer support team and get help on the ways to download car policy documents.

  • 5. How long does Magma HDI Insurance Company take to process and settle car insurance claims?

    As per IRDA guidelines and regulations, the insurance company has to settle the car insurance claims within 30 days of receiving all the documents and verification. If any further investigation is required, the claim settlement process should be completed within 6 months starting from the date of filing the claim in writing.

  • 6. Does Magma HDI Insurance Company offer pay-as-you-drive car insurance?

    No, Magma HDI General Insurance Company does not offer a pay-as-you-drive car insurance facility.

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