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Magma HDI Zero Depreciation Cover

Insurance companies deduct a depreciation charge from the claim amount due to the loss in the value of the insured’s bike over time. Zero Depreciation is an add-on cover that can be opted along with standalone own damage or a comprehensive bike insurance policy to prevent the deduction of depreciation charges at the time of claim settlement. Magma HDI Zero Depreciation add-on shields its policyholders from the loss of claim amount in lieu of depreciation charges.

Magma HDI Zero Depreciation cover ensures maximum claim amount to the policyholders. It provides the privilege to repair and replace depreciable parts of the insured’s bike at the cashless garages irrespective of the depreciation in the value.

Benefits of Magma HDI Zero Depreciation Add-on Cover

Magma HDI Zero depreciation add-on cover offers the following benefits to its customers:

  • Higher claim: The policyholders opting for the Zero Depreciation enjoy a higher claim on the assured amount as the insurer does not deduct any charges for the depreciation in the value of the insured’s bike. It ensures the policyholders to enjoy the maximum claim amount.
  • Saves money: A slight increase in the premium amount due to Zero Depreciation cover helps to save the expenses on the repair and replacement of the depreciable parts of the insured’s bike.

Depreciation Rate Applicable on Bike With And Without Zero Depreciation Add-on

Age of Bike

Rate of Depreciation Without Zero Depreciation Cover

Rate of Depreciation With Zero Depreciation Cover

Under 6 months

Nil

0%

6 months to 1 year

5%

0%

1-2 years

10%

0%

2-3 years

15%

0%

3-4 years

25%

0%

4-5 years

35%

0%

5-10 years

40%

0%

Above 10 years

50%

0%

Part of Bike

Rate of Depreciation Without Zero Depreciation

Rate of Depreciation With Zero Depreciation

Rubber/Nylon/Plastic parts

50%

0%

Fibre glass parts

30%

0%

Glass parts

Nil

0%

Factors Affecting Magma HDI Zero Depreciation Cover

To avail the benefits of Magma HDI Zero Depreciation cover, the policyholders need to abide by the conditions mentioned below:

  • Any damage due to the normal wear and tear is excluded.
  • This cover can be claimed only twice in the entire policy period.
  • It can be availed only if the age of the bike does not exceed 2 years.
  • The insurer does not cover total loss, mechanical and electrical breakdown of the bike.

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Magma Bike Insurance User Reviews

5.0
Rating based on
75 User reviews
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What users are saying
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  • Good service

    Easy and lot of insurance options to choose as per our requirement Happy and satisfied Good experience and I am using insurance dekho for the past two years in choosing my bike insurance

    Read More

    A
    Bajaj Avenger 220 Chennai
    By ARUN KUMAR M
    On: June 27, 2021
  • Easy insurance solutions

    Overall good experience. The process was easy to fill with no documents and no paper required. Payment gateway is also flexible that has many options. Also the website captures previous data for easy fill ups. Thanks

    Read More

    S
    BULLET CLASSIC Malkangiri
    By SUBRAT PUJARI
    On: November 28, 2020
  • Great Service

    Great Service. Thanks to the executive of the InsuranceDekho portal for helping me buy an insurance policy exactly as per my needs and within my budget.

    Read More

    D
    Hero Splendor Pro Bhuj (Kachchh)
    By DINESH NAGSHI MAHESHWARI
    On: September 10, 2020
  • Quick settlements of claims

    I purchased a Magma bike insurance plan from InsuranceDekho portal. I made a claim request for my Hero HF Deluxe bike and got it quickly settled with the assistance of InsuranceDekho executives. Thanks to their entire team.

    Read More

    A
    By Aditya Mehta
    On: July 10, 2020
  • Good insurance services

    Magma insurance plan offers protection for my Yamaha Saluto bike through its great and prompt insurance services. I bought this plan through the InsuranceDekho platform without any hassle.

    Read More

    A
    By Amish Gaur
    On: July 9, 2020
  • Top-notch support service

    I have a Magma insurance plan for my Suzuki Gixxer SF 250 bike that I bought from InsuranceDekho platform. Their customer support is excellent and helped me a lot in understanding the policy.

    Read More

    A
    By Arvind Mehra
    On: July 3, 2020
  • Compare and choose option

    Insurance Dekho is a perfect insurance platform that provided me with various insurance quotes to select my policy. With its help, I opted for the Magma policy for my Suzuki Access 125 bike.

    Read More

    S
    By Saumil Sahore
    On: June 26, 2020
  • Splendid insurance services

    The InsuranceDekho platform offered me a variety of insurance services for my Magma insurance. It helped me a lot in securing my Honda Grazia bike.

    Read More

    I
    By Ishaan Malhotra
    On: June 25, 2020
  • Paperless insurance procedures

    I have a comprehensive insurance plan of Magma Insurance Firm that covers my Bajaj Dominar 400. I chose and purchased this plan from InsuranceDekho without getting involved in any paperwork. The process there was completely digital.

    Read More

    K
    By Kunal Tyagi
    On: June 4, 2020
  • Quick claim settlements

    Magma Insurance firm quickly settled my claim request for TVS Jupiter scooty. I have bought this great plan from InsuranceDekho and found it incredibly perfect in its services.

    Read More

    K
    By Komal Asthana
    On: May 29, 2020
Magma Reviews

Magma HDI Zero Depreciation Add-on Cover FAQs

  • Which depreciable bike parts are covered under Magma Zero Depreciation cover?

    Magma HDI Zero Depreciation add-on provides coverage for the repair of the following bike parts:

    • Rubber
    • Nylon
    • Plastic
    • Fibreglass.

  • Does a Zero Depreciation cover ensure full claim amount?

    No, Zero Depreciation cover does not ensure full claim amount as deductibles are factorized while calculating the claim amount. Zero Depreciation waivers only the depreciation charges ensuring maximum claim amount.

  • What are the factors that decide the rate of increase in the premium amount for opting Zero Depreciation cover?

    The factors that decide the rate of increase in the premium amount for opting Zero Depreciation cover are as follows:

    • Age of the vehicle
    • Model or variant of the vehicle
    • Area of residence.

    An inspection may be conducted by the insurer before adding the Zero Depreciation cover to your bike insurance policy.

  • Is the Zero Depreciation cover available only for new bikes?

    Magma HDI Zero Depreciation cover is available for new as well as old bikes. However, the age of the bike should not exceed 2 years.

  • Does Zero Depreciation provide coverage beyond the city limits?

    The Magma HDI Depreciation will only provide coverage within the predetermined geographical zone. The insurer will not bear the expense of any damage incurred by the insured’s bike outside the area.

FAQ
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