Magma HDI Third Party Car Insurance

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Your vehicle is a prized possession, and hence it needs to be insured from all liabilities. Magma Fincorp Limited and HDI Global SE Germany have partnered to form Magma HDI General Insurance Company Limited. Magma HDI third-party car insurance covers any loss or damage to the third party due to your insured car in an accident.  

The policyholders of the Magma HDI third-party car insurance policy are protected against financial and legal liabilities to third parties. Incidents such as injury or death of the third person as well as his/her property damage are covered under this third-party car insurance policy.

How does Magma HDI Third Party Car Insurance Work?

A third-party car insurance policy covers damages to a third-party vehicle as well as the injuries sustained by his/her. Magma HDI will also cover the costs arising from legal liabilities. What’s more important is that it is mandatory to have a third-party car insurance policy., which you can buy from Magma HDI too.

Magma HDI Third Party Car Insurance vs Comprehensive Car Insurance 

BasisThird-Party Car InsuranceComprehensive Car Insurance
CoverageOnly the financial and legal liabilities to the third party are covered by a Magma HDI third-party car insurance policy This car insurance policy covers third-party liabilities as well as the covered car's own damages.
Requirement According to the Indian Motor Tariff Act, this is mandatory.Its purchasing is determined by the policyholders' preferences.
Add-Ons AvailabilityAlong with a third-party car insurance policy, no further coverage is offered.The policyholders can choose from several add-ons with the complete car insurance policy of Magma HDI.
CostDue to its restricted coverage, the Magma HDI third-party insurance policy has lower premiums.Because of its extensive coverage, the comprehensive policy is relatively costly.

How to Buy Magma HDI Third Party Car Insurance?

To buy this car Insurance policy, follow the below steps. 

  • Go to the official page of Magma HDI online.
  • Choose the type of insurance coverage you want to purchase.
  • Mention the required information in the form.
  • Submit all the relevant documents, which include ID proof and KYC Documents.
  • Pay the premium online. The policy will be issued instantly on the premium payment, and policy documents will be sent to your registered email id.

What All is Covered Under Magma HDI Third Party Car Insurance Plan?

  • Third-party death or physical Injury: In case a third party individual suffers an injury due to an accident caused by your car, Magma HDI shall pay the cost for the treatment involved.
  • Third-party property damage: Third-party property damage could result due to an accident. These damages are covered up to INR 7.5 Lakh...

What All is not Covered Under Magma HDI Third Party Car Insurance Plan?

  • Damage caused to your own car.
  • Outside of the defined geographical area, accidental damage, loss, or liability.
  • Any damages caused directly or indirectly by ionizing radiation or radioactive contamination from any nuclear fuel or from any nuclear waste.
  • Any accidental loss or damage caused by a nuclear weapon
  • Any accidental damage arising due to invasion of foreign enemies, hostilities, civil war, mutiny rebellion, Military or usurped power.
  • Damage or loss occurring outside of the insurance policy's defined geographical territory.
  • Claims arising out of any contractual liability.
  • Accidental losses incurred if a vehicle was being used otherwise than in accordance with the law, like overspeeding, riding a car under the influence of alcohol, etc.

 

Key Benefits of Purchasing Magma HDI Third Party Car Insurance Plan

  • The policyholder will be protected against legal obligations arising from damage to the third party.
  • When compared to complete car insurance, Magma HDI third-party car insurance is fairly affordable.
  • This third-party car insurance requires less documentation and formalities. This is major because third-party insurance only covers third parties involved in the accident, not the insured vehicle.

Magma HDI Third Party Car Insurance Review

Magma HDI prevents you from legal and financial hassles in case of car accidents injuring the third party and the damage to the property. In addition, Magma HDI provides other features like cashless benefits, efficient customer service, quick claim settlement, etc. These features explain why Magma HDI Car Insurance is the most renowned company in the insurance market.

Magma HDI Party Car Insurance FAQs

  • 1. Why is Magma HDI third-party car insurance needed?

    Magma HDI Third Party Insurance is needed as it provides third-party liability coverage. Also, it is mandatory according to the Indian Motor Vehicles Act. 

  • 2. What documents are required to apply for Magma HDI third-party car insurance Policy?

    The necessary documents required for Magma HDI third-party insurance policy are

    • Photo ID proof
    • Address proof 
    • Photocopy of valid driving licence
    • Registration number of the car
    • Registration certificate
  • 3. Where can I renew my Magma HDI third-party car insurance policy?

    To renew the Magma HDI third-party car insurance policy, policyholders can visit any branch of Magma HDI or visit its official website and apply for renewal.

  • 4. What are the discounts available to Magma HDI third-party car insurance policyholders?

    Magma HDI provides no claim bonus during policy renewal if you don’t claim in a policy year. Discounts would be available even when you install ARAI-approved anti-theft devices in your car. 

  • 5. Does Magma HDI third-party car insurance provide any coverage beyond the geographical area?

    No, Magma HDI does not provide coverage for any mishap outside the predetermined geographical area. 

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