Magma HDI Bike Insurance
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About Magma HDI General Insurance Company
Magma HDI General Insurance Company Ltd was formed as a joint venture between Magma Fincorp Ltd and HDI-Gerling Versicherung AG Germany to cater to the financial needs of the people in India. The company has gained popularity over time and has been listed as one of India’s premier and leading non-banking financial companies (NBFCs). It functions with the mission to understand the bike insurance and other insurance needs of the consumers and translate it into affordable products that deliver value for money. It strives to understand the insurance needs of the semi-urban and rural population of India. It extends its bike insurance and other related services to the distributors and retailers as well.
The range of products and services of Magma HDI General Insurance Company extends from liability, bike, car, accident, fire, and property insurance to marine, unique lines and engineering covers. Magma HDI General Insurance Company delivers its quality products such as bike insurance, property insurance, car insurance and so on, at competitive as well as affordable rates to align with its values of transparency, integrity, fairness, and impartiality, trust and respect for people, and to demand excellence.
In this short time, Magma HDI General Insurance Company reached out to a wide range of customers through more than 135 offices all over India. It has settled claims of bike insurance, car insurance, fire insurance, etc, which equals 1.24 lakhs to date and has policies valuing 24.68 lakhs issued to date. It is working with the vision to be the most preferred, vibrant, and responsible general insurance company and strive to provide quality service at affordable rates for bike insurance and various related products.
Magma HDI Bike Insurance
Magma HDI is a general insurance company started as a joint venture in 2009. Since its establishment, it has become an increasingly popular insurance provider in India. For two-wheelers, Magma HDI offers three types of insurance covers; third party insurance, standalone own damage insurance and comprehensive insurance. It is obligatory for every two-wheeler to have at least a third party insurance, if caught without it you can be punished. The fine for not having third party insurance is Rs 2,000 and/or imprisonment for up to 3 months. When you purchase this policy the insurance provider will take care of third party liabilities in case of a mishap including bodily injuries, death and property damage. If you want to get coverage for own-damage costs you can purchase a standalone own-damage cover. This will cover the two-wheeler in case of theft, road accidents, vandalism, natural and manmade disasters. The third type of insurance coverage is the comprehensive insurance cover, this will take care of third party liabilities and own-damage costs under a single premium and is the most hassle-free option of the three.
Moreover, you can also purchase add-on covers. These will further enhance the coverage of the two-wheeler insurance and cover aspects that are otherwise excluded under general two-wheeler insurance. These covers are optional and allow you to pick and choose according to your specifications. The right combination of add-on covers can make a significant difference to your claim amount in case of a mishap. The zero depreciation cover, the passenger assistance cover, the engine protection cover, the tyre protect cover and the consumables cover are some of the add-ons covers that you should definitely check out when purchasing two-wheeler insurance.
Significant Points of Magma HDI Bike Insurance
Property Damage under Third Party Insurance
Maximum Compensation Rs 1 Lakh
Own Damage Cover
Depends on the IDV of the Two-Wheeler
Personal Accident Cover
Up to Rs 15 Lakh
24x7 Helpline Available
Benefits of Magma HDI Bike Insurance
- A robust network of 4,000+ garages
- Availability of digital insurance process
- Prompt and hassle-free customer services
- Instant insurance policy online renewal procedure
- Allows the policyholders to make unlimited claims.
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Must Read Articles before buying Magma Bike Insurance
- Read this article to know about the reasons to opt for Magma HDI two-wheeler insurance.
- Read this article to understand the different types of bike insurance policies offered at Magma HDI General Insurance and easy ways to claim your bike
- The followings are a few misconceptions about two-wheeler insurance, let’s have a look at them.
- Want to know the re-registration of a vehicle process in India? What are the documents required for re-registering a two-wheeler? Learn more.
- You must be wondering about what to do if you have lost your two-wheeler insurance documents? Here is a complete guide for you.
Magma HDI Bike Insurance User Reviews
- Most Helpful
- Zero Depreciation
- Third Party
- Own Damage
- Cashless Garages
- Policy Download
- Customer Care
- Add On
- Good service
Easy and lot of insurance options to choose as per our requirement Happy and satisfied Good experience and I a...
- Easy insurance solutions
Overall good experience. The process was easy to fill with no documents and no paper required. Payment gateway...
- Great Service
Great Service. Thanks to the executive of the InsuranceDekho portal for helping me buy an insurance policy exa...
Magma HDI General Insurance FAQs
I have a very basic bike, do I need to take insurance?
Insurance is a basic need for all two-wheeler owners. The Indian Motor Tariff makes it mandatory for every two-wheeler owner to have at least a third-party insurance policy for their vehicle. Also, an insurance cover allows you to commute safely and covers you against all the uncertainties that may damage your financial capabilities.
Is there any eligibility criteria to get Magma HDI two-wheeler Insurance?
Yes the customers need to fulfill certain criteria to get a policy from such as:
- The vehicle needs to be registered with the Roads & Transport Authority (RTA) in India.
- There should not be any modifications on the original features of the two-wheeler.
- It should have a two-wheeler fitness certificate.
What are the discounts offered on premium by Magma HDI Two-Wheeler Insurance?
There are various ways by which Magma HDI Insurance offers discounts on premium such as:
- No-claim bonus - The policyholders can get up to a 50% discount on own-damage premium if they have not made any claim in the previous policy period.
- ARAI approved anti-theft device - The policyholders will be eligible for a discount of up to 2.5% on own-damage premium if they have installed an ARAI-approved anti-theft device.
- Additional discounts - Policyholders can also get an additional discount by being a member of the Automobile Association in India.
Can I use my existing two-wheeler policy for a new bike?
Yes, you can use your existing two-wheeler policy for your new bike as well. For further details and procedures, you can contact the nearest branch office or call the toll-free number 1800-266-3202 to get assistance for the same. You can also email your query at email@example.com and someone from the team will get back to you.
How can I get a two-wheeler insurance policy from Magma HDI General Insurance Company?
There are different ways by which a customer can take a two-wheeler insurance policy from Magma HDI General Insurance Company. They can either visit the nearest branch of Magma HDI General Insurance Company or contact the customer support by calling the toll-free number 1800-266-3202. They can also visit their official website or Insurancedekho.com to purchase the plans.
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