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Magma HDI Car Insurance

About Magma HDI Car Insurance

Magma HDI Insurance is one of the leading non-banking financial corporations of India with a wide network of service providers, even in the rural areas. Established as a joint venture between Magma Fincorp Ltd, Kolkata and HDI Global SE, Germany. HDI Global SE is part of the Talanx-Group which is the third largest insurance group in German and operates in more than 150 countries worldwide.

Types of Car Insurance offered by Magma HDI Car Insurance

  1. Private Car Insurance Package.
  2. Commercial Comprehensive Insurance Package.
  3. Motor Act Only Policy.
  4. Rider Options.

Note: All product information has been sourced from the official website of Magma HDI Car Insurance.

Key Features of Magma HDI Car Insurance

  • Easy Purchase: Purchasing a Magma HDI Car Insurance policy is no longer a tedious or time-consuming task. Simply log into the official website of Magma HDI Car Insurance, register with a login ID and Password, select the suitable premium quote and policy and purchase the same via online banking. This saves a lot of time and effort and is applicable for the renewal process as well.

  • Discounts: With Magma HDI Car Insurance, you can avail a wide range of discounts such as No Claim Bonus and additional add-on offers. You can avail additional discounts when you purchase rider options or purchase a Voluntary Excess Plan.

  • Superior Customer Service and Support: This is no doubt the most dominant factor for retaining existing customers. A policyholder can avail 24x7 online support, 365 days a year for any related queries and service requests. All such requests are handled by a team of experts.

  • Claim Settlement: The entire process of claim settlement is easy and hassle-free. You simply need to call the customer care support and they will take care of everything.

Key Benefits of Magma HDI Car Insurance

  • Third Party Liability: This facility provides cover against any legal liabilities arising out of damages sustained to any third party or their property or leading to any bodily injury or death of a person.

  • Loss or Damage to Car: You are provided cover for damage to your own car or its accessories in an event of an accident.

  • Natural Calamities: Provides cover against fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.

  • Man Made Calamities/Disasters: Provides cover against burglary, theft, riot, strike, malicious act, and accident by external means, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, elevator or air.

  • Cashless Garages: Magma HDI Car Insurance provides a wide range of listed cashless garages across the country. You can locate a cashless garage closest to your home through their online website.

Magma HDI Car Insurance Coverage

Every car is insured at a fixed value - Insured's Declared Value (IDV). The IDV is calculated on the basis of the manufacturer's listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year. Mentioned below are the rates:

Age of the VehicleRate of Depreciation
Not Exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 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%

Add-on features of Magma HDI Car Insurance

Personal Accident Cover - This add-on provides compulsory accidental cover of ₹1 lakh for two wheelers and ₹2 lakhs for other classes of vehicles for individual owners of the vehicle while driving with a valid driving license. You can also provide cover for the occupants of the vehicle for ₹2 lakhs per person for other classes of vehicles.

  • Additional Legal Liabilities: In case of commercial vehicles, you can avail the following at the cost of additional premium:

  • Paid driver / conductor / cleaner employed in operation of vehicle.

  • Employees traveling in / driving the vehicle other than the paid driver.
  • Non-fare paying passengers.

  • Bi-Fuel Kit: This is applicable to CNG-LPG fuel kits. You can avail cover for this at the cost of additional premium.

  • Depreciation Reimbursement: This add-on reimburses you with the amount deducted as depreciation during an own-damage claim involving partial damage of the vehicle.

  • Return to Invoice: With this add-on, you can claim reimbursement for the difference between the cost of a new vehicle similar to the one insured, and the total loss claim amount in the event that your insured vehicle is stolen or is a total loss.

  • Tyre Damage: In case of tyre damage beyond repair, this add-on will cover the cost of purchasing new tyres.

  • Hospital Cash Allowance: You will receive a daily cash allowance up to 30 days, in case the injured person is hospitalized due to an accident.

