Most accidents in India are linked to two-wheelers, with 25% of all road accident deaths involving a bike/scooter. Given these statistics, it is imperative to invest in a good bike insurance policy to offset any loss arising due to accidents. Magma HDI offers insurance schemes which meet the mandatory requirements associated with riding a bike in our country.
|Policy period||One year|
|Available add-on||Personal accident cover|
|No claim bonus (NCB)||Maximum NCB earned can be as high as 50%, subject to no claims made in the policy year|
|No claim bonus after claim||The NCB value reduces based on the claim amount|
|Zero Depreciation cover||NA|
|If plan expires||Cover ceases, with it possible to lose out on the earned NCB. Policy should be immediately renewed as riding a vehicle without a valid insurance can attract a penalty.|
|Network garages||Located across the country|
Purchasing a 2 wheeler insurance policy from Magma HDI can be a smart option, with a number of reasons to choose the NBFC.
Magma HDI currently offers two insurance plans designed for two-wheelers.
The Liability Only plan is designed to provide cover against legal liability arising out of injury/death to any third-party. It also covers damage to the property of any other individual. This can be availed by individuals looking for limited cover.
The bike Insurance Package meets the requirements set forth by the government, offering third-party liability cover in addition to protection against loss/damage to the insured vehicle. This is a smarter option if one is looking for comprehensive cover.
An individual who has purchased a motor vehicle insurance plan from Magma HDI can use the vehicle without worry, for the plan provides protection in a number of cases.
There are certain exceptions which are not covered. This is primarily done to prevent any misuse of the provisions.
Individuals interested to buy a 2 wheeler insurance policy from Magma HDI might be required to satisfy a few basic criteria.
Note: The criteria could vary based on a number of conditions.
Magma HDI currently does not provide an option to purchase their two wheeler insurance online. One will have to visit a branch of the NBFC or request for a call-back from their agents in order to complete the purchase formalities.
Alternately, one could visit third-party websites which provide the option to purchase the policy online. In case this provision exists, one will be expected to enter their bike details, including the registration number, engine and chassis number.
Personal details like the address, phone number, and email id of the individual purchasing the policy should also be provided. The premium amount needs to be paid, with the policy active once these steps are completed.
In the event of any incident resulting in damage to the bike/individual, it is imperative to inform Magma HDI. The claim process in place is simple and quick, ensuring that there are no roadblocks after the incident.
One can inform the insurer either via telephone, email, fax, letter, or by visiting their branch. The intimation should be supported by relevant documents like the policy number, personal details of the individual, type of loss suffered, date of incident, location where incident occurred, etc. The claim form should be duly filled and signed by the insured individual.
Post intimation, one can get the bike fixed. Magma HDI will settle the claim after going through the documents.
Magma HDI does not provide an option to renew their two wheeler policy online. One would have to get in touch with officials to complete the formalities associated with renewal.
However, one could visit third-party websites which are authorised to renew the policy online. The details of the policy need to be submitted, post which the premium amount should be paid. A physical inspection of the bike could be required in cases where the policy hasn’t been renewed even after a specific time period.
The deductible is an amount which the individual who purchases the policy agrees to pay in the event of a claim. This is typically expressed as a percentage, with the insurer paying the remaining amount. Opting for a higher deductible helps cut down the premium amount. Alternately, choosing a lower deductible amount results in higher premiums.
Individuals who wish to save money on the premium can choose a higher deductible. They will, however, be expected to pay an appropriate percentage in case of any claim. Those who do not wish to pay any amount during a claim can choose a low deductible, choosing to pay a higher premium amount instead.
A Magma HDI 2 wheeler insurance policy is valid only for a period of one year. In case one fails to renew it within this period it will expire, offering no protection to the vehicle or the individual. There could be cases where the NCB is also relinquished. In such cases, one should immediately get in touch with representatives of Magma HDI and initiate the renewal process. They might have to pay a higher premium, but the policy should be renewed ASAP.
Individuals who wish to contact company officials can do so by calling the toll free number of Magma HDI – 1800 3002 3202.
Alternately, one can also email them at firstname.lastname@example.org.
Yes, it is possible to cancel a policy, subject to certain conditions. The Package Policy plan can be cancelled (toned-down) to the Liability Only policy. It is not possible to cancel a Liability Only plan.
Yes, it is possible to get a duplicate copy by paying a fee of Rs.50.
Yes, provided that the device is approved by the Automotive Research Association of India (ARAI). A maximum discount equivalent to 2.5% of the premium amount can be availed, subject to an upper limit of Rs.50.
Documents like a copy of the policy (original in some cases might be needed), FIR details (if available), registration details of bike, copy of driving license, bills (in cases where the bike is fixed), etc. should be provided. One will also be expected to provide photos of the vehicle which is damaged. The original keys would need to be handed over in case of theft of bike. Additional documents could be required based on the incident.
Magma HDI aims to settle claims within a week of receiving all relevant documents. This time period could increase in cases where further documents are required.