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Magma HDI Standalone Own Damage Car Insurance
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A Magma HDI standalone car insurance policy protects the policyholder's insured vehicle against any losses incurred due to an accident or mishap. This car insurance policy will protect the car from damage caused by accidents, natural disasters, man-made disasters, fire, theft, and damage while in transit. This is an overview of the Magma HDI standalone car insurance policy. How it works and how it fares compared to other car insurance variants of the insurance company should interest you too. We’ve thus come up with everything that you would like to know about this Magma HDI car insurance policy.
How does Magma HDI Standalone Car Insurance Work?
A standalone Magma HDI car insurance policy covers only your car's own damage. The coverage protects your car from harm caused by you. Furthermore, the plan protects your car from damage caused by accidents, natural catastrophes, man-made disasters, fire, theft, and damage while in transit.
Magma HDI Standalone Car Insurance vs Third Party Car Insurance vs Comprehensive Car Insurance
| Basis | Third-Party Insurance | Standalone Insurance | Comprehensive Car Insurance |
| Definition | This insurance provides coverage for third-party liability, including bodily injuries, death, and property damage. | This insurance provides coverage for damage to the policyholder's vehicle. However, it is not compulsory and offers more protection than third-party insurance. | This insurance provides coverage for both third-party and own damage costs. |
| Coverage | Third-party liabilities only | Own-damage costs only | Third-party liabilities and own costs |
| Benefits | Third-party property damage cover is available for up to INR 7.5 lakh, while coverage for death and bodily injuries sustained by the third party comes with no defined limit. | It covers several car damage costs owing to incidents, including natural calamities, vandalism, accidents, total damage, and theft. In addition, you can purchase add-on covers and receive NCB. | Besides enhanced coverage for both car damage and third party, you will also be eligible for NCB on your own damage insurance premium component and can buy several add-ons. |
| Premium Amount | As only third-party liabilities are covered, the premium remains the lowest. | Comparatively higher premium than a third-party plan and lower than a comprehensive plan | The enhanced coverage leads to the maximum premium being charged in this Magma HDI car insurance variant. |
| Depreciation Rate | You will not get covered for car damages under this policy. So, depreciation does not play a role in this policy | The rate of depreciation decreases the claim amount you ask for in case of car damages. | The rate of depreciation decreases the claim amount. |
What All is Covered Under Magma HDI Standalone Car Insurance Plan?
- This Magma HDI standalone car insurance policy covers damages incurred by your car in an accident.
- A separate own-damage plan covers the damage caused to your car by earthquakes, floods, cyclones, and other natural disasters.
- The plan also covers car damage in the event of riots, strikes, explosions, and other man-made disasters.
- A Magma HDI standalone own-damage car insurance plan keeps you insured against vehicle theft.
- This plan covers your car in the event of a fire or explosion.
What All is not Covered Under Magma HDI Standalone Car Insurance Plan?
- Normal wear and tear of the car.
- Depreciation.
- Mechanical or electrical breakdown.
- Damage due to driving a vehicle without a valid licence.
- Damage caused by riding a four-wheeler when intoxicated by alcohol, drugs, or other substances.
- War/nuclear peril causing damage to the four-wheeler.
Magma HDI Standalone Car Insurance Benefits
The following are the benefits of purchasing Magma HDI standalone own damage four-wheeler insurance policy.
- This policy covers expenses of the insured four-wheeler if it is damaged due to any mishap.
- Policyholders receive a no claim bonus on renewal if they don’t claim in the previous policy year.
- Suitable add-on coverage options are available to expand the policy's coverage.
Magma HDI Standalone Insurance Review
To reach out to a large number of clients, Magma HDI has digitized the insurance process, including purchase, renewal and claims. Both offline and online claim settlement processes are available. The insurance company has established an efficient and cooperative customer care service to guide and assist its policyholders through claim settlement procedures. It has been consistently working to make insurance more affordable, simpler and more accessible by providing quality service at affordable rates.
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Magma HDI Standalone Car Insurance FAQs
1. What are the factors that affect Magma HDI standalone car insurance premiums?
Below are the factors affecting standalone car insurance premiums charged by Magma HDI.
- Car cc.
- Insured declared value.
- No claim bonus.
- Make and model of the car
- Car's age
- Policy add-ons, if taken by the policyholders
2. Who is eligible to purchase Magma HDI own-damage car insurance policy?
All vehicle owners can purchase Magma HDI own damage car insurance policy either on a standalone basis or through a comprehensive plan. The comprehensive plan of Magma HDI would be better as it covers third-party liabilities, something that every vehicle owner must have to drive without any legal complications.
3.Does the Magma HDI standalone car insurance policy also include third-party liability cover?
No, this policy does not include the same.
4. What is covered under Magma HDI standalone own damage car insurance cover?
A standalone own-damage car insurance plan provides coverage for the following:
- Accidental damage.
- Natural disasters.
- Man-made disasters.
- Theft.
- Fire.
5. How is the own damage cover premium under Magma HDI standalone car insurance policy calculated?
When determining the car insurance premium for a standalone own-damage car insurance policy, three key elements are taken into account. The car's IDV, Its cubic capacity and age. Policyholders can calculate the premium on the official website of Magma HDI.