Basic and Additional Roadside Assistance - It includes the following:

  1. Towing of disabled vehicles due to any reason.
  2. Minor on-site repairs due to electrical or mechanical failures (the cost of parts, if any, need to be borne by the insured).
  3. Battery jump start.
  4. Change of flat tyre by the spare tyre carried in the insured vehicle.
  5. Retrieval of vehicle keys from inside the locked vehicle.
  6. Replacement of contaminated fuel or providing emergency fuel in case the vehicle runs out of fuel (the cost of fuel, however, has to be borne by the insured).
  7. Continuation of journey if the insured vehicle is disabled on road due to any reason.
  8. Local travel, when on tour, if the insured vehicle is disabled due to any reason, when the insured vehicle was used in the tour
  9. Overnight expense when on tour if the insured vehicle, which was used during the tour, is disabled due to any reason.
  10. Repatriation of the insured vehicle, if the disabled vehicle is repaired in a place at least 100 kms away from your registered address.
  • Engine Damage: Cover against damages to the engine due to hydrostatic lock damage.

  • Key Replacement: Cover against loss/theft of ignition keys.

  • Loss of personal belongings: In case you lose any of your personal belongings such as smartphone or laptop, this add-on has got you covered.

  • Inconvenience Allowance: You will be entitled to an allowance per day for a period not exceeding 10 days when the insured vehicle is undergoing accidental repairs.

Discounts offered by Magma HDI Car Insurance

  • No Claim Bonus: A discount is given on premium renewals in case you have not made any claims over the previous policy years. The discount can be up to 50% provided the policy is renewed within 90 days of the expiry date and this can be transferred to a new car insurance policy when you intend to shift.

  • Voluntary Excess Discount: A voluntary excess discount is offered on the car insurance premium by Magma HDI Car Insurance apart from the Compulsory excess. .

  • Automobile Association Membership discount: You get eligible to earn an additional discount on your car insurance premium if you are a registered member of the Automobile Association of India (AAI).

  • Anti-theft Devices: Discount of 2.5% on the OD Premium to a maximum of Rs.500/- for four-wheelers.

Exclusions of Magma HDI Car Insurance

  • Normal wear, tear and general ageing of the vehicle.
  • Depreciation or any consequential loss.
  • Mechanical / electrical breakdown.
  • Vehicle being used otherwise than in accordance with limitations as to use.
  • Damage to / by a person driving the vehicle without a valid license.
  • Damage to / by a person driving the vehicle under the influence of drugs or liquor.
  • Loss / damage due to war, mutiny or nuclear risk.
  • Use of Motor vehicle in violation of Limitation as to Use clause mentioned in the Policy.

Magma HDI Car Insurance Customer Care

You can always contact Magma HDI Car Insurance Customer Care toll free number for intimating a claim or for any other query at 1800 266 3202 or send an email to customercare@magma-hdi.co.in.

Claim Process of Magma HDI Car Insurance

If you want to make a claim, simply visit the official website and the put a service request. Then, the service executive will call back with the exact details of the claim settlement process. Post claim intimation, it is advisable that you file a FIR in case of an accident. The process of claim settlement also differs on the basis of the type of accident.

Cashless Claim

  1. To begin with, simply visit the official website of Magma HDI Car Insurance and locate a listed cashless garage. You can also do the same via a call to customer care.

  2. Seek for roadside assistance if the car is not in a viable condition to move.

  3. Once the car is at the garage, it will be inspected by the surveyor.

  4. Post inspection, the repairs will begin and the cost of repairs will be directly settled by the insurer.

Reimbursement Claim

  1. To begin with, simply visit the official website of Magma HDI Car Insurance and locate a listed cashless garage. You can also do the same via a call to customer care.

  2. Download and fill the claim settlement form.

  3. Submit the same with the necessary documents.

  4. Your claim will be verified and settled within 7 working days.

Magma HDI Car Insurance Review

Being a relatively new General Insurance Provider in comparison to other insurers, Magma HDI is one of the fastest growing car insurance providers in India. Customers have easy access to a wide number of cashless garages to get their vehicle serviced. Additional facilities such as online tracking of claim status, request and settlement, transfer of no-claim bonus, etc, has made this insurer a popular choice amount policyholder.

FAQs on Magma HDI Car Insurance

What are the list of documents required for submission during claim settlement?

This is the complete list of documents required for claim settlement - Copy of claim intimation, Copy of policy and premium receipt, Duly-filled Claim Form, Driving License, Registration Certificate of Vehicle, Estimate of repairs from repairer and stamped receipt, Bills and Cash Memo of repairs, Verification of road tax, Police Panchnama/FIR, Permit and Fitness Certificate.

Can I transfer my No Claim Bonus?

Yes, you can transfer your No Claim Bonus from the previous insurance provider.

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