Magma Two Wheeler Insurance - Compare Premiun and Coverage Online

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.

Features And Benefits Of Magma HDI Two Wheeler Insurance

Policy period	One year
Policy types	Liability only Two-wheeler insurance package
Policy coverage	Third-party liability Loss of vehicle Damage due to natural disasters Damage on account of man-made actions
Exclusions	Depreciation Consequential loss Generic wear and tear of bike Damage caused while riding under the influence of alcohol/drugs Damage caused due to war Breakdowns (electrical/mechanical) Using vehicle for a different purpose
Renewal frequency	Yearly
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
Refund facility	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

Reasons To Choose Magma HDI Bike Insurance

Purchasing a 2 wheeler insurance policy from Magma HDI can be a smart option, with a number of reasons to choose the NBFC.

1. National presence – Magma HDI has a presence across the country, with over 200 branches catering to the needs of customers.
2. Third-party liability – The policy provides third-party cover, enabling one to use the vehicle without worrying about the cost of damage to anyone else.
3. Extensive cover – The policy provides protection in a number of scenarios.
4. High Insured Declared Value (IDV) – It is possible to get a higher IDV for the vehicle, with depreciation costs kept at a lower rate compared to other insurers.
5. Add-on – An individual can choose to enhance the cover offered by the Magma HDI bike insurance policy by opting for the add-on.
6. Discounts – Magma HDI offers different discounts, which effectively reduce the cost of the policy.
7. No claim bonus (NCB) – NCB is added to the policy for each claim-free year.
8. Smooth claim settlement – There is a dedicated claim settlement team which ensures that all genuine claims are settled at the earliest.

Two Wheeler Plans Offered By Magma HDI

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.

Coverage Provided By Magma HDI Bike Insurance

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.

1. Third-party liability – The policyholder is protected against any third-party liability that could arise on account of damage caused to a person/vehicle by the insured bike.
2. Loss – The policy protects against the loss of vehicle due to a number of reasons.
3. Loss due to natural events like floods, earthquakes, lightning, storms, landslides, cyclones, etc.
4. Loss due to accidents.
5. Loss due to explosions, fire, etc.
6. Damage – Damage to the vehicle on account of a number of reasons is covered. These include damage due to natural and manmade events. The policy also covers damage due to strikes, riots, terrorist activities, etc.
7. Theft – The policy provides a cover in case the bike is stolen.
8. Transit – Any damage which occurs while the bike is in transit is covered. This includes transit by air, road, waterway, elevator, etc.

Exclusions Under Magma HDI Two Wheeler Insurance

There are certain exceptions which are not covered. This is primarily done to prevent any misuse of the provisions.

1. Wear and tear – The vehicle undergoes wear and tear when used regularly. Magma HDI does not cover this generic wear and tear.
2. Ageing – A vehicle is likely to start giving problems as it gets older. Generic ageing of the bike in question will not be covered.
3. Consequential loss – This is the loss encountered by an individual which is indirectly related to any incident involving the bike. For example, one could meet with an accident, resulting in a missed meeting. While the accidental damage might be covered by the plan, the consequential loss will have to be borne by the individual.
4. Breakdown – Any breakdown due to electrical/mechanical failure.
5. Unlicensed use – When an individual who is not permitted to ride on our roads uses the bike (driving without a license).
6. Unauthorised use – The bike is meant for specific use only. Using the vehicle for any other purpose like racing, performing stunts, etc. is not permitted.
7. War – Any damage caused to the bike on account of a war/mutiny.
8. Nuclear activity – Any damage caused due to nuclear contamination.
9. Driving while intoxicated – Any damage caused as a result of the rider being drunk/intoxicated.

Eligibility To Buy The Magma HDI Bike insurance

Individuals interested to buy a 2 wheeler insurance policy from Magma HDI might be required to satisfy a few basic criteria.

1. Valid registration – Insurance will not be provided to unregistered bikes. The vehicle in question should be registered at any RTO in the country.
2. Factory fit – Bikes which are modified to increase performance might not be eligible for an insurance policy. The vehicle should be a standard factory fit, with modifications permitted only in case of bikes designed for specially-abled individuals.
3. Fitness certificate – The vehicle should be in a roadworthy condition. As such a fitness certificate might be required in case of old bikes.
4. License – The owner of the vehicle should have a valid license.
5. Inspection – In cases where a lapsed policy needs to be renewed, a physical inspection of the bike might be necessary.

Note: The criteria could vary based on a number of conditions.

Steps To Buy The Magma HDI Two Wheeler Insurance Online

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.

How To Make A Magma HDI Two Wheeler Insurance Claim?

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.

Renew A Magma HDI Two Wheeler Insurance Online In Simple Steps

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.

Why Deductible Is Important In A Magma HDI Bike insurance plan?

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.

What To Do After The Expiry Of A Magma HDI Two Wheeler Insurance Plan?

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.

Magma HDI Two Wheeler Insurance Customer Care Service

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 customercare@magma-hdi.co.in.

Magma HDI Two Wheeler Insurance - Frequently Asked Questions:

1. Is it possible to cancel a policy after it is purchased?

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.

2. Is it possible to get a duplicate copy of the insurance policy?

Yes, it is possible to get a duplicate copy by paying a fee of Rs.50. 

3. I have installed an anti-theft device in my bike. Can I get discounts on the premium on account of this?

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. 

4. What are the documents which need to be submitted with the claim form?

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.

5. How long does it take for a claim to be settled by Magma HDI?

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.