Magma Third Party Bike Insurance
Magma HDI General Insurance has been shielding the public from the unfortunate events of life successfully. Magma HDI third party bike insurance policy protects the policyholders from the financial and legal liabilities towards the third party.
Magma HDI General Insurance has tried to enhance the experience of the policyholders by digitalizing the procedure. Its active support team provides round the clock assistance to the policyholders. Magma HDI third party bike insurance policy offers the basic coverage at an affordable cost.
Magma HDI Third Party Bike Insurance vs Comprehensive Bike Insurance
Third Party bike
The third party bike insurance policy provides coverage for the financial and legal obligations towards the third party only.
The comprehensive bike insurance policy provides coverage for the third party liabilities and for the own damage of the insured’s bike as well.
Nature of Requirement
This is mandatory as per the Indian Motor Tariff Act.
Its purchase depends on the preference of the policyholders.
No add-on cover is provided along with the third party bike insurance policy.
The comprehensive bike insurance policy provides a variety of add-on covers to the policyholders.
The premium of third party insurance policy is relatively lower due to its limited coverage.
The comprehensive policy is relatively expensive due to its wide coverage.
What All is Covered Under Magma HDI Third Party Bike Insurance Policy?
Magma HDI third party bike insurance policy provides coverage for the following.
- Financial Liabilities of third party property damage: The insurer covers the financial liabilities towards the third party property damages caused by the insured’s bike. The insurer provides compensation of up to Rs. 1 Lakh for third party property damage.
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Magma HDI Third Party Bike Insurance FAQ
Why is a third party bike insurance policy needed?
Magma HDI third party bike insurance policy is needed due to the following reasons.
- This provides coverage for third party liabilities.
- It is mandatory according to the Indian Motor Tariff Act.
How can I pay the premium of the Magma HDI third party bike insurance policy?
You can pay for the premium of the Magma HDI third party bike insurance policy by any of the following ways.
- Visit the nearest branch.
- Go to the official website of Magma HDI General Insurance and follow the steps they suggest.
- Contact the customer care of the Magma HDI General Insurance by dialling the toll-free number 1800 266 3202.
What are the documents required to apply for the Magma HDI third party bike insurance policy?
The necessary documents required to get the Magma HDI third party bike insurance policy are as follows.
- Photo ID proof, address proof (voter ID, Aadhaar card, PAN card or Passport)
- Photocopy of a valid driving license
- Registration number of the bike
- Registration certificate.
Can I stretch the coverage of the Magma HDI third party bike insurance policy?
No, you can not stretch the coverage of the Magma HDI third party bike insurance policy as it does not offer any add-on cover.
Does the Magma HDI third party bike insurance policy provide any coverage beyond the geographical area?
No, the Magma HDI third party bike insurance policy does not provide any coverage for any kind of mishaps occurred outside the pre-decided geographical area.
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