Magma HDI Bike Insurance Claim

Starting at only ₹1.5 per Day*

Two wheeler Insurance banner image
Enter your details to buy Bike Insurance
By proceeding you agree to Terms & Conditions
Proceed without two wheeler number
  • compare buy
    Compare and buy at best price
  • instant policy
    Instant Policy Issuance
  • no unwanted calls
    No unwanted calls. We promise!
*T&C Apply *TP premium only

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:

  1. Copy of the policy
  2. Original repair invoice for cashless claims
  3. A duly filled and signed claim form
  4. A valid driving licence
  5. Self-attested copy of Registration Certificate (RC)
  6. Repair invoices & payment receipts
  7. 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:

  1. Navigate the Magma HDI General Insurance official website.
  2. Click the ‘More’ button.
  3. From the drop-down menu, choose ‘Claims.’
  4. When the new claims page appears, select the type of insurance, which in this case is ‘Two-wheeler.’
  5. Click the ‘Continue’ button.
  6. 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:

  1. A fraud has been registered at the time of raising a claim
  2. Incorrect coverage amount
  3. Facts are being misinterpreted
  4. Improper operation of vehicle components
  5. Driving without a permit
  6. Intoxication
  7. Inadequate information required to process the claim
  8. 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.

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:

    • Eyewitnesses
    • 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.

Recent Articles

View All
https://insurance-blog-cms.paytminsurance.co.in/164_Two_Wheeler_Insurance_Know_Whether_To_File_Two_wheeler_Insurance_Claim_Or_Not_To_Claim_1_1450fb0785.jpg

How to Renew HDFC ERGO Two-wheeler Insurance Online?

Renewing an HDFC ERGO two-wheeler insurance policy is simple. To make a note of the considerations, you should...

Read More
https://insurance-blog-cms.paytminsurance.co.in/173_Two_Wheeler_Insurance_How_To_Transfer2_Wheeler_Insurance_Policy_After_The_Death_Of_The_Policy_Holder_1_6270552c8c.jpg

Terms and Conditions of Bike Insurance Add-on Covers

Insurance companies offer several add-ons to a two-wheeler insurance policy. Learn about their terms and condi...

Read More
https://insurance-blog-cms.paytminsurance.co.in/180_Two_Wheeler_Insurance_Best_Ways_To_Stay_Away_From_Two_Wheeler_Insurance_Frauds_0d47ed1a6a.jpg

Common Inclusions and Exclusions of Bike Insurance

Bike insurance immunes you financially against third-party claims, loss and damage to the two-wheeler, etc. Bu...

Read More
https://insurance-blog-cms.paytminsurance.co.in/164_Two_Wheeler_Insurance_Know_Whether_To_File_Two_wheeler_Insurance_Claim_Or_Not_To_Claim_1_20a23e67d3.jpg

A Guide to Royal Sundaram Bike Insurance Renewal Online

Riding a bike with a lapsed Royal Sundaram bike insurance policy can result in fines up to INR 2000 or impriso...

Read More
https://insurance-blog-cms.paytminsurance.co.in/185_Two_Wheeler_Insurance_How_To_Transfer_Your_Insurance_Before_Selling_Your_Second_Hand_Bike_c6b93ac073.jpg

Bike Registration Transfer - Ownership Transfer Process, Fee...

Transferring the ownership of a two-wheeler and its registration certificate can be a tiresome process. The pr...

Read More
https://insurance-blog-cms.paytminsurance.co.in/167_Two_Wheeler_Insurance_Valid_Pollution_Under_Control_PUC_Certificate_Is_Mandatory_To_Renew_79b776672e.jpg

How to Check the Status of Two-wheeler’s PUC Certificate?

As per the Motor Vehicles Act, 1988, it is mandatory to get the PUC certificate. Now, we can apply, view, and ...

Read More
https://insurance-blog-cms.paytminsurance.co.in/193_Two_Wheeler_Insurance_Two_Wheeler_Insurance_For_New_Bike_Versus_Used_Bike_74bc62fca8.jpg

Are Fibre Parts Covered Under a Bike Insurance Policy?

Not every bike insurance covers damage to bike fibre parts. A two-wheeler insurance policy with add-on zero-de...

Read More
https://insurance-blog-cms.paytminsurance.co.in/165_Two_Wheeler_Insurance_Does_It_Make_Sense_To_Increase_Your_Bike_s_Insured_Declared_Value_0f7a393b8b.jpg

The 3 Best Honda Activa Scooters Available Under INR 50,000

The Honda Activa series of scooters are among the most popular ones in India. Here are the 3 best Honda Activa...

Read More
https://insurance-blog-cms.paytminsurance.co.in/179_Two_Wheeler_Insurance_Is_Two_Wheeler_Inspection_Mandatory_For_Claims_1_e33ab92537.jpg

Important Documents That You Must Have While Riding Your Bik...

While riding your bike, ensure you carry the necessary papers and documents mandated by the Motor Vehicles Act...

Read More