Nowadays every individual wants to buy a car at any cost. But it’s very difficult for the common man to buy the vehicle with their Income. Today there is no guaranty to the life of the person during driving. Hence many individuals are buying some Car Insurance policies. The Magma HDI Car Insurance plan is the best Insurance policy adopted by the most of the persons all over the India. It provides protection to the life of Insured and the Vehicle in the case of unexpected events. Magma HDI General Car Insurance provides the Insurance coverage for your vehicle in case of theft, damage or accident situations.
Magma HDI Car Insurance Review
Today most of the individuals are showing their interest in Motor Insurance Policy. Because the insurance is compulsory for every vehicle for some security purpose. Nowadays there is a tremendous increase in the accident cases all over the India. Hence the Vehicle Insurance has become mandatory for each and every vehicle. Something may happen unexpectedly, and it may lead to critical cases like death / bodily injuries of the Person. At that time, the entire family of the individual suffers a lot. To avoid such problems, the Magma HDI company is providing Car Insurance to the Vehicles. The Magma HDI Motor Insurance plan covers the damage done to your vehicle during the time of insurance.
Magma HDI Private Car Insurance Policy
The individuals can buy the Magma HDI Car Insurance plan either through online or from the nearest branch office. After the completion of the policy period, the policyholders can renew at an affordable cost. The Magma HDI Company also offers the Claim coverage for the Insured in the case of accidents/ Death or bodily damages. It also offers some extra beneficial financial coverages against the third party. The Magma HDI Motor Insurance Policy also provides some Add-ons which will act as useful coverages for the policyholder.
Features and Benefits of Magma HDI Private Car Insurance Plan
Magma HDI Motor insurance policy offers a various number of key features and benefits and is mentioned below.
- Magma HDI Motor Insurance provides Personal Accident Cover for the Owner/Driver.
- The Company offers Hassle free Cashless Claim Settlement at network garages.
- The Magma HDI General Insurance Company issues the Policy immediately.
- The Add-on covers are additional attractive in this policy.
- The Magma HDI Private Car Package Policy covers the loss/damage caused to the Insured Vehicle.
- In the case of emergency, 24×7 service is provided.
- The policyholder can renew the Policy after the completion of the policy period.
- Third Party Liability Coverage is also covered.
- Enhanced Protection is provided with Add on Covers.
- Personal Accident cover is also provided by this policy for various types of injuries and is clearly mentioned below.
|Type of Injury||Compensation Scale|
|Loss of two limbs or sight of two eyes or one limb and sight of one eye||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above||100%|
Magma HDI Motor Insurance Coverages
The Magma HDI Car insurance plan offers a various number of key benefits and features. These unique features will help the policyholders to cover some financial losses in the case of sudden damages done to the car in the following cases:
- Third party liability: The Magma HDI Private Car Insurance Policy protects the policyholder against unexpected accidents raised due to third parties/ death of a person and any damage caused to third party property.
- Loss or damage to the vehicle: The Magma HDI Motor Insurance Policy covers Insured against any loss or damage caused to the vehicle due to the below mentioned natural and illegal manmade activities.
- Natural Activities: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Man-made calamities: Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, elevator or air.
Magma HDI Motor Insurance Exclusions
The policyholder did not claim any service such as Financial support from the Magma HDI General Insurance Company regarding their Car Insurance Policy in the following cases:
- Normal wear, tear and general ageing of the vehicle.
- Depreciation or any consequential loss.
- Mechanical / electrical breakdown.
- Damage to / by a person driving the vehicle without a valid license.
- When a person is driving is an alcoholic or drug addicted.
- When the person is travelling by any Powerful Nuclear support in the car/vehicle.
- If the Insured is driving with negligence.
- If the Insured is involved in any war or criminal cases.
Add-ons of Magma HDI Private Car Insurance Plan
The Magma HDI Private Car insurance plan offers additional features which are listed below.
- Depreciation Waiver: By using this Add-on, the company pays the full claim without any deduction for depreciation in the event of an accident.
- Return To Invoice: The company will pay the total loss of the car in the case of Damage. The insured gets the purchase price of the car including road tax, registration charges and customs duty.
- Cover for Consequential Damage to Engine: Under this Add-on, the Company agrees to pay for losses arising out of repair or replacement of engine parts of the Insured vehicle due to some technical, leakage of oil problems.
- Key Replacements: The company will provide some financial support to the policyholder in the following cases
a) The cost of replacing Insured vehicle keys in case of keys being lost or stolen.
