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Bike Insurance Types And How To Claim For Them At Magma HDI


Written by Sumit Arora

Updated Aug 15, 2021

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 insurance.

Accidents and thefts happen every day in India. Every bike owner is devoted to his or her vehicle. Keeping your bike and yourself safe takes a lot of money. At this moment, bike insurance comes into play. Having bike insurance coverage will come in help during these hard times. This article will guide you through the different types of Insurance Policies at Magma HDI and easy steps to claim them at Magma HDI General Insurance. 

Bike Insurance Types And How To Claim For Them At Magma HDI

Types of Bike Insurance Policies At Magma HDI General Insurance

The IRDAI (Insurance Regulatory and Development Authority of India) is India's insurance industry regulator. It creates the rules and regulates the insurance industry. You may now purchase two types of basic bike insurance coverage, according to this regulating organisation. You may pick from the following types of vehicle insurance coverage at Magma HDI General Insurance -  

  • Third Party Coverage

According to the Indian Motor Vehicle Act, all bike owners must have third-party insurance in order to legally operate their vehicles on the road. It is simply a liability policy. In the case of an accident involving the policyholder, the basic third-party insurance coverage provides financial protection to reimburse the third party for their damages. The insurance company from which you purchased your policy is responsible for paying you the amount required to compensate you for the damages caused by the third party's vehicle. It does not, however, provide any protection to the insured.

  • Package Policy 

The phrase "package policy" is used by Magma HDI General Insurance to refer to comprehensive bike insurance. It's one of the best coverage alternatives on the market. It provides financial protection to the insured as well as third-party liability coverage. This means that in the case of non-road accidental damage, natural disaster, fire, or vandalism to his or her bike, the insurance provider will pay the settlement amount to the insured. Compensation payment is also included in the comprehensive insurance coverage in the event that your bike is stolen. You will, however, get the amount equal to your bike’s IDV (Insured Declared Value).

Steps To File Bike Insurance Claim