Magma HDI Own Damage Bike Insurance
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Magma Standalone Own-Damage Two-Wheeler Insurance Policy
Magma General Insurance offers three different kinds of two-wheeler insurance policies and a Standalone Own-Damage policy is one of them. A standalone own-damage policy provides cover for the own-damage costs of the policyholder in case of an unforeseen event. This cover provides monetary help to the policyholder under several situations such as theft, vandalism, damages due to road accidents, damage to the fire/explosion, damage due to natural/man-made calamities. A standalone own-damage cover is not mandatory, however, the protection it provides to the two-wheeler owner by providing financial assistance in difficult circumstances can make a huge difference.
Standalone Own-Damage Insurance V/S Comprehensive Insurance V/S Third Party Insurance
Magma Two-Wheeler Third Party Insurance
Magma Two-Wheeler Comprehensive Insurance
Magma Two-Wheeler Standalone Own-Damage Insurance
Magma Two-Wheeler Third Party insurance policy is the most basic type of insurance cover. This type of policy covers third party liabilities in case of a mishap, which includes bodily injuries, death and property damage. This policy is mandatory as per the Motor Vehicles Act.
Magma Two-Wheeler Comprehensive Insurance policy covers both third party liabilities and own-damages under a single premium. Under this policy, you also get the option to choose a personal accident cover. This policy is not mandatory.
Magma Two-Wheeler Standalone Own-Damage Insurance will take care of the own damage expenses of the two-wheeler under several scenarios such as theft, vandalism, damages due to road accidents, damage to the fire/explosion, damage due to natural/man made calamities.
As this policy offers basic coverage, this policy is least expensive as compared to standalone own-damage and comprehensive insurance.
This policy is the most expensive as compared to third-party or standalone own-damage insurance as it covers third party liabilities and own damages.
This type of insurance policy is a little expensive than third party insurance as this policy provides more coverage as compared to third party insurance.
This policy is mandatory for every two-wheeler owner in India. Hence, anybody who owns a two-wheeler is eligible to purchase third party insurance.
Anybody who already has existing third-party insurance for their two-wheeler can purchase Standalone own-damage insurance.
Anybody who owns a two-wheeler can have a comprehensive policy. Please note that a comprehensive insurance policy covers everything, so you don’t need to purchase any other type of policy for your two-wheeler.
No add-ons are available under this policy.
Add-ons are available under this policy.
Option to purchase add-ons with the policy is available under this policy.
What Is Covered Under a Magma Standalone Own Damage Two-Wheeler Insurance Policy?
Below mentioned aspects are covered under a Magma Standalone Own-Damage Two-Wheeler Insurance policy:
- Damage from fire, explosion, self-ignition, accidents etc, by external means
- Damage due to two-wheeler caused due to natural calamities
What Is Not Covered Under a Magma Standalone Own Damage Two-Wheeler Insurance Policy?
Below mentioned aspects are not covered under a Magma Standalone Own-Damage Two-Wheeler Insurance policy:
- Normal wear and tear of two-wheeler as the vehicle ages
- Mechanical or electrical breakdown
- Damage due to driving the two-wheeler without a valid license
- Damage due to driving the two-wheeler under the influence of alcohol, drugs or other intoxicants
- Damage to the two-wheeler due to war/nuclear risk
Benefits of Magma Standalone Own Damage Two-Wheeler Insurance Policy
Following are the benefits of purchasing Magma Standalone Own-Damage Two-Wheeler Insurance policy:
- This policy covers own-damage expenses of the insured two-wheeler, in case of mishap.
- This policy provides No Claim Bonus to the policyholder for every claim-free year.
- Flexibility of choosing a suitable add-on coverage option available to expand the coverage of the policy.
How to Purchase Magma Standalone Own Damage Two-Wheeler Insurance Policy?
Follow these simple steps to purchase Magma Standalone Own-Damage Two-Wheeler Insurance policy from InsuranceDekho:
Step 1: Visit the official website and click on the ‘Two Wheeler’ tab. Click on the ‘Standalone Own-Damage Insurance’ on the drop menu.
Step 2: Enter your two wheeler’s registration number, two-wheeler’s make, model, and year of registration. Also fill your personal details such as phone number and click on ‘Submit and Get Quotes’.
Step 3: Policy quotes based on the details you provide will be displayed, choose Magma policy quote, choose a suitable add-on and proceed to make payment.
Step 4: Make the payment, once the payment has been made the policy shall be issued instantly and sent to the registered email ID.
Explore Magma Bike Insurance
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 Bike Insurance User Reviews
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Easy and lot of insurance options to choose as per our requirement Happy and satisfied Good experience and I a...
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Overall good experience. The process was easy to fill with no documents and no paper required. Payment gateway...
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Great Service. Thanks to the executive of the InsuranceDekho portal for helping me buy an insurance policy exa...
Magma Standalone Own Damage Two-Wheeler Insurance Policy FAQs
Do I need to purchase my two-wheeler standalone own-damage cover and third party insurance from the same insurance provider?
No, it is not mandatory to purchase two-wheeler standalone own-damage cover and third party insurance from the same insurance provider.
What are the factors affecting your Own-Damage two-wheeler insurance premium?
Under an own-damage policy for your two-wheeler, the premium shall be calculated on the basis of your two-wheeler’s CC (Cubic Capacity) and IDV (Insured Declared Value). Apart from that below-mentioned factors also affect the premium calculation for two-wheeler own-damage cover:
- Two-wheeler make and model
- Age of two-wheeler
- No Claim Bonus (NCB)
- Add-ons opted with the policy
Who is eligible to purchase an own-damage insurance policy?
Anyone who has an existing third party insurance cover can purchase an own-damage cover to cover the own-damages of their two-wheeler.
Does an own-damage cover also include Personal Accident?
A personal accident cover is necessary for every two-wheeler owner. Personal Accident cover is usually bought with a third party insurance policy. In case you don’t already have a personal accident cover, you can opt for it in your own damage cover policy.
Which two-wheeler insurance is compulsory as per the law?
Third party two-wheeler insurance is compulsory in India as per the Motor Vehicles Act. Every two-wheeler owner in India should have this policy, as it is illegal to ride on roads without this policy in India.
Why to buy from InsuranceDekho?
- Instant policy# within 5 mins
- More than 50 lakhs happy customers
- Claim Support available all 7 days of the week
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