B) The cost of replacing the vehicle keys, by a new set of lock & keys if the lock of the Insured vehicle being broken at the time of burglary or attempted burglary.
- Loss of Personal Belongings: The company will make an allowance to the Insured for loss of personal belongings such as clothes and some other important things.
- Protection of NCB: Under this Cover, the company will give some No Claim percentage mentioned in the policy even if there is any claim made during the policy period.
a) The Insured vehicle is renewed with the company.
b) Avail up to 50% no claim bonus even if the policyholder insured his car with any other car insurance policy.
Magma HDI Car Insurance Sum Insured Declared Value
The IDV of the vehicle is fixed based on manufacturer’s listed selling price of the brand and model of the vehicle. It is calculated as manufacturers selling price minus depreciation.
Depreciation for fixing the IDV (Insured declared value) of the vehicle in Magma HDI General Car Insurance are:
|Age of the Vehicle||% of Depreciation for fixing IDV|
|Not exceeding 6 months||5%|
|Between 6 months and 1 year||10%|
|Between 1 year and 2 years||15%|
|Between 2 years and 3 years||30%|
|Between 3 years and 4 years||40%|
|Between 4 years and 5 years||50%|
Online Renewal for Magma HDI General Car Insurance
You can Renew the Magma HDI Motor Insurance through online at the official website by following the below simple steps. You can also renew your car Insurance policy by visiting the Magma HDI General Branch Office. But Online Renewal Process is the Flexible and easy process.
- Visit the official website www.magmahdi.com
- Now, the home page will appear on the screen.
- Check the Renew tab.
- Then you will redirect to Online Renewal Page.
- Select your Policy Type and Enter Policy number and then click Next.
- Now you can see the Premium Amount you need to Pay to renew your Policy.
- Check the Premium and Pay through online Using Net Banking/Credit Card/Debit Card.
Magma HDI Car Insurance Premium Calculator
Premium is the Minimum Amount that you need to Pay to buy/Renew your Car Insurance Policy. You can calculate the Minimum Premium that you need to pay to take the Policy By Using the Magma HDI General Motor Insurance Premium Calculator. The Amount of Premium Paid will Depends on the Vehicles Age, and any Extra Coverages. You need to enter the below Information to buy Magma HDI Car Insurance Policy.
- Insured Declared Value.
- Cubic Capacity.
- GeoGraphical Zone.
- Add on Covers.
- Age of the Vehicle.
Magma HDI General Car Insurance Buying Process
The Magma HDI Motor Insurance Policy is available at the Nearest MagmaHDI Insurance Branch Office. The Proposal Forms are also available at the Magma HDI General Official website, i.e., www.magmahdi.com. Also, the individuals can directly download them from the homepage. Hence, the certificates required buying the Magma HDI Car Insurance Policy are listed below.
- Application forms with the photo id.
- Address Proof for communication.
- Age Proof.
- Medical Reports (if necessary).
Claim Process For Magma HDI Car Insurance
You must follow the below Steps for the Claim Settlement in case of Unfortunate Accident occurs to your Vehicle
- On the occurrence of Accident, the Insured must immediately contact the Magma HDI General Insurance Office.
- In the case of major accidents due to fire/riot, the Insured has to keep the vehicle at the accident site/spot until the surveyor Inspection completes,
- If any Third Party Injuries / Death occurs, you must immediately inform at the nearest police station about the accident.
- After the completion of the Formalities, the Insured must move the Vehicle to the authorised Garage of your choice and obtain the estimate from them.
- The Insured must submit the duly filled claim form along with the estimates of the company; then the Company will conduct the final survey.
- Final Surveyor will come and verifies the damage occurred and proceeded for the further process.
- You must submit the Bills of Repairs to the Magma HDI General Insurance Company.
Additional Features of Magma HDI Motor Insurance Plan
The Magma HDI General Insurance Company offers additional features are mentioned below.
- Offers simple claim process at a reasonable cost.
- Interacts with the customers regarding any comments or feedback.
- Voluntary Excess discount: A further discount on the premium is available if you opt for a Voluntary Excess (available only for private cars and two-wheelers) in addition to the Compulsory Excess.
- Automobile Association Membership: The person can also get the additional discount if he is the member of a recognised Automobile Association in India.
- Anti-theft devices: If there is an ARAI Installment in the vehicle, the Insured will get a discount of 2.5% on the OD Premium to a maximum of Rs.500/- for four-wheelers and Rs 50/- for two wheelers.