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Magma HDI Bike Insurance Claim
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Having a Magma HDI two-wheeler insurance policy is essential because it protects the vehicle owner from any unanticipated losses that would otherwise disrupt the owner's mental peace. It could be theft, third-party losses, or even a natural disaster. In such circumstances, policyholders can file a two-wheeler insurance claim with Magma HDI. It is thus critical to understand the process of claiming. When it comes to Magma HDI, the company offers two types of claims that you can file. Let’s know more about each of these claim processes below.
List of Documents Required During Magma HDI Two Wheeler Claiming Process
When settling a Magma HDI two-wheeler insurance claim, the following documents are required:
- Copy of the policy
- Original repair invoice for cashless claims
- A duly filled and signed claim form
- A valid driving licence
- Self-attested copy of Registration Certificate (RC)
- Repair invoices & payment receipts
- Repair estimates for non-cashless claims
How to Make a Magma HDI Two Wheeler Insurance Claim Online?
Follow the simple steps outlined below to initiate a Magma HDI bike insurance claim online:
- Navigate the Magma HDI General Insurance official website.
- Click the ‘More’ button.
- From the drop-down menu, choose ‘Claims.’
- When the new claims page appears, select the type of insurance, which in this case is ‘Two-wheeler.’
- Click the ‘Continue’ button.
- On the ‘Enter your details’ page, fill in the required fields.
You will be given a claim registration number once your claim has been registered. In the event of a phone call or office visit, the representative will provide you with the claim registration number.
How to Make Magma HDI Cashless Two Wheeler Insurance Claim?
To provide its policyholders with a hassle-free experience, Magma HDI General Insurance has implemented a cashless claim settlement process for the bike insurance policy. You just have to follow the following steps:
Step 1: Make Contact with Magma HDI Insurance and File a Claim
It is critical to notify the insurer immediately following an accident, theft, or damage to the insured's bike. But, first, you must call its helpline number 1800-266-3202 or visit the nearest office to file a claim. Then, follow the simple steps outlined above to initiate an online claim.
Step 2: Damage Assessment
A company surveyor is assigned to gauge the extent of the vehicle damage. The surveyor surveys the two-wheeler at the accident spot and estimates the repair cost. You must provide the surveyor with a properly completed claim form, policy documents, and proof of the incident. Then, the insured's motorcycle is driven or towed to a network garage.
Step 3: Claim Resolution
The surveyor approves after evaluating all aspects. The insurer confirms its financial and legal liabilities and assumes full responsibility for the insured's bike repair costs. The company directly settles the claim by paying the network garage. The claim amount is calculated after deducting the deductibles and depreciation.
How to Make Magma HDI Reimbursement Two Wheeler Insurance Claim?
You can file a reimbursement claim if you fail to move the insured's bike to the network garage or wish to repair it in another garage. A reimbursement claim ensures compensation for the insured's two-wheeler's repair costs. The registration of a reimbursement claim has been broken down into the following steps:
Step 1: Get in Touch with the Insurance Company and File a Claim
The policyholder must notify the insurer within 24 hours of an accident, theft, or damage to the insured's two-wheeler. You can inform the insurer by calling its helpline at 1800-266-3202 or to the nearest office.
Step 2: Assess the Damages
Before the surveyor arrives, do not move the bike to the garage. The insurance company appoints a surveyor to inspect the bike's condition. The surveyor prepares a cost estimate for the repairs and collects the necessary documents, including a properly completed claim form and witness contact information.
Step 3: Repair and Reimbursement
After the surveyor's approval, you can move the two-wheeler to your preferred garage and have it repaired at your own expense. After the repair is completed, the original bills and receipts for the repair and the policy documents must be submitted to the insurer for reimbursement. The company verifies the case and pays the claim amount after deducting all deductibles and depreciation.
Common Magma HDI Two Wheeler Insurance Claim Rejection Reasons
The insurance company denies the claim under the following conditions:
- A fraud has been registered at the time of raising a claim
- Incorrect coverage amount
- Facts are being misinterpreted
- Improper operation of vehicle components
- Driving without a permit
- Inadequate information required to process the claim
- Act of negligence occurs when there is a delay in informing the insurer about the accident.
Magma HDI No Claim Bonus
Like other companies that provide two-wheeler insurance, Magma HDI General Insurance provides a no-claim bonus in addition to their own-damage coverage. This type of coverage is available as part of a comprehensive or a stand-alone policy. NCB is a token gesture made by the insurance provider to incentivize the insurance holder's safe driving habits; thus, it is only given during claim-free years. The NCB is cumulative in nature, increasing with each consecutive claim-free year. The NCB reaches its maximum limit of 50% in the 5th year. However, if an accident occurs and the insurance holder files a claim, the no-claim bonus will be forfeited. When the NCB is disabled, the policyholder won’t be able to get a discount on the premium. As a result, every policyholder is only required to file an insurance claim when the damage is significant.
Add ons for your Two Wheeler Insurance
Magma HDI Bike Insurance Claim FAQs
1. Can I claim under the Magma HDI bike insurance policy for consequential damage?
You cannot make a claim under the Magma HDI bike insurance policy for any consequential damage.
2. How can circumstantial evidence aid in the resolution of a claim?
The following circumstantial evidence will aid in the resolution of a claim:
- Photographs of the accident scene
- Pictures of the insured's two-wheeler clearly show the extent of the damage.
3. What is the coverage amount offered by Magma HDi, if the insured's two-wheeler is stolen?
If the insured's bike is stolen, the insurer provides the calculated Insured Declared Value (IDV) after deducting depreciation and deductibles. It is vital to renew bike insurance online or offline on time to maintain policy coverage.
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