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Magma HDI Third Party Bike Insurance
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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
|Parameters||Third Party Two Wheeler Insurance||Comprehensive Two Wheeler Insurance|
|Coverage||The third-party two-wheeler insurance policy only covers financial and legal obligations owed to a third-party.||The comprehensive bike insurance policy covers third-party liabilities and the insured's own damages.|
|Requirement Type||According to the Indian Motor Tariff Act, this policy is mandatory to buy.||This policy is optional to buy.|
|Additional Coverage||The third-party two-wheeler insurance policy does not include any additional coverage such as add-ons.||The comprehensive two-wheeler insurance policy offers policyholders a variety of add-on covers.|
|Cost||Because of its limited coverage, the premium for third-party insurance is relatively low.||Because of its extensive coverage, the comprehensive policy is relatively expensive.|
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.
Add ons for your Two Wheeler Insurance
Magma HDI Third-party Bike Insurance FAQs
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.
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