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Magma HDI Two Wheeler Insurance FAQs
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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.
1. Can I change the Magma HDI bike insurance policy's tenure when it's renewed?
Yes, at the time of renewal, the tenure of the Magma HDI bike insurance policy can be extended or shortened.
2. Can my contact information be updated when I renew my Magma HDI bike policy?
Yes, you can change your contact information or any other personal information when you renew your Magma HDI bike insurance policy.
3. Can I transfer the no-claim bonus when I renew my Magma HDI bike insurance policy?
Yes, you can transfer your previous insurer's no-claim bonus to the Magma HDI two-wheeler insurance policy. You will have to do this at the time of renewal.
4. Do I get a hard copy of the documents if I go the offline route for the Magma HDI bike insurance renewal?
Yes, getting the hard copy of the document can also be possible offline by visiting the branch near you. The company will give you a physical copy of the policy documents.
5. Can I add any add-ons to my policy when I renew it?
Yes, if you choose the comprehensive or OD bike insurance policy, you can add several add-on covers at the time of renewal. The fees for the additional covers will be added to the premium.
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.
1. How can I get a copy of my Magma HDI two-wheeler insurance policy?
Here's how to get a copy of your Magma HDI two-wheeler insurance policy:
1. Go to the insurance company's website.
2. Determine the type of policy.
3. Enter your policy details, such as policy number, etc.
4. Verify your profile if prompted.
5. After verification, view, print, or download your two-wheeler insurance policy.
2. Can one present a soft copy of their Magma HDI two-wheeler insurance?
Yes, there is a solution to this problem. The soft copy of one's two-wheeler documents is perfectly valid as long as it is stored on the server in government-approved applications.
3. What is the Magma HDI comprehensive two-wheeler insurance policy document?
Magma HDI's comprehensive vehicle insurance policy is intended to cover third-party liabilities as well as the insured two-wheeler's damage or loss. People can purchase Magma HDI comprehensive vehicle insurance online, and the document will help them understand different features and benefits tailored to specific needs.
4. Is downloading Magma HDI bike insurance policy online chargeable?
No, you can download the policy free-of cost without paying for it.
Add On Covers
1. How many Magma HDI two-wheeler insurance add-on covers can one purchase simultaneously?
One can purchase as many add-on covers as they would like, as long as the insurance company offers them and they fit your needs and requirements. Magma HDI offers 15 add-on covers, which can all be included in your policy simultaneously.
2. When will the Magma HDI two-wheeler insurance add-on covers be available for purchase and incorporation into one's existing policy?
When one purchase or renew their two-wheeler insurance policy, they can purchase and select two-wheeler insurance add-on covers from Magma HDI Insurance to include in your policy to enhance its coverage.
3. Do the Magma HDI Insurance add-on covers have to be purchased by paying extra?
If one chooses the two-wheeler insurance add-on cover, they will have to pay an extra premium on top of their regular two-wheeler insurance premium.
4. Is it mandatory to buy Magma HDI two-wheeler insurance add-on covers?
No, two-wheeler add-on covers are optional to buy along with your regular insurance policy. Add-on covers are meant to facilitate your existing two-wheeler insurance coverage by offering extra-economic advantages in return for a share premium increase.
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.
1. I have lost my Magma HDI third-party two-wheeler insurance. Can I get a duplicate copy?
Yes, for INR 50, you can obtain a duplicate copy of your Magma HDI two-wheeler third-party insurance policy.
2. Under the Magma HDI third-party bike insurance policy, is there any coverage available outside of the geographical area ?
The Magma HDI third-party two-wheeler insurance does not provide protection against any mishaps outside the predetermined geographical area.
3. Why do you need Magma HDI third-party two-wheeler insurance?
Magma HDI third-party two-wheeler insurance is required to provide coverage for third-party liabilities. The Indian Motor Tariff Act has made it mandatory for every bike owner.
4. What documents are required to apply for Magma HDI third-party bike insurance?
The following documents are required to obtain the Magma HDI third-party bike insurance policy:
- Proof of identification with a photograph
- Proof of residence (voter ID, aadhaar card, PAN card, or passport)
- Photocopy of a valid driver's licence
- Bike's registration number
- Registration certificate
5. How do I pay the Magma HDI third-party bike insurance premium?
The premium for the Magma HDI third-party bike insurance policy can be paid in any of the following ways:
- First, go to the closest branch.
- Go to the Magma HDI General Insurance official website and follow the instructions.
- Dial the toll-free number 1800-266-3202 to reach Magma HDI General Insurance customer service.
1. Can I convert third-party insurance to a zero-dep insurance?
You can convert a third-party bike insurance policy into a zero-depreciation policy. However, you need to port your policy into comprehensive insurance as then only you can purchase zero-dep insurance.
2. Is bike insurance with Magma HDI zero depreciation required?
A zero depreciation bike insurance add-on is not required, but it is recommended. This add-on allows you to receive a higher claim amount while also preventing you from incurring high depreciation costs on your bike.
3. Is Magma HDI zero depreciation policy guaranteed to pay the full claim amount?
No, zero depreciation coverage does not guarantee a full claim amount because deductibles are considered when calculating the claim amount. However, zero depreciation waives only the depreciation charges, ensuring that the claim amount is maximized.
4. Is Magma HDI zero depreciation available outside of the city limits?
The Magma HDI zero depreciation will only provide coverage within the geographical zone specified. The insurer will not pay for any damage to the insured's bike outside the area.
5. What factors influence the rate of increase in the premium amount when choosing Magma HDI zero depreciation coverage?
The following factors influence the rate of increase in the premium amount when choosing zero depreciation coverage:
- Vehicle year of manufacture
- Vehicle's model
- Residential location
- Policy type
Before adding zero depreciation coverage to your bike insurance policy, the insurer may conduct an inspection.
1. Who is eligible to purchase a policy of Magma HDI standalone insurance?
Anyone with an existing third-party insurance policy can purchase an own-damage policy to cover the damages to their two-wheeler.
2. What factors influence your Magma HDI own damage two-wheeler insurance premium?
The premium for an own-damage policy for your two-wheeler will be calculated based on the CC (Cubic Capacity) and IDV of your two-wheeler (Insured Declared Value). Aside from that, the following factors influence the premium calculation for two-wheeler own-damage coverage:
- Make and model of the two-wheeler
- No-claim bonus
- Age of two-wheeler
- Add-ons chosen in conjunction with the policy
3. Do I have to get my standalone OD insurance and third-party insurance from the same company?
No, it is not required to obtain two-wheeler standalone own-damage insurance and third-party insurance from the same insurance provider.
4. Is Magma HDI standalone two-wheeler insurance legally required?
No, this policy is optional to buy. However, third-party bike insurance is mandatory to buy.
5. Can I buy Magma HDI own-damage policy online?
Yes, you can easily purchase this policy online.
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