The Magma HDI General Insurance Company provided Two Wheeler Insurance Plan to detect any loss or damage to your two-wheeler. We understand that your two-wheeler is a thing of pride for you. This Magma HDI Two Wheeler Insurance package policy is specially designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act. The Magma HDI General Insurance Two Wheeler Plan also designed to protect your two-wheeler from any loss or damage.
Magma HDI Two Wheeler Insurance
Nowadays, Two-wheelers became an important part of everyone lives. To keep our bike or scooty or scooter safe and secure is very important. In some cases, unexpectedly some risks & Probabilities will happen to our bikes. Hence by buying the Magma HDI Bike Insurance, the insured can protect their bikes from the risks that will happen. The Magma HDI Two Wheeler Insurance Policy provides the financial cover to bike or scooter against physical damage, theft and also third party liability. With poor road conditions in India and no driving ethics, two-wheeler insurance is the only saviour on the roads. The Magma HDI General Two wheeler insurance or bike Insurance is the ideal solution to meet exceptional costs that may occur due to the damages caused to the two wheeler.
The Magma HDI Two wheeler insurance refers to a policy which is taken to cover any damages that may occur to a two wheeler due to theft or natural disaster. And also it includes the riders due to an unfortunate event like an accident if occurs. The Two Wheeler Insurance cover protect against liabilities arising from damages to a third party due to the accident. The Magma HDI bike insurance cover provides protection to all types of two wheelers such as scooter, motorcycle, moped and scooty and includes all uses like personal, commercial or mixed. Hence, Magma HDI Two Wheeler Insurance Policy ensures you have a safe ride every single time. The Key features, Renewal Process, Inclusions, Exclusions, etc. of Magma HDI Two Wheeler Insurance Plans mentioned in detail below. Refer our site www.policycorner.in for more information regarding Magma HDI General Insurance Plans.
Magma HDI General Two Wheeler Insurance Plan Coverages
Third party liability: This Magma HDI General Bike Insurance Plan protects you and your two-wheeler against any legal liability arising out of the use of the vehicle, towards third parties, leading to any bodily injury to/ on a death of a person and any damage caused to third party property.
Loss or damage to the vehicle: Due to the following occurrences, this two-wheeler package policy covers against any loss or damage caused to your two-wheeler or its accessories.
- Any damage in transit by road, rail, inland waterway, lift, elevator or air.
- Fire, explosion, self-ignition, accidental damage by external means,
- Burglary, theft, riot, strike, malicious act, terrorist activity.
- Lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
At Magma HDI, your two-wheeler is insured at a fixed value called the Insured’s Declared Value (IDV). The IDV is calculated by 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 cover 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%|
However, if the price of any accessory in your vehicle is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of it can be added to the sum insured over and above the IDV.
However, if the price of any accessory installed in the vehicle is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of this item can be added to the Sum Insured over and above the IDV.
Magma HDI Bike Insurance Benefits & Features
At a nominal extra cost, you can also avail of the following additional covers for Magma HDI Two Wheeler Insurance Plan:
1. Personal accident cover: In Case of two-wheelers, Rs. 1 lakh is the Compulsory personal accident cover. And Rs. 2 lakhs for other classes of vehicles for individual owners of the vehicle while driving. And this is not applicable for a company owned vehicle.
This Benefit is available only if the owner of the vehicle holds a valid driving license.
2. Additional Legal liabilities: The following additional legal responsibilities may also opt for at an additional premium
- Paid driver/ conductor/ cleaner employed in the operation of a vehicle.
- Employees travelling in/ driving the vehicle other than paid driver.
- Non-fare paying passengers
3. Biofuel-Kit: The CNG-LPG fuel kit can also cover by paying an additional premium.
Over and above the extra cover, you also entitled to the following discounts:
No Claim Bonus: No Claim Bonus (NCB) is offered on renewals if you do not make a claim during the Policy period. This discount can go as high as 50% (NCB will only be allowed provided the Policy renew within 90 days of the expiry date of the previous policy). Transfer of NCB: When you shift your motor insurance policy from another company then you can transfer full benefits of No Claim Bonus.
