What Is Magma HDI Two-Wheeler Insurance?
Magma HDI Two-Wheeler Insurance Policy offers comprehensive insurance plan which covers any loss or damage of Insured vehicle and compulsory Third Party Liability as required by Motor Vehicles Act. It also offers cashless garages facilities to their policyholders for timely claim process.
Types Of Magma HDI Two-Wheeler Insurance Policy
- Two Wheeler Package Policy: This two wheeler insurance provides coverage for one year and offers protection against a number of eventualities including third party liability. It comes with various add-on options, thus helping policy buyers to customize the coverage.
- Third Party Long Term Two Wheeler Motor Insurance Policy: If you own a two-wheeler, you are required to at least have a third-party liability-only policy. This policy provides coverage against the death and bodily injury sustained by a third party, and damage to the assets/property of a third party for 2 or 3 years. Along with that, it also offers personal accident coverage to the owner-driver and pay in case of death, loss of limbs, eye and permanent total disablement.
What All Magma HDI Two-Wheeler Insurance Covers?
Third-party liability: The third-party liability coverage provides protection for your two-wheeler against any liability that might arise from the use of the two-wheelers affecting third parties. Any liability leading to a bodily injury and death of a person or damage caused to any third-party property will be covered under this option.
Any loss or damage to vehicle: The package policy provides cover for any loss or damage to your two-wheeler or any of its accessories due to any of the conditions listed below:
- Theft, burglary, riots, terrorist activities, and any malicious acts
- Damage caused during transit by rail, road, lift, and inland waterway
- Fire, self-ignition, explosions, and accidental damage through external means
- Earthquake, lightning, typhoon, flood, storm, hailstorm, cyclone, frost, rockslide, and landslide
In case the two-wheeler breaks down, meets with an accident, or is stolen, the policyholder can make the claim by following the steps mentioned below:
- Magma HDI has to be immediately intimated about the policy, place of the accident, and the driver
- It is necessary to wait for advice from the surveyor after inspection before proceeding with repairing the vehicle
- Vehicle should be left unattended at the spot where the accident took place
- In case of a theft, an FIR has to be lodged immediately in the local police station
- It is advisable to shift the vehicle to a Magma HDI Preferred Workshop to get the repairs done
- Details about the workshop where the repairs will be carried out will also have be intimated to Magma HDI as well
- After completing the survey process, the surveyor will be communicating the loss assessment details to the policyholder.
- Magma HDI has to be intimated for doing the post repair re-inspection
- If the repairs have been in an Magma HDI Preferred workshop, only the difference amount as per the Surveyor assessment will have to be paid to the workshop
- In case repairs are done in other workshops, the amount will have to be settled directly and the bills will have to be submitted to Magma HDI in original
- Magma HDI has to be notified if the repairs have not been carried out as advised by the surveyor. They can also be intimated if you do not feel satisfied with the repairs done.
The claim settlement discharge voucher can be executed instead of accepting the settlement proposed by Magma HDI. The claim will be settled by Magma HDI before the completion of 7 days from receiving the receipt of answers and complete documentation to the queries raised.
Documents Required for Claim Process
The policyholder or someone from his behalf needs to submit the following documents subjective to the event to the insurance company for timely claim process.
In case of an accident,
- Driving license
- Claim form filled by the insured
- Registration Certificate (RC) of the vehicle
- Original estimate of repair
- Images of the damaged vehicle taken after the accident
- Discharge voucher
In case of a theft claim,
- Claim form filled by the insured signed in the required places
- Copy and original of driving license for verification
- Copy and original of Registration Certificate for verification. If the claim is being made for a total theft, the original RC will have to be surrendered
- Original bills of repair or replacement done (this is for reimbursement claims)
- Report from Fire Brigade (in case of a fire)
- Police First Information Report
- Photos of damaged vehicle
- Vehicle keys (entire set)
- Power of attorney and subrogation in a situation of total loss and theft
- Final report – trace report has not been received for the lost vehicle by the police
- In case of total loss and theft, an NOC has to be obtained from the lender and submitted for the claim process
- Indemnity bond
- Discharge voucher
Cases Where You Can’t Claim Magma HDI Two-Wheeler Insurance Policy
Any damage or loss to the vehicle or any of its accessories will not be covered under Magma HDI Two-Wheeler Insurance if it happens due to any of the following reasons listed below:
- Electrical or mechanical breakdown
- Damage to or by a person who does not possess a valid driving license
- Damage to or by a person who is under the influence of alcohol or drugs
- Normal wear and tear and aging of the vehicle
- Violating the Limitation As to Use clause provided in the policy during the use of the motor vehicle
- Consequential losses or depreciation
Add-On Covers On Magma HDI Two-Wheeler Insurance Policy
Personal Accident Cover: Magam HDI offers Personal Accident cover of Rs 1 lakh. The policyholder can also cover other occupants along with himself.
Round the clock Assistance: In case the insured vehicle breakdown, this cover will provide roadside assistance with maximum four claims in a year. Some of the features of this cover are breakdown support over phone, minor repair, flat tyre support,etc.
Insured Declared Value
At Magma HDI, your two-wheeler is insured at a fixed value called the Insured’s Declared Value (IDV). The IDV is calculated for Magma HDI Two-Wheeler Insurance Policy on the basis of the manufacturer’s listed selling price of the two-wheeler (plus the listed price of any accessories) after deducting the depreciation for every year as per the following rates.
|Age of the vehicle||% of Depreciation|
|Not exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 2 years||20%|
|Exceeding 2 years but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
Advantages Of Magma HDI Two-Wheeler Insurance Policy
- This policy offers No Claim Bonus discount can go as high as 50%
- If the insured installs Anti-theft device in their vehicle, they can get discount of 2.5% on the own damage premium
- Customer care support provided 24X7
- Hassle-free claim settlement process
Q1. Can I get a duplicate copy of my two wheeler insurance policy if I have lost the original?
Yes, by paying a fee of just Rs. 50 you can avail a duplicate copy of the policy from Magma HDI.
Q2. Why is it necessary to insure the vehicle?
It is mandatory for all the vehicles to at least cover third-party liability risks. This will cover vehicle owners against any legal liability that they might face for any death, bodily injury or property damage to any third party involving the motor vehicle in a public place. The motor vehicle is a valuable asset and it is important to protect it against damage, theft or accidents.
Q3. Can I transfer the accumulated No Claim Bonus from another insurer to Magma HDI two wheeler insurance policy?
Yes, you can transfer the No Claim Bonus accumulated under your previous policy from another insurer to Magma HDI two wheeler insurance policy .