MAGMA HDI
MAGMA HDI Car Insurance Feature
Claim Settlement Ratio
94%
Network Garages
4000+
MAGMA HDI Car Insurance Coverage
| Insurance Package | Comprehensive |
|---|---|
| Expenses on Third Party Property | |
| Injuries/Death on Third Party Person | |
| Expenses on Own Car Damage | |
| Burglary / Theft | |
| Damage Due to Fire | |
| Damage Due to Natural Disasters | |
| Personal Accident | |
| Coutomize Add on |
Coverage Exclusions
- Normal wear and tear as well as general ageing of the car
- Depreciation or any consequential loss
- Mechanical / electrical breakdown
- The car being used other than in accordance with prescribed ‘limitations as to use
- Damage to / by a person driving the car without a valid driving license
- Damage to / by a person driving the car under the influence of drugs or liquor
- Loss / damage due to war, mutiny or nuclear risk
- Use of the vehicle in violation of the ‘limitation as to use’ clause, mentioned in the policy
MAGMA HDI Car Insurance Discount Information
Calculate Your Car No Claim Bonus
| Consecutive claim-free policy tenure | Percentage of markdown on own-damage premium |
|---|---|
| One claim-free period | 20% |
| Two consecutive claim-free periods | 25% |
| Three consecutive claim-free periods | 35% |
| Four consecutive claim-free periods | 45% |
| Five consecutive claim-free periods | 50% |
a comprehensive policy offers other benefits like the No-Claim Bonus (NCB).
No Claim Bonus is essentially a discount over the own damage premium component. It means that you would have to pay less in the forthcoming premium if you do not raise any claim in the entire year.
NCB belongs to you and not the car. It is essentially a reward to the driver. If you decide to change the car and get an insurance policy for it, you will retain your NCB discount from the first premium on your new insurance policy.
Calculate Your Car Depreciation
| Car’s Age | Depreciation |
|---|---|
| 6 Months | 5% |
| 6 Months – 1 Year | 15% |
| 1 – 2 Years | 20% |
| 2 – 3 Years | 30% |
| 3 – 4 Years | 40% |
| 4 – 5 Years | 50% |
Vehicles are naturally depreciating assets, meaning, with every new car, there will only be a devaluation in the price over time. The parts like mirrors, metal, rubber, plastic and other car accessories are subjected to depreciation.
Claim settlement value: In zero depreciation cover, the claim settlement amount is higher since the calculation of depreciation is not done, whereas, in regular car insurance, the claim settlement amount is received with a deduction of depreciation.
MAGMA HDI Car Insurance Add on Covers
Engine protection
If you live in an area prone to flooding, consider getting an engine protection add-on cover that allows you to get your engine repaired or replaced in case of water ingress. This benefit also applies to instances of leakage that could eventually harm your engine. Your insurance provider will cover the costs of repairs or replacements as long as they fall under coverage mentioned in the policy wordings.
NCB retention
You take extra care of your car and even bear small costs yourself to save your NCB. Imagine after 4-5 years of carefully increasing the discount percentage, a small accident compels you to make a claim. You’ll lose all the time and effort you had put into increasing your NCB because of a small mistake. This is where the NCB retention add on comes in which helps you protect your NCB even after you make a claim.
Zero depreciation
The depreciated value of your car refers to the regular wear and tear that decreases the value of your vehicle. In fact, even if you ensure not a single scratch comes to your car, it’ll still lose value with time. So when you make a claim, it’ll be settled keeping the reduced value of the parts in mind. Well, unless you have zero depreciation add on that helps you retain the value of your car even with time. This means you get the complete coverage for your claim with no out-of-pocket expenses.
Road-side assistance
If you fear anything going wrong on the roads such as a flat tire, dead battery etc., this add-on guarantees you assistance on the spot and is covered by your insurance provider. You can even get coverage against additional circumstances such as overnight expense coverage in case your car breaks down with Magma HDI’s additional road-side assistance cover.
Invoice value
In the event of total loss, constructive total loss or theft of the insured vehicle, your insurance provider will pay the invoice value or even replace your vehicle with a new one if you opt for this cover. It will also apply to additional charges that may come with your vehicle such as customs duty, registration charges etc.
Key replacements
Losing your car key is probably one of the most common car mishaps. With this add-on, get reimbursed for getting a duplicate key or replacing your car lockset in case of a burglary.
Loss of personal belongings
In the event of an accident or burglary, you undergo tremendous amounts of stress as you can never fully recover the belongings. However, with this cover, you can put your mind at ease as it can reimburse the cost of your valuable belongings such as your laptop, phone etc.
Inconvenience allowance
Inconvenience allowance is a daily cash benefit that you are entitled to if you file a valid own damage claim. It can go for as long as ten days to cover all the repairs that your insured vehicle needs. Thus, leaving you prepared for any unforeseen damages no matter how big they are.
MAGMA HDI Car Insurance Flow
How to Buy MAGMA HDI Car Insurance
- Start by giving a few details about yourself
- Just answer a few simple questions about the vehicle you are using
We have kept these questions extremely simple like where do you drive? or if your previous vehicle policy has expired? Or are you looking for online motor insurance renewal? - View amazing insurance plans with prices tailor-made for you and buy motor insurance online
Apart from delivering a fantastic value for your purchase, we strive hard to offer you a good price to start with. You can select your own IDV and apply offers available to you to get to an optimal price. When you are ready, just select your option. - Choose your policy and pay the premium. Your policy will be in your inbox in a few seconds
How to Claim MAGMA HDI Car Insurance
- Note down the license number of all the vehicles involved in the accident and also get the names and contact details of the witnesses, if possible.
- In case there are third-party damages such as injuries/deaths, property damage, or any other such critical issue, you should file an FIR at the nearest police station.
- Contact your insurer and report the accident, and you will receive a claim number.
- Ready all the documents as told you by the car insurance company, which you will have to present before the company representative.
- Take the vehicle to a network garage whose details will be provided to you by the insurance company to get your vehicle repaired.
- A Customer Service Manager will get in touch with you within 24 hours, and you will have to show him all the documents related to your car and its insurance.
- If the Customer Service Manager is satisfied with your papers, he will give the go-ahead for the repair work and you can get your vehicle repaired.
- Once the repair work is completed, the insurance company will make the claim payment to the garage for the repair costs.
- You will have to pay the deductibles which will be intimated to you by your CSM once the repairs are done.
- Take a note of the details of all the cars involved in the accident and if possible, try to get the contact details of some witnesses.
- Report the accident to your insurance provider immediately through a toll-free number provided by the company.
- A Customer Service Manager or CSM will get in touch with you within 24 hours and will tell you to submit all the bills and invoices to the company to get the claim.
- Once the claim is approved, the company will start the claim settlement process.
- The claim amount is sent directly to the customer according to the terms and conditions of the contract.
- If you have proper documents, you will get your claim, but your claim can also get rejected if you were driving without a valid driving license or if you were drinking and driving. Once you buy a car insurance policy online, make sure to read the policy documents completely, so that you do not face any issues while filing a claim for the damages to your car.
MAGMA HDI Car Insurance Review
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Thank you, Aniket, for your prompt reply and for helping me in renewing my insurance. I’ve cleared many of my insurance-related queries and am glad to have connected with you.
First of all, thank you so much for your help and guidance in renewing my current vehicle insurance policy, ensuring I could renew my policy without any problem. Once again, thank you for your cooperation.
I would like to thank you for your prompt response and timely follow-ups until the closure of the policy renewal process. I really appreciate all your help. Thank you, Durga.
Thank you, Mr. Darshan, for helping me with my vehicle insurance quotation. You provided all the important information regarding what is covered in my insurance. I will renew my policy as early as possible. You maintain transparency with customers, ensuring they understand what is important when renewing their insurance. I am happy with your services. Thank you.
Thank you very much for all your kind help and support. It was a really wonderful and hassle-free experience. I would definitely recommend Magma HDI’s Motor Insurance to my friends and family members. Thanks a lot, Kalyani!
Sagar was very polite and helpful during the policy renewal process. Everything was quick and hassle-free.
The insurance renewal agent was fantastic! They ensured I understood everything and got me the best deal possible. Super friendly and helpful. I couldn’t have asked for a better experience.
Thank you so much for all your guidance and help in renewing my policy. You have explained all the features. Also, you compared them very well with other insurers.
reference : https://www.magmahdi.com/more/testimonials
MAGMA HDI Company Information
| Company Name | Magma HDI General Insurance Company Limited |
| Tollfree | 1800 266 3202 |
| customercare@magma-hdi.co.in | |
| Registered Address | Equinox Business Park, Tower 3, 2nd Floor, Unit Number 1B & 2B, LBS Marg, Kurla (West), Mumbai – 400070. |