1. Anti-theft devices: In case you have installed an ARAI approved anti-theft device in your vehicle, you can enjoy a discount of 2.5 % on the OD Premium to a maximum of Rs. 500/- for four-wheelers and Rs. 50/- for two-wheelers.
2. 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. The Compulsory Excess is the amount of loss which the insured has to bear in each and every claim.
3. Automobile Association Membership: You can also avail of additional discount if you are a member of a recognised Automobile Association in India. It is available only for Private cars and also Two wheelers.
Magma HDI General Bike Insurance Policy Exclusions
While every effort made to give you the best possible services for any loss/ damage to the vehicle. And if any damages caused by the following then its accessories will not be covered.
- Normal wear, tear and general ageing of the vehicle.
- Mechanical / electrical breakdown.
- Depreciation or any consequential loss.
- Damage to / by a person driving the vehicle under the influence of drugs or liquor.
- Damage to / by a person driving the vehicle without a valid license.
- Use of Motor vehicle in violation of Limitation As to Use clause mentioned in the Policy.
- Loss / damage due to war, mutiny or nuclear risk.
Magma HDI General Vehicle Insurance Policy Buying Process
The Magma HDI General Two-Wheeler Insurance Plan buying procedure is available here. The Buying procedure of Bike Insurance policy is very simple if you have all the information regarding documents with you. Before buying the Magma HDI Two Wheeler Insurance, read the Plan details carefully. The Appointee can buy the Bike Insurance Plan in two ways either offline or online. For offline Process, you have to visit the nearest Magma HDI General Insurance Company Branch Office. For Online Process, refer the Official Website and fill the application form or proposal form for the relevant policy.
The Documents required for buying the Bike Insurance Policy are
- Application form / Proposal form along with the photo.
- Age Proof.
- Address Proof.
- Bike Papers etc.
- Vehicle Number.
Magma HDI Two Wheeler Insurance Plan Claim Process
Under this Policy, the claiming process is extremely simple, and the settlement is too fast. Check the Magma HDI Two Wheeler Package Policy Claim Process here.
Approach the Magma HDI General Insurance Corporate Ltd through any one of the given options.
- Phone (Help Line Number 1800 – 3002 – 3202).
- Email notification.
- By letter / Fax.
- Submitting manual claim form at any of MHDI branch.
- Your Insurance Representative.
Required Details to claim Two wheeler policy:
- Insured’s details.
- Policy Number.
- Vehicle Number.
- Loss details such as
- Date of Loss
- Type of Loss
- Loss Location
- Contact details for communication.
- Completed & Signed claim form along with supporting documents.
How can I renew my Magma HDI Bike Insurance Plan?
Magma HDI General Tw0-wheeler Insurance Renewal process is possible in two ways, i.e., offline and online. For offline renewal, you have to visit the Magma HDI General Insurance Company Branch Office within the grace period. The Policyholder must fill the corresponding forms regarding the policy and make payment. Check the Renewal process of Magma HDI General Bike Insurance Policy through Offline.
Magma HDI Motor Vehicle Insurance Policy Renewal Process
- The Policyholders must visit the the nearest branch office of the Magma HDI General Insurance.
- Submit the Renewal Form to the Officers.
- And also submit the required documents to Renew your policy.
- Pay the amount & Renew the Policy there.
- After renewal, Continue your policy & pay the Premiums.
Magma HDI Two Wheeler Package Insurance Premium Calculator
Premium is the Minimum Amount that you need to Pay to buy and also to Renew your Home Insurance Policy. You can calculate the Minimum Premium amount you need to pay to take the Magma General Motor Vehicle Insurance Policy By Using the Magma HDI General Insurance Premium Calculator. The Amount of Premium Paid will Depends on your Vehicle, and also on any Extra Coverages. You need to enter the Information below to calculate your Magma HDI General Two Wheeler Package Insurance Policy Premium.
Required Details to calculate the Magma HDI General Two Wheeler Insurance Plan
- Policy Number.
- Vehicle Number.
- Policyholder Name.
- Sum Assured.
- Mobile Number.
- Address proof.
- Date of Birth.