Magma HDI Standalone Own Damage Bike Insurance

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A standalone own damage vehicle insurance policy is a type of two-wheeler insurance policy that protects the policyholder's own insured two-wheeler against any loss/damage resulting from a mishap or an accident. Magma standalone two-wheeler own damage insurance will cover the two-wheeler's damage expenses in various scenarios, including theft, vandalism, damages from road accidents, damage from fire/explosion, and damage from natural/man-made calamities.

How does Magma HDI Standalone Two Wheeler Insurance Work?

The Magma HDI standalone own damage policy covers the policyholder's own damage costs in the case of an unexpected event. This cover provides monetary assistance to the policyholder in various unfortunate situations. Although a standalone own damage policy is not mandatory, its protection to the two-wheeler owner by providing financial service in difficult circumstances can make a significant difference.

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

Characterized byStandalone Two Wheeler InsuranceThird Party Two Wheeler InsuranceComprehensive Two Wheeler Insurance
CoverageStandalone own-damage insurance will cover the two-wheeler's own-damage expenses in various scenarios, including theft, vandalism, damages from road accidents, fire/explosion, and natural/man-made calamities.The most basic type of insurance coverage is third-party insurance. This type of policy covers liabilities to any third- party such as physical injury, disability, death, and asset damage in the event of a mishap. According to the Motor Vehicles Act, this policy is required.Under only one single premium, the comprehensive insurance covers both own-damage expenses and third party liabilities. This policy gives complete protection to a policyholder.
CostThis type of insurance policy is slightly more expensive than third-party insurance because it provides more coverage than third-party insurance.This policy is the least expensive when compared to standalone own-damage and comprehensive insurance because it provides primary coverage.Because it covers both third-party liabilities and own damages, this policy is the most expensive when compared to third-party and standalone own-damage insurance.
Additional coverageThis policy includes the option to purchase add-ons to the policy.This policy does not enable any add-ons.This policy includes the option to purchase add-ons to the policy.

How to Buy Magma HDI Standalone Two Wheeler Insurance?

To purchase a standalone own damage policy of Magma HDI two-wheeler insurance, simply follow these simple steps:

  1. First, navigate the official website and select the 'Two-wheeler' tab.
  2. Then, from the drop-down menu, select 'Standalone Own-Damage Insurance.'
  3. Next, enter the registration number of your two-wheeler, make, model, and registration year.
  4. Next, fill in your personal information, including your phone number, and click 'Submit and Get Quotes.'
  5. Policy quotes based on the information you provide will be displayed; select a Magma HDI policy quote, a suitable add-on, and proceed to payment.
  6. Make the payment; once the payment is received, the policy will be issued immediately and emailed to the registered email address.

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

These aspects are covered by the Magma HDI standalone own damage bike  insurance policy. 

  • External means of damage include fire, explosion, self-ignition, accidents, and so on.
  • Lightning, landslide, flood, earthquake, inundation, typhoon, rockslide, storm, tempest, hailstorm, frost, hurricane, and cyclone are some examples of natural calamities.
  • Burglary, theft riot, strike, malicious act, and terrorist activity or being a victim of any such criminal behavior.
  • Any damage sustained while traveling by road, rail, air, inland waterway, lift, or elevator.

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

The following items are not covered by a Magma HDI standalone own damage two-wheeler insurance policy:

  • Third-party liabilities.
  • Normal two-wheeler wear and tear as the vehicle ages.
  • Depreciation or any resulting loss.
  • Mechanical or electrical failure.
  • If the driver meets with an accident after consuming addictive liquor, drugs, or other such things.
  • Damage caused by operating a two-wheeler without a valid licence/policy.
  • Loss/damage as a result of war, mutiny, or nuclear risk.
  • Use of the vehicle in violation of the policy's limitation as to use clause.

Magma HDI Standalone Two Wheeler Insurance Benefits

These are the benefits one get after buying a Magma HDI standalone own damage two-wheeler insurance Policy:

  • This policy will cover the insured's own two-wheeler's expenses in a mishap.
  • The policyholder enjoys an NCB for each claimless year.
  • The ability to choose a suitable add-on coverage option to expand the policy's coverage.
  • Quick and easy cashless claim settlement process.
  • Wide network of network garages in India.
  • Instant quotes online.
  • Supportive and friendly customer service.

Magma HDI Standalone Two Wheeler Insurance Review

Easy to enroll with a smooth payment gateway, Magma HDI provides excellent customer satisfaction with top-notch customer support and issue resolution.  This is the reason when it comes to buying standalone OD policy, Magma HDI is one such reliable name to trust. 

Magma HDI Standalone Bike Insurance FAQs

  • 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:

    1. Make and model of the two-wheeler
    2. No-claim bonus
    3. Age of two-wheeler
    4. 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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