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Disclaimer: Actual Premium might vary basis your location, age and number of members

Magma 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 Zero Depreciation add-on shields its policyholders from the loss of claim amount in lieu of depreciation charges.

Magma 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 Zero Depreciation Add-on Cover

Magma 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 Zero Depreciation Cover

To avail the benefits of Magma 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
  • Efficient claim settlement

    I faced not a single problem in getting my claim settled for the Magma insurance policy that I bought for my Hero Splendor Plus bike.

    Read More

    H
    By Hemant Shekhawat
    On: May 15, 2020
  • Incredible customer support

    The customer support staff of Magma Insurance is brilliant and have provided me with great assistance to protect my Hero Passion Pro 110 bike.

    Read More

    A
    By Avin Goyal
    On: May 8, 2020
  • Helps in choosing the best pol...

    The Magma General Insurance helped me choose the most perfect policy by offering various bike insurance quotes to choose from. I bought its policy to cover my Honda Activa.

    Read More

    R
    By Rashmi Johri
    On: April 30, 2020
  • Swift and smooth renewal proce...

    Magma general insurance firm renewed my insurance plan I bought for my Hero Destini 125 bike swiftly and smoothly in just a few minutes.

    Read More

    N
    By Nitin Bansal
    On: April 24, 2020
  • Several insurance services

    Magma General Insurance Company offered me a list of insurance-related services that they can deliver to me. Impressed with their offerings I bought a policy from them for my Yamaha Saluto.

    Read More

    A
    By Abhishek Pandey
    On: April 17, 2020
  • Active customer support

    The support team of Magma Insurance Company is so active and brilliant that I never have faced any insurance-related problem in the policy of my Hero Passion Pro 110 bike.

    Read More

    A
    By Aman Malik
    On: April 9, 2020
  • Easy access to information

    I am glad to see that there is an insurance portal which not only sells products but also imparts basic and advanced knowledge about insurance as for a lay man things like insurance sometimes become really confusing.

    Read More

    G
    By Gaurav Gandhi
    On: March 31, 2020
  • Great customer service

    InsuranceDekho has an amazing team for bike insurance. I shared my requirements with them and they suggested the best plan within my budget. I am really satisfied.

    Read More

    D
    By Dushyant Malhotra
    On: March 25, 2020
  • Provides quality assistance

    While making comparisons on the Insurance Dekho’s website, I was really confused. I called up their customer care number. The executive was very helpful, he listened to all my doubts and then gave suggestions accordingly.

    Read More

    R
    By Reshmi Dutta
    On: March 23, 2020
  • Best insurance quotes in few c...

    Getting the right bike insurance policy can be easy with Insurance Dekho. I just had to enter the registration number of my bike and choose the right policy in just a few clicks.

    Read More

    H
    By Hardulal Mahato
    On: March 19, 2020
  • Simple procedure of comparing ...

    On the website of Insurance Dekho, I was able to compare different bike insurance policies easily. I chose the policy from Magma as it is affordable and contained all the features.

    Read More

    P
    By Partha Choudhury
    On: March 18, 2020
  • Vast choices to opt from

    The official website of Insurance Dekho has vast choices of insurance companies to choose from. After receiving the necessary details, it prepares a list consisting of a number of suitable insurance policies for your bike.

    Read More

    By Lekhani Shaw
    On: March 17, 2020
  • Hassle-free renewal process

    Renewal process becomes easy with the help of Insurance Dekho. You do not have to face any hassle at the time of renewing your policy. Following some easy steps, you can renew your bike policy in a short time.

    Read More

    V
    By Vicky Dubey
    On: March 16, 2020
  • Get policies quickly

    The procedure for purchasing a new bike insurance policy with the help of Insurance Dekho is pretty quick. You just need to go through the steps they suggest and you’ll get your desired policy swiftly.

    Read More

    H
    By Hirak Jaiswal
    On: March 13, 2020
  • Quick procedure

    Purchasing policy through Insurance Dekho is really time-saving. I bought a bike insurance policy from Magma recently with their help. It asked me to follow a few simple steps which weren’t time-consuming at all.

    Read More

    K
    By Krita Chakraborty
    On: March 12, 2020
  • Excellent assistance from onli...

    I got all my doubts regarding the bike insurance policies cleared after sharing my doubts in the online chat option. With their assistance, I got the bike insurance plan from Magma.

    Read More

    S
    By Sandip Sardesai
    On: March 11, 2020
  • Best Platform for choosing the...

    I have a passion for superbikes and I was always worried about the incidental damages. But, to be honest I became satisfied when I came across InsuranceDekho. This is the best platform to compare and check the policies and arrive at the most suitable.

    Read More

    R
    By Rani Birla
    On: March 9, 2020
  • User-friendly website

    I opted to use Insurance Dekho to compare the bike insurance policies and find a suitable policy. The website is simple and easy to follow. I loved its organized and informative presentation.

    Read More

    S
    By Sayani Sen
    On: March 6, 2020
  • Several insurance policies ava...

    There are many options of bike insurance policies available on Insurance Dekho. I found many reputed providers offering the plans. I recommend everyone to visit the website of Insurance Dekho before buying bike insurance.

    Read More

    A
    By Ashim Singha Ray
    On: March 5, 2020
  • Well-framed website

    As I was planning to purchase Magma bike insurance policy, I opened the website of Insurance Dekho for more information. I was pleased to find a site that has a great presentation on every policy.

    Read More

    R
    By Rohit Gupta
    On: March 4, 2020
Magma Reviews

Magma Zero Depreciation Add-on Cover FAQs

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

    Magma 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 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 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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      #Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.