Magma HDI Comprehensive Bike Insurance Policy

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Isn't your two-wheeler your prized possession? A comprehensive two-wheeler insurance package policy covers third-party responsibility as the Motor Vehicles Act requires. It reimburses you for any loss or damage to your bike, if involved in an accident. It serves as financial protection for covering damages or losses that may occur if your vehicle is involved in an accident or is damaged in multiple incidents. Surprisingly, this type of bike insurance also covers vehicle repairs, third-party damages, and other expenses that may arise from a force majeure event.

Magma HDI Comprehensive Two Wheeler Insurance Policy

Magma HDI General Insurance has successfully provided a wide range of coverage against life's uncertainties through its comprehensive two-wheeler insurance policy. The Magma comprehensive two-wheeler insurance policy protects its policyholders from financial liabilities to third-parties as well as financial loss caused by damage to the insured's two-wheeler. In addition, it gives policyholders financial stability, security, and mental peace.

How does Magma HDI Comprehensive Two Wheeler Insurance Work?

This policy insures your two-wheeler for a reasonable rate known as the Insured Declared Value (IDV). The IDV is calculated using the manufacturer's listed selling price of the two-wheeler (plus the outlined price of any accessories) after deducting depreciation at the recommended intervals for each year.

Magma HDI Comprehensive Two Wheeler Insurance Vs. Third Party Two Wheeler Insurance

Characterized ByComprehensive Two Wheeler InsuranceThird Party Two Wheeler Insurance
CostBecause of its extensive coverage, the comprehensive policy is relatively more expensive.The third-party policy is cost-effective because it provides policyholders with limited benefits.
CoverageMagma HDI comprehensive two-wheeler insurance policy covers third-party liabilities as well as damage to the insured's two-wheeler.Only third-party damage caused by the policyholder’s two-wheeler is covered by third-party two-wheeler insurance.
Additional coversComprehensive two-wheeler insurance includes a wide variety of add-on options for extending coverage.Third-party insurance does not include any additional coverage.
NecesscityOptional to buy.Mandatory to buy.

How to Buy Magma HDI Comprehensive Two Wheeler Insurance?

  1. Visit the website and register yourself.
  2. Simply respond to a few simple questions about the vehicle you're driving.
  3. Look at amazing insurance policies with prices tailored to your needs and buy car insurance online.
  4. You can choose your own IDV and apply available offers to get the best price. Then, when you're ready, simply select your option.
  5. Select a policy and pay the premium.
  6. Your policy will be implemented.

What All is Covered Under Magma HDI Comprehensive Two Wheeler Insurance Policy?

The following factors are covered by the comprehensive policy of Magma HDI two-wheeler insurance policy:

  • Third-party Liability Coverage:  For any third-party asset loss, or physical injury resulting from the insured bike, the Magma HDI comprehensive two-wheeler insurance policy will cover the policyholders. The insurer will be responsible for any third-party liability such as property damage, bodily injury, limb loss, death and permanent disability.
  • Own Damage Caused by Natural Disasters: The insurer will cover any damage to the insured's two-wheeler resulting from natural disasters like cyclones, floods, typhoons, earthquakes, thunderstorms, landslides, etc.
  • Own Damage Caused by Man-made Disasters: The insurer will cover any damage to the insured's two-wheeler caused by riots, strikes, fires, terrorist activities, or other man-made disasters.
  • Theft: Theft or break-in of the insured's property.
  • Coverage for Emergencies: This add-on cover comes with several features that you can take advantage of. For example, if your vehicle is damaged while driving it, it must be towed to a garage. If you have this add-on policy, you can call the insurer and have your vehicle towed to the nearest possible garage up to 100 kilometers from your declared registered address.

What All is not Covered Under Magma HDI Comprehensive Two Wheeler Insurance Policy?

The following damages are not covered by the Magma HDI comprehensive two-wheeler insurance policy:

  • Wear and tear
  • In the instance of wilful misconduct
  • Driving without a valid driver's licence
  • Damages incurred as a result of contractual obligations
  • In the event of a mechanical or electrical failure
  • For driving when inebriated or under the influence of intoxicating substances
  • If a nuclear threat, a war or war like situation, or any other phenomena like these causes the damage.

Magma HDI Comprehensive Two Wheeler Insurance Benefits

Magma HDI's comprehensive two-wheeler policy has multiple advantages, which are listed below: 

  • The claim settlement process is quick and straightforward.
  • It allows policy issuance to be done quickly and easily via the digital insurance process.
  • Extensive coverage is ensured via a variety of add-ons.
  • The policyholder does not bear the expenses for own-damage as well as third-party liabilities.
  • No cost repair-replacement benefits are available at an extensive network of cashless garages across India.
  • Customer assistance that is quick and easy to use.
  • Procedure for renewing an insurance policy online in a flash.
  • Allows policyholders to file an unlimited number of claims.

Magma HDI Comprehensive Two Wheeler Insurance Review

Magma HDI two-wheeler insurance is reviewed for excellent service and customer satisfaction by providing accessible and quick resolution. The policy has a high coverage rate of 90%, and the policy claims are even better. The executives and staff members make service timely and straightforward. In addition, the towing service is offered without charge.

Magma HDI Comprehensive Two Wheeler Insurance FAQs

  • 1. Is there a minimum age requirement for Magma HDI two-wheeler insurance?

    Yes, clients must meet specific requirements to obtain insurance. For example, in India, the vehicle must be registered with the Roads and Transport Authority (RTA). There should be no alterations to the two-original wheeler's features. A two-wheeler fitness certificate should be included.

  • 2. Is it possible to use my existing Magma HDI two-wheeler insurance policy for a new bike?

    Yes, you can continue to utilize your old two-wheeler insurance policy for your new bike. But, you need to inform this to your insurer so that they can make changes in the policy document as based on the make.model and variant of your new bike, the premium would differ. 

  • 3. What premium discounts does Magma HDI two-wheeler insurance offer?

    Magma HDI Insurance offers premium discounts in a variety of methods, including:

    • No-claim bonus - If a policyholder has not claimed in the previous policy period, they may be eligible for up to 50% discount on their own-damage premium. 
    • ARAI-approved anti-theft device - Policyholders who install an ARAI-approved device will receive a discount of up to 2.5% on their own-damage premium. 
    • Additional discounts - Policyholders of the Automobile Association of India might receive an extra discount.
  • 4. What is the procedure for obtaining a two-wheeler insurance coverage from Magma HDI General Insurance Company?

    A consumer can purchase a two-wheeler insurance coverage from Magma HDI General Insurance Company in various methods. They can either go to the nearest Magma HDI General Insurance Company branch or call the toll-free number 1800-266-3202 to contact customer service. 

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