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Magma HDI Bike/Two Wheeler Insurance
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Magma HDI General Insurance Company is a joint venture between Magma Fincorp Limited and HDI Global Germany. The insurance company uses Magma Fincorp to understand the markets in order to identify the various needs of customers and amalgamates it with HDI Global’s innovative approach to serve its customers in the most efficient manner. The company was registered in September 2019 and received its licence for carrying out general insurance business by IRDA in May 2012.
Magma HDI General Insurance offers a wide range of innovative commercial and retail general Insurance products. It has 135 offices all over India with a customer base of 25 lakhs. The claim settlement ratio of the company is 91.85% for the financial year 2018-19. The incurred claim settlement ratio of motor insurance for the financial year 2018-19 stood at 65%.
Types of Magma HDI Two-wheeler Insurance Plans
Magma HDI General Insurance offers the following types of two-wheeler insurance plans:
1. Third-party liability only policy-
Third-party liability is compulsory under the Motor Vehicles Act, 1988. It provides coverage against third party suffering due to damages caused to third parties or third party property. It is necessary for every bike owner to buy third-party liability insurance policy at the time of purchasing the vehicle.
There are two kinds of liability only policies offered by Magma HDI. They are as follows:
- Single year liability only policy-
It covers third-party liabilities for a tenure of one year only.
- Long term liability only policy-
It covers third-party liability on new two-wheelers. This long term liability only policy comes with a term of 2 or 3 years.
2. Comprehensive two-wheeler insurance policy-
This is called a two-wheeler package policy. When you buy third-party liability only insurance, you do not get coverage damages suffered by your own bike. Comprehensive two-wheeler insurance policies provide wide coverage which includes third party liability, own damages, theft and natural calamities. Magma HDI offers an annual comprehensive policy.
3. Bundled plan-
Bundled Plan provides coverage against third-party liabilities for a period of 5 years and own damage for a period of one year.
4. Standalone own damages insurance policy-
Standalone own damage policy covers damages caused to your vehicle due to fire, accident, calamity or theft. No coverage is provided for third party liability. You can purchase a standalone own damage insurance policy only if you have an existing third party cover.
As per the latest guidelines by IRDAI, it is mandatory to buy third-party liability policy for 5 years for new bikes. You can buy 5-year third party + one-year own damages under the bundled plan or Standalone one-year own damage cover + 5-year standalone third-party liability cover.
Benefits of Magma HDI Two-wheeler Insurance
Let us look at the benefits you get when you buy Magma HDI two-wheeler insurance policy:
All the services, right from buying, renewing and making claims, are available online. You can buy an insurance policy from the official website of the company by following simple steps. Similarly, renewal and claim settlement can also be done online without visiting the branch. The digitalisation of insurance policies helps you to save time and service your policy conveniently.
- Wide network-
You can get your vehicle repaired at any of the networked garages of the insurance company and avail cashless settlement. Magma HDI General Insurance has tie-ups with over 4500 network garages across India.
- Customer service-
The customer service department of Magma HDI is very helpful and efficient. You can call the customer care department of the insurance company with any query and they will assist you in the best possible manner.
- No inspection renewal-
You can renew your insurance policy by visiting the website of the insurance company without any requirement of inspection at the time of renewal. Follow simple steps, pay the premium and your policy will be renewed.
- Emergency assistance-
Magma HDI two-wheeler insurance provides anytime, anywhere including roadside assistance providing you towing facilities to the nearest repair centre.
- Easy claim process-
Magma HDI offers both cashless as well as reimbursement settlement of claims. The claim process is very simple and hassle-free.
- Unlimited claims- You can make unlimited claims with your Magma HDI two-wheeler insurance policy subject to certain terms and conditions.
What does Magma HDI Two-wheeler Insurance Plan Cover?
Magma HDI two-wheeler insurance policy generally provides coverage against the following:
- Third-party liability-
Any legal liabilities towards third parties resulting due to an accident caused by the bike leading to bodily injury or death or damage to property would be covered. Third-party liability is also available under a comprehensive insurance plan.
