Magma HDI Third Party Bike Insurance

The Magma HDI third-party two-wheeler insurance policy shields policyholders from financial and legal liabilities towards third parties.

Third-party insurance is mandated by law for all the Indian automobile owners. It’s an insurance cover in which the insurer protects against damage to a third-party vehicle, personal property, and bodily harm. The policy does not cover the policyholder in any way.

Magma HDI third-party insurance has attempted to improve the bike insurance policyholder’s experience by implementing the digital methodology. Its dynamic support team is available to policyholders 24 hours a day, seven days a week. Magma HDI third-party two-wheeler insurance policy provides primary coverage at a low cost.

How does Magma HDI Third Party Two Wheeler Insurance Work?

If a policyholder is involved in an accident, the insurer will provide financial assistance to cover the cost of repairs to third-party damages. As a result, the policyholder's financial burden is halved. In an accident, the insured must immediately notify the insurance company before filing a claim.

When a claim is filed, the insurer appoints a surveyor to assess the damages and confirm the estimated repair cost. The insurance company settles the claim once the verification is complete.

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

How to Buy Magma HDI Third Party Two Wheeler Insurance?

Magma HDI third-party two-wheeler insurance is available both offline and online. Online third-party two-wheeler insurance is a very efficient and labor-saving way of insuring your vehicle. You have to go to Magma HDI's official website, choose a plan, and buy.

If you want to buy third-party two-wheeler insurance offline, you can go to the nearest branch and speak with one of the customer representatives. They will walk you through the insurance plan that best suits your needs. If everything goes well, you can pay the premium in cash or by cheque and purchase the policy. Furthermore, you can buy third party policy of Magma HDI  two-wheeler insurance through an agent or a broker.

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

The Magma HDI third-party bike insurance policy covers the following:

• Third-party Property Damage Financial Liabilities: The insurer covers the insured's financial liabilities for third-party property damage caused by the insured's two-wheeler. The insurer will pay up to INR 7.5 lakh in compensation for third-party property damage.
• Third-party Bodily Injury/Death: The insurer provides compensation to the third-party for any physical harm, disability, or death caused by the insured's two-wheeler. The exact compensation will be decided by the Court of Law.

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

The following elements are not covered by the Magma HDI third-party bike insurance policy:

• There is no coverage for damage to the insured two-wheeler.
• Normal wear and tear damage/loss.
• Loss as a result of depreciation.
• Damage/loss incurred as a result of driving the insured two-wheeler after consuming drugs or alcohol.
• Damage/loss incurred while operating the insured two-wheeler without a valid driver's licence/policy.
• Damage/loss incurred due to exceptional circumstances such as a  war, strike, mutiny uprising, nuclear war, nuclear threats etc.
• Damage/loss of the insured’s bike as a result of use for purposes other than those for which it was legally registered; for example, a private two-wheeler used for commercial purposes.

Key Benefits of Purchasing Magma HDI Third Party Two Wheeler Insurance

The key benefits of purchasing Magma HDI third-party two-wheeler insurance are difficult to quantify. This policy covers third-party liabilities resulting from accidental property damage, bodily injury, or death to a third party. However, the following are the main advantages that can be obtained:

• Third-party Death or Personal Damage: In the event of personal injury to a third-party resulting in admission to the hospital, the medical expenses incurred are covered. In an untimely death, monetary compensation up to a certain amount is also provided.
• Compensation for Property Damage: Third-party insurance provides compensation in the event of property damage to a third-party.
• Buying this policy will keep you away from legal matters.

Magma HDI Third Party Two Wheeler Insurance Review

The Magma HDI third-party insurance policy has been specifically designed to meet the insurance needs of vehicle owners by including features such as cashless benefits, efficient customer service, and quick claim settlement, to name a few, which explains the reason behind the popularity of Magma HDI two-wheeler third-party insurance cover in the market today.