header Two Wheeler Insurance

Magma HDI Bike Insurance Types and Claim Process

By Vikas Chandra Das
02 August 2022, 4:56 PM

Standalone own damage insurance: A standalone damage policy protects your bike against theft, fire, accidents, and other disasters. Only those who already have third-party bike insurance can acquire a standalone own damage coverage.

A two-wheeler package coverage: Magma HDI comprehensive two-wheeler insurance policies offer broad coverage covering third-party responsibility, own damages, theft, and natural and human-induced calamities.

Bundled insurance: The bundled plan offers coverage for own damage for one year and third-party liabilities for five years.

All it takes is a Magma HDI two-wheeler insurance claim you can make by following the steps advised in this article. Let's get started!

Key Features of Magma HDI Two-wheeler Package Insurance Plan

  • The sum insured is calculated based on the insured declared value (IDV), a predetermined portion of the two-manufacturer-determined wheeler's selling price, plus its depreciation value.
  • Third-party liability is also included by which you can get a claim for injuries or death of the third parties and their properties.
  • Provides financial protection against theft and damage to the vehicle due to accidents, and man-made and natural calamities.
  • Includes protection against losses sustained while transportation by rail, road, sea, air, lift, etc.
  • Offers supplemental coverage, such as personal accident cover, in exchange for a small additional fee.
  • Offers a no claim bonus (NCB), resulting in a reduction in the premium for the following policy year. The premium can reduce by 20% to 50% if no claims are made during the current policy year.

Read more - Magma HDI Two Wheeler Insurance

What is Covered Under the Magma HDI Standalone Own Damage Two-wheeler Insurance Plan?

The Magma HDI standalone own damage two-wheeler insurance policy offers protection against the following:

  • Damage or loss to one's vehicle, including the cost of repairs for any damage done to the vehicle or its accessories.
  • All losses or damages from catastrophes like earthquakes, lightning strikes, storms, cyclones, etc., are covered.
  • If your motorcycle is damaged due to events like fire, theft, strikes, etc. Additionally, it covers any harm done to the car while it is transported by road, rail, air, inland waterways, etc.
  • Theft protection is included in the Magma HDI standalone own damage two-wheeler insurance coverage. If your car is stolen, you can file a claim with your insurance company to get your money back and get a new car.
  • You can add several add-ons to the two-wheeler standalone own damage policy.

What Does a Third-party Liability Policy of Magma HDI Bike Insurance Cover?

A Magma HDI third-party liability policy protects the insured against several incidents. These include the following -

  • Any legal obligations to third parties originating from a bike-related accident that results in property damage, harm to people, or death would be covered.
  • Coverage for third-party property damage is available for upto INR 7.5 lakh.
  • No predefined limit against coverage for third-party death or injury. The court decides compensation in that case.

Magma HDI Two-wheeler Insurance Claim Procedure

The two-wheeler insurance claim process at Magma HDI is quick and easy. The steps to making a claim are as follows:

  • Start by registering your claim by going to the insurance company's official website and providing the necessary information. A claim registration number is given once the claim is registered.
  • An assessor is hired to determine the losses incurred. To estimate the cost of repairs, the surveyor visits the site and surveys the spot. Along with the policy document, you must submit a duly filled claim form.
  • Following the verification, the surveyor grants approval, the point at which the claim is resolved, and payment is issued straight to the network garage.
  • Get the bike fixed at your convenience. Under the reimbursement claim settlement, you can send the insurance company the policy paperwork, bills, and receipts for the completed repairs. You can have your vehicle fixed at the garage of your choice when the money is directly credited to your bank account.

Read more -  Importance of Two Wheeler Insurance

Overview of Magma HDI General Insurance Company

A joint venture between HDI Global Germany and Magma Fincorp Limited is the Magma HDI General Insurance Company. The insurance company combines HDI Global's innovative approach with Magma Fincorp's market understanding to discover the varied consumer needs and fulfill them effectively. The business was incorporated in September 2019 and granted an IRDAI license to conduct general insurance services in May 2012.

Magma HDI General Insurance has various cutting-edge business and retail general insurance products. It has 135 offices spread across India and 25 lakh customers. For the fiscal year 2018–19, the company's claim settlement ratio is 91.85%. The motor insurance incurred claim settlement ratio for the fiscal year 2018–19 was 65%.


Magma HDI General Insurance has digitized the purchase, renewal, and claim processes to reach a sizable customer base. Both offline and online methods can complete the claim settlement procedure.

Read more - Tips to Choose the Most Suitable Two-wheeler Insurance in India


1. What should you do if your bike gets stolen or lost?

If your bike gets stolen or lost, the key things you need to do are:

  1. File a First Information Report (FIR)
  2. Inform Your Insurance Provider
  3. Inform The Regional Transport Office (RTO)
  4. Submit All Claim-Related Documents & Bike Keys
  5. Get a No-Trace Report from the Police

2. Does a bike insurance policy cover theft in India?

Yes, two-wheeler insurance policies in India cover theft and damage to the bike. However, there are two insurance policies that cover theft-comprehensive and standalone own damage bike insurance plans.

3. Why is bike insurance important?

A bike insurance policy provides financial support to a motorist’s family if the motorist dies in a road accident. It also covers the legal liabilities against a third party caused by your insured bike. 

4. How can you check bike insurance through the VAHAN website?

  • Open the official website of VAHAN.
  • Register with your phone number and email ID. You will get a One Time Password (OTP). Enter it in the box provided to create an account. Ignore this step if you already have an account since you can log in with your user ID and password.
  • After logging in, find the ‘Know Your Vehicle Details’’ tab and click on it.
  • Enter the Vehicle Registration Number of your motorcycle.
  • The website will display all pertinent information about your bike insurance policy, including its expiry date.
Two wheeler Insurance banner
Two wheeler Insurance

Starting at only ₹1.5 per Day*

Enter your details to buy Bike Insurance
By proceeding you agree to Terms & Conditions
Proceed without two wheeler number