- Damage or loss to own vehicle-
Two- wheeler insurance plans provide cover against damages caused to your vehicle or its accessories and the repair costs are covered.
- Natural calamities-
Any losses or damages due to natural calamities such as earthquake, lightning, storm, cyclone, etc. are covered.
- Man-made calamities-
A claim can be made with the insurance company in case of any damages suffered due to man-made calamities such as fire, theft, strike, etc. It also covers any damage caused to the vehicle in transit by rail, air, road, inland waterways, etc.
Comprehensive insurance policies from Magma HDI cover theft protection. If your vehicle is stolen, you can make a claim to the insurance company to recover the losses and replace the old vehicle with the new one.
- Personal accident (if opted)-
If you opt for personal accident cover along with your two-wheeler insurance policy, then a lump sum benefit would be paid if you or your pillion rider suffers disablement or unfortunate death in an accident. Personal accident cover is an optional cover.
What does Magma HDI Two-wheeler Insurance Not Cover?
While Magma HDI offers a wide range of cover and ensure to give you best possible services there are certain losses or damages suffered by your vehicle or its accessories which will not be covered if caused by any of the following:
- Mechanical or electrical breakdown-
Two- wheeler insurance does not cover the mechanical or electrical breakdown of your bike.
- Wear and tear-
No coverage is offered for normal wear and tear as well as for general ageing of your vehicle. Also, no coverage is offered for depreciation or any consequential losses.
- Damage due to specified man-made disasters-
Damages due to man-made disasters such as war or nuclear risk not covered.
- Driving without a valid licence-
When you are driving your vehicle without a valid licence or using your vehicle for any illegal activities, then you cannot make a claim for damages arising due to such activities.
- Drunk driving the vehicle-
If you are driving your vehicle while you are drunk or under the influence of drugs and suffer an accident, the claim would not be paid.
- Limitations to use-
If you use your vehicle in violation of the limitations to using a clause as mentioned in the policy, then you cannot make a claim for any damages suffered.
- Regular servicing-
The cost of regular servicing of your vehicle is to be paid by you as the insurance company will not offer any compensation.
- Damage that took place outside India-
Magma HDI two-wheeler insurance provides coverage against damages arising within the geographical limits of India. Any damages beyond the Indian borders are not covered.
- Damage when the policy is inactive-
If your insurance policy has lapsed, no damages will be paid by the insurance company during the period when your policy is inactive.
How to buy Magma HDI Two-wheeler Insurance?
To apply for Magma HDI two-wheeler insurance policy, here are the steps that you should follow:
- Visit the official website of the insurance company-
Visit the website of the insurance company (https://www.magmahdi.com/motor-rollover?motorQuote=tw ) and start off by giving a few details about yourself such as your name, contact number, address, etc. Along with that also fill in in details of your vehicle such as its registration number, make and model, etc.
- Select the policy-
Then go over the available insurance policies, check the prices, go to the policy wordings and select a policy as per your needs. You can select your own IDV and apply the offers available to get an optimal price.
- Submit the documents-
After selecting the plan, submit the relevant documents which include your ID proof and KYC document.
- Pay the premium-
On payment of the premium, your policy will be issued instantly and the policy document will be sent to you on the registered email address.
Buying a two-wheeler insurance policy from Magma HDI General Insurance online is simple and can be done within minutes. Just complete a few steps and you are good to go with the new insurance policy.
Magma HDI Two Wheeler Insurance Claim Process
Magma HDIs two-wheeler insurance claim process is very smooth and quick. To make a claim, the steps are as follows:
- Register your claim-
Start off by registering the claim by visiting the official website (https://www.magmahdi.com/claims ) of the insurance company and entering the relevant details. Once the claim gets registered, a claim registration number is issued.
