Magma HDI Two-Wheeler Insurance

It is compulsory for every owner to have a third-party liability cover for the two-wheeler in India, to take care of the damage caused to the third party. Similarly, it is also essential that the vehicle and the user remain protected from the unforeseen circumstances for which one can opt for comprehensive two-wheeler insurance. To assure that you can get the best comprehensive two-wheeler insurance coverage, Magma HDI has come up with a Two-Wheeler Insurance policy.

Benefits of Magma HDI Two-Wheeler Insurance Plan

• Amount Insured
  The sum insured on the two-wheeler under this insurance policy is Insured Declared Value (IDV) which is determined through the selling price of the vehicle and its depreciation value. The selling price of the vehicle that is taken into consideration for the calculation of IDV is the listed price offered by the manufacturer.
• No Claim Bonus
  One can avail a maximum of 50% No Claim Bonus upon the policy renewal if the policy is renewed within the 90 days from the expiry date of the previous insurance plan. No Claim Bonus can be transferred from another insurer's insurance policy to Magma HDI General Insurance as well.
• Discounts
  There are various discounts that one can avail on the Magma HDI Two-Wheeler Insurance policy which includes NCB (No Claim Bonus) and other concessions. If the policyholder has equipped the vehicle with an anti-theft device that is approved by ARAI, the person is eligible for a 2.5% discount on Own Damage premium, of worth up to Rs. 50.

Covers Offered Under the Magma HDI Bike Insurance Policy

• Third-Party Liability Cover
  The Magma HDI Two-Wheeler Insurance policy covers any legal liabilities that are arising out of death or injury to a third-party or any loss to a third party due to the use of the insured vehicle.
• Cover for the damage or loss of the two-wheeler:
  Any loss or damage to the insured two-wheeler caused due to any one of the following reasons is covered by the policy. These are – fire, self-ignition, explosion,  damage caused by any external factors during transit by elevator, inland waterways, rail or road, airways, loss or damage inflicted by natural calamities such as earthquake, lightning, storm, cyclone, tempest, hailstorm, rockslide, frost, landslide, and man-made disasters such as theft, burglary, malicious act, riot, terrorist activity or strike.
• Add-On Covers
  By paying an extra premium, one can also avail an additional extension on the Magma HDI Two-Wheeler Insurance policy in the form of a personal accident cover.
• Personal Accident Covers
  The personal accident cover offers an Rs. 1, 00,000 coverage for the policyholder in the event of an accident while riding the two-wheeler. This facility is not available for a vehicle which is owned by a company. Both the policyholder as well as the passengers on the bike can be protected under this insurance plan for a sum assured of up to Rs. 1, 00,000 per person.

Claim Procedure of Magma HDI Bike Insurance

The claims process for the Magma HDI Two-Wheeler Insurance is as follows:

• The method of Intimation:
  • In the event of an accident, one should immediately inform the insurer about the incident and mention the details such as the policy number, place of damage occurrence and the driver details.
  • It would help if you also inform the customer care of the workshop where you are going to place the two-wheeler for repair.
  • It is essential to make sure that the vehicle is not left unsupervised at the accident location.
  • If a theft has occurred, the policyholder should file an FIR at the local police station ion an immediate basis.
• Repair work:
  • Take the vehicle to an MHDI authorized garage for the repair work.
  • When the investigation of the two-wheeler is being done at the workshop, it is advisable for the owner to be present there.
  • When the investigation gets complete, the surveyor will provide the information of the loss.
  • Repairs of the vehicle should be undertaken after the completion of the inspection and as per the recommendations of the surveyor.
• After the repairs:
  MHDI should be intimidated about the completion of repairs, and a re-inspection will be conducted.
  If the repair work is done at a network garage, the policyholder would be required to bear the deductibles and depreciation cost of the two-wheeler. If the repair is done at a workshop outside the MHDI network, then the policyholder will have to take the entire cost of repair work and will have to submit the original bills to the insurer for reimbursement.
  If the vehicle was not repaired satisfactorily, intimate the MHDI on the same.
• Documentation required:
  • All the required documents should be submitted to the insurance provider in original form.
  • The insurance provider or the surveyor will notify the policyholder in case there is a requirement for the submission of additional documents.
  • It would help if you refrained from getting into an agreement with an unauthorized party regarding the claim process.
  • Ensure that you provide genuine documents to the insurance provider in the claim process.
• Settlement process:
  Once MHDI receives all the relevant documentation, the claim will be settled within seven working days.

FAQs

Q1. Can I get the duplicate copy of my two-wheeler insurance policy, if I  lost the original one?

Yes, you can pay a fee of just Rs. 50 and can avail a duplicate copy of the policy from Magma HDI.

Q2. Is it possible to cancel the two-wheeler insurance policy before its expiry?

Yes, one can cancel the two-wheeler insurance policy in the mid-term after making sure that the two-wheeler is insured for the third-party liability.