- About Coverfox
"Magma HDI Car Insurance is a type of comprehensive car insurance policy offered by Magma HDI General Insurance. The insurer provides Private Car Insurance, Commercial Vehicle Insurance, Motor Tractor package, Motor Act Only Policy, Motor Trade Policy and Motor Trade Internal Risk Policy. Additional benefits that can be included in the car package are windshield or car glass cover, accident cover for a paid driver or unknown passenger, depreciation waiver and personal belongings damage/theft cover. Magma HDI is a joint venture between Magma Fincorp Limited and HDI Global SE. The insurer has 310 offices across 22 states in India."
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.
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.
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.
The entire process of car insurance claim settlement is easy and hassle-free. You simply need to call the customer care support and they will take care of everything.
Note: All product information has been sourced from the official website of Magma HDI Car Insurance.
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 Vehicle||Rate of Depreciation|
|Not Exceeding 6 months|
|Exceeding 6 months but not exceeding 1 year|
|Exceeding 1 year but not exceeding 2 years|
|Exceeding 2 years but not exceeding 3 years|
|Exceeding 3 years but not exceeding 4 years|
|Exceeding 4 years but not exceeding 5 years|
Personal Accident Cover - This add-on provides compulsory personal accident 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:Depreciation reimbursement helps you to reimburse the amount deducted as depreciation during an own-damage claim involving partial damage of the vehicle.
Return to Invoice: With this Return to Invoice, 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.
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 firstname.lastname@example.org.
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.
Being a relatively new General Insurance Provider in comparison to other insurers, Magma HDI is one of the fastest growing car insurance 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.
Magma HDI Car Insurance is a type of comprehensive car insurance policy offered by Magma HDI General Insurance.
The key features of Magma HDI car insurance are:
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.
Yes, you can transfer your No Claim Bonus from the previous insurance provider.