- Verification of claim-
A surveyor is appointed to assess the damages suffered. The surveyor visits the site and conducts a spot survey to prepare the estimated cost of repairs. You are required to submit a duly filled claim form along with the policy documents.
- Claim settlement-
After verification, the surveyor gives approval following which claim is settled and payment is made to the network garage directly.
- Get the bike repaired at your ease-
Under reimbursement claim settlement, you can submit the bills and receipts of repairs along with the policy document to the insurance company after the completion of repairs. The amount will be credited to your bank account directly and you can repair your vehicle at your preferred garage.
Two-wheeler insurance claims have been made very easy. Magma HDI provides self-inspection too for settlement of claims and the process is hassle-free.
Renewing a Lapsed Magma HDI Two-wheeler Insurance Policy?
To enjoy uninterrupted coverage and to comply with the legal traffic guidelines, you need to renew your insurance policy within the due date. You can renew your insurance policy online through the website of the company (https://www.magmahdi.com/motor-renewal ).
If you forget to renew your insurance policy on time, the policy will lapse and its coverage would stop. Every insurance company offers a grace period for renewal within which you can pay the premium and your no claim bonus will remain active. However, if the grace period expires, the no claim bonus would lapse. Then you can renew your policy by contacting the insurance company. The insurance company will inspect the vehicle and offer you a fresh quote. Pay the premium and your policy will be renewed.
Review of Magma HDI Two-wheeler Insurance
Magma HDI General Insurance has digitised the process involved in purchase, renewal and claim to reach out to a large number of customers. The claim settlement process can be conducted both offline as well as online. The insurance company has established an efficient and cooperative customer care service to guide and assist its policyholders through the claim settlement procedure. It has been consistently working to make insurance more affordable, simpler, and easier by providing quality service at affordable rates.
Magma HDI Two Wheeler Insurance Contact Information
|Head office address|
Office No. 516 and 517, 5th floor, Neelkanth Corporate Park, Plot no. 240, 2401/1-8, Kirol Road,
Vidyavihar (West), Mumbai, Maharashtra- 400086
|Toll-free number||1800 266 3202|
Add ons for your Two Wheeler Insurance
Magma HDI Two-wheeler Insurance FAQs
1. How can I renew my two-wheeler insurance online?
You can renew your two-wheeler insurance online by logging into the company’s website (https://www.magmahdi.com/motor-renewal ) and selecting the insurance renewal option. There are specific important fields that are required to be filled at the website such as policy number and unique verification or identification code. Then select the coverage needed and pay the premium. The policy will be renewed instantly.
2. What add-ons I can buy with my two-wheeler insurance policy?
Magma HDI offers a wide range of add-ons to be brought with your insurance policy for a little extra premium. The add-ons offered by the insurance company includes engine protection cover, zero depreciation cover, no-claim bonus retention cover, roadside assistance cover, key replacement cover, invoice value cover, loss of personal belongings cover and inconvenience allowance cover.
3. Can I get a discount on my two wheeler insurance policy premiums?
Yes, there are some ways in which you can avail discounts on your two-wheeler insurance policy premiums. You can accumulate your no-claim bonus and get up to 50% discount on your premiums. You can also try installing some anti-theft devices in your bike. If you install anti-theft devices approved by Automotive Research Association of India, you can avail a discount of up to 2.5 % on own damage premiums.
4. Can I transfer my no-claim bonus?
Yes, you can transfer the full benefits of your no-claim bonus when you shift your insurance policy from another company or when you shift your insurance policy to any other company from Magma HDI. However, you must remember to renew your policy within 90 days of the expiry of previous policy otherwise your no claim bonus will lapse.
5. What documents are required for a Magma HDI bike Insurance claim?
You are required to submit some relevant documents at the time of making a Magma HDI bike insurance claim. The documents include duly filled and signed claim form, original policy document, original repair invoice, attested copy of registration certificate, driving licence of the person driving the vehicle at the time of the accident and original repair estimate along with repair invoice in case of reimbursement claims.
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