• Magma HDI Car Insurance - Check Plan Details & Reviews Online

    Car Insurance
    • Protect yourself with third party or comprehensive cover
    • Use bumper to bumper policies to reduce your liability
    • Enjoy facilities like zero depreciation and roadside assistance covers

    One among the most preferred insurance service providers, Magma HDI General Insurance is a joint collaboration between HDI Global SE Germany and the Kolkata-based Magma Fincorp Ltd. Magma HDI Car Insurance is one of their insurance products.

    Car Insurance Online from Magma HDI Car Insurance

    Third-party Cover NA
    Cashless Network Garages NA
    Incurred Claim Ratio 2017-18 81.71%
    Net Earned Premium 2017-18 Rs.320.49 crore
    Additional Covers Provided
    • Personal accident cover
    • Legal liabilities
    • Bi-fuel kit
    • Quick claim settlement
    • Instantaneous purchase
    • Host of discounts
    • Third-party liability
    • Personal accident cover
    • Loss due to natural calamities
    • Loss due to man-made calamities
    • Loss due to wear & tear
    • Damage due to general aging of the car
    • Nuclear risks, war


    Features and Benefits

    Listed below are the features and benefits of Magma HDI car insurance:

    • Easy purchase and renewal- Buying an insurance policy is a no more a tedious and time-consuming process. All you have to do is to log on to their website, provide personal details, get an insurance quote and buy the product by making an online payment. The renewal process is also speedy.
    • Host of discounts- Magma HDI car insurance comes with a host of discounts including no claim bonus and various other offers. If a policyholder has an anti-theft device installed in the car, he/she is eligible for a discount. There is also another type of discount for the Voluntary Excess plan.
    • Good customer service- A well trained and hardworking team of customer support executives work all through the year, including holidays and weekends, to provide assistance on a 24/7 basis.
    • Fast and easy claim settlement- The claim settlement process is hassle-free, quick. A policyholder need not worry about running around at the time of an emergency. All he/she has to do is intimate the insurance company and the job is done.

    Easy Steps To Apply for Magma HDI Car Insurance Online

    Customers can avail a car insurance policy from Magma HDI by following the steps mentioned below:

    • Log on to the Magma General Insurance website and go to the private car insurance policy section
    • Call the helpline number given on the website to get all the details about the insurance product
    • You can also fill in your personal details on the company’s website and a customer care representative will call you back
    • If you are happy with the insurance quote the customer care representative will arrange for you to avail the policy

    Why Magma HDI Car Insurance

    Comprehensive coverage
    Host of discounts
    Good add-on options

    Add-on covers on Magma HDI Car Insurance

    The following are the add-on covers provided by Magma HDI car insurance:

    • Personal accident cover- Under this add-on option, the policyholder and people travelling in the car can also be eligible for a personal accident cover. This benefit can only be availed if the owner of the car has a valid license.
    • Legal liabilities for third parties-The policyholder can purchase additional cover other passengers who may be travelling in the vehicle concerned.
    • Bi-fuel kit- Coverage can also be obtained at an additional cost for CNG and LPG bi-fuel kits.

    Inclusion & Exclusion on Magma HDI Car Insurance

    Inclusions Exclusions
    Loss or damage caused due to:
    • Fire, explosion & self-ignition
    • Natural calamities such as floods, storms, landslides, earthquakes, rockslides, hurricanes, lightning
    When the policyholder uses the vehicle contrary to mandated instructions
    Loss due to theft, robbery, and other manmade calamities such as strike, riots, terrorist activities, accidental external damage Accident due to intoxication
    Damage caused due to travel by road, air, elevator, inland waterway Damage due to own negligence
    Third-party liability in cases of injury, death or damage Mechanical or electrical breakdown
    Personal accident cover Loss due to nuclear risks
    Loss due to electrical or non-electrical accessories War related risks
    Legal liability to passengers who do not pay fares Consequential loss
    Contractual liability
    Loss of accessories by theft
    If used/driven outside geographical area

    Insured Declared Value - Magma HDI Car Insurance

    • The Insured Declared Value (IDV) usually refers to the specified sum of money that will be given out when a claim is settled. The sum is agreed upon by the insurer and the insured.
    • IDV is usually calculated on the price that is listed by the car manufacturer. This will be determined after making provisions for loss occurring due to depreciation.
    • The price of accessories can also be added to the IDV amount. This may be above and beyond the IDV.
    • For a car that is 5 years or older than that the IDV is determined based on an understanding between the insurance provider and the manufacturer. Below is a sample table on how IDV is calculated:
    Age of vehicle % 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%

    Magma HDI Car Insurance Cashless Garages

    Magma HDI provides offers customers services at their empanelled list of cashless garages across the country. Customers have the advantage of directly making claims at any of the list of garages available to the insurance provider. To locate the nearest network garage, log on to the website and you can easily obtain this information.

    Claim Process for Magma HDI Car Insurance

    Filing a claim is a very organised, hassle-free and hasty process. All you have to do is log on to their website and provide your details. You will then be contacted by a Magma HDI representative who will provide you stepwise assistance throughout the claim settlement process. Once this is done, you can register your claim instantaneously. The process of filing a claim and the documents required differs slightly depending on the kind of emergency situation like theft, accident, death or natural calamities. It is usually advisable to file an FIR in case it is an accident case. There are a few important guidelines that need to be followed while filing a claim. Below are the details:

    • Get the basic details in place before making a claim. This includes the type of damage occurred, time and place of the incident, the details of the other party involved in the accident
    • Sometimes, claims may be processed by a third party. Ensure that you follow up with the party involved and provide all relevant documentation
    • Do not try to repair or fix any damage that has been caused due to an accident before the inspection representative from the insurance company comes to do a survey
    • However, in case of any bodily injuries, try to reach the nearest hospital at the earliest. Inform the hospital the cause of the accident.

    Cashless Claim Process for Magma HDI Car Insurance

    Let's explore the steps to be taken while making a cashless claim:

    • Log on to the Magma HDI website and locate the nearest network garage. The same information can also be obtained by making a call to the company’s toll-free number.
    • Call for roadside towing assistance. However, if you are not able to drive the car or the car is not in a condition to be driven, seek roadside assistance
    • The extent of damage will be assessed by the surveyor.
    • At each stage of the claim process, you will receive regular status updates.
    • The payment for the services will be made by the insurance company directly to the cashless service provider.

    Reimbursement Claim Process for Magma HDI Car Insurance

    The following are the steps to be taken to file a claim for reimbursement:

    • Register a claim on the Magma HDI website or through the toll-free customer care number.
    • Fill the duly signed claim form
    • Submit all necessary documents
    • At each stage of the claim process, you will receive regular status updates.
    • The claim will most likely be settled within 7 working days

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