Magma HDI Car Insurance

Magma HDI is a renowned insurance agency in India. It is a joint venture between a Kolkata-based NBFC called Magma Fincorp Ltd and a German insurer called HDI-Gerling Versicherung AG. The joint venture portrays a strong vision of catering to the insurance needs of the Indian populace, and it is one of the most preferred insurance companies in the nation. Magma HDI offers a multitude of competitive and beneficial insurance products with third-party liability cover, own damage cover and several add-on plans. Magma HDI Car Insurance provides an array of benefits to its customers. It is one of the leading names in the Indian insurance industry. The products offered by the company have all the state of the art facilities for its customers. A car is an asset nowadays. With increasing traffic and road-side accidents, the Indian Government has made it mandatory for all car owners to purchase insurance for their vehicles.

Coverage

Magma HDI offers numerous coverage benefits, covering all the needs of an individual. It is highly competent and thus stands on the top list of car insurance providers in India. It provides comprehensive coverage that protects one from third-party damage,  own vehicle damage and also protects the insured policyholders from unexpected personal accidents.

• Damage to Own Vehicle: The loss of the insured vehicle or any damage to it or its parts incurred due to causes like floods, storms, hurricanes, earthquakes, fire, explosions, strikes, riots, terrorist attacks, theft, burglary, in-transit damage, etc. are covered under the private Car Insurance policy offered by Magma HDI.

• Third-party liability: covers the damages to another person’s vehicle or property or the loss of life or injury caused to another person. The coverage extends to legal expenses or claims demanded by the third party for any damage to life and property.

Extra Coverage at Extra Premium

The following add-on coverage can be enjoyed by a policyholder by paying extra premium:

• Personal Accident Cover for Owner & Driver: A compulsory personal accident cover of Rs.1 lakh to Rs.2 lakh is provided to the owner of the insured vehicle or its driver in case of accidental death or permanent disability.

• Additional Legal Liabilities: This facility is exclusively for the commercial vehicle in which the paid driver, the conductor, cleaners, employees traveling or driving the vehicle (except a paid driver and non-fare paying passengers) are covered.

• Bifuel-kit: This covers any damage to the vehicle's LPF or CNG bi-fuel kit.

Sum Assured

Every customer considers the Sum Assured as a deciding factor while purchasing a car insurance. The Sum Assured of every insurance depends upon the IDV (Insured’s declared value) of the car. IDV indicates the current market value of a car after subtracting the depreciation value determined as per the age of a car. Magma HDI calculates the Sum assured value as follows:

• If the vehicle’s age is less than 6 months, then the rate of depreciation is 5%.

• If the vehicle’s age exceeds 6 months, but within 1 year, then the rate of depreciation is 15%.

• If the vehicle’s age is over 1 year, but with 2 years, then the rate of depreciation is 20%.

• If the vehicle’s age is in between 2 to 3 years, then the rate of depreciation is 30%.

• If the vehicle’s age is in between 3 to 4 years, then the rate of depreciation is 40%.

• If the vehicle’s age is in between 4 to 5 years, then the rate of depreciation is 50%.

If the manufacturer doesn’t have the listed price of any of the accessories, then the actual value of the concerned accessory is added to the Sum assured amount after deducting depreciation.

Discounts

Magma HDI offers a handful of interesting discounts.

• Drive safe and avoid claiming a car insurance: A ‘No-claim Bonus’ is given at the end of the year to those policyholders who haven't filed a claim. it offers discounts up to 50% on the premium for policy renewal, if done renewed within 90 days of the date of expiry.

• Lend a helpful hand in your own expenses: A discount is offered on the policy premium if the policyholder selects a higher sum of Voluntary excess to their own damage expenses.

• Be a member of an Automobile Association: An additional discount on the premium is offered to those who enroll as members of an automobile association.

• Protect your car with Anti-Theft Devices: Those who install an ARAI-approved anti-theft device in their cars get rewarded with 2.5% discount on the premium, subject to the maximum of Rs.500.

Exclusions

Magma HDI doesn't cover for the following damages:

• Break down due to the aging of the vehicle.

• Normal wear and tear of the car.

• Damage caused due to driving under the influence of intoxicating substances.

• Damages caused when the driver was driving the vehicle without a valid driving license.

• Mechanical or electrical breakdown.

• Damages caused due to nuclear risks, war or mutiny.

Customer Care

• The customer care department of Magma HDI can be contacted through a phone call to their toll-free number: 1800 3002 3202.

• Alternatively, you can send an email to [email protected]

• Customers can log in to the insurer’s website to record their grievances.

• The ‘Request a Callback’ option is also available. Customers can go to the 'Write to Us' option on the insurer's website and fill up the online form to receive a call from a customer service executive of the insurer.

• The website offers several locators to find the locations of the company's branch offices as well as the authorized garages for cashless servicing,

FAQs

What are the various coverages provided by Magma HDI car insurance?

Magma HDI car insurance provides comprehensive coverage that protects one from third-party damage,  own vehicle damage and also protects the insured policyholders from unexpected personal accidents.

What are various the add-on covers available to customers at extra costs?

The following add-on coverage can be enjoyed by a policyholder by paying extra premium:

• Personal Accident Cover for Owner & Driver: A compulsory personal accident cover of Rs.1 lakh to Rs.2 lakh is provided to the owner of the insured vehicle or its driver in case of accidental death or permanent disability.

• Additional Legal Liabilities: This facility is exclusively for the commercial vehicle in which the paid driver, the conductor, cleaners, employees traveling or driving the vehicle (except a paid driver and non-fare paying passengers) are covered.

• Bifuel-kit: This covers any damage to the vehicle's LPF or CNG bi-fuel kit.

What are the discounts provided by Magma HDI to its car insurance customers?

A ‘No-claim Bonus’ is given to the customers at the end of the year who haven't filed a single claim. It offers discounts up to 50% on the premium for policy renewal, if done renewed within 90 days of the date of expiry. The other discounts offered are for installing anti-theft devices in the car and for subscribing to Automobile Associations memberships.

What are the several exclusions of the Magma HDI car insurance?

Magma HDI doesn't cover for the following damages:

• Break down due to the aging of the vehicle.

• Normal wear and tear of the car.

• Damage caused due to driving under the influence of intoxicating substances.

• Damages caused when the driver was driving the vehicle without a valid driving license.

• Mechanical or electrical breakdown.

• Damages caused due to nuclear risks, war or mutiny.

How does Magma HDI calculate the car insurance sum?

The Sum Assured of Magma HDI car insurance depends upon the IDV (Insured’s declared value) of the car. IDV indicates the current market value of a car after deducting the depreciation value determined as per the age of a car.

What are the various documents required while submitting a claim?

• A copy of the claim intimation

• A copy of the Magma HDI car insurance policy document along with the premium receipt

• The claim form duly filled up

• A copy of the valid Driving License

• Photocopy of the Registration Certificate of the vehicle

• Estimate cost of repairs from the garage where the car was repaired, along with a stamped receipt

• Bills or Invoice or Cash Memo of repairs

• Verification of road tax

• FIR

• Permit and Fitness Certificate

What are the additional expenses that customers may incur when a claim is being settled?

While making a claim, the customers have to bear these expenses:

• compulsory excess

• reasonable value of salvage

• depreciation value of the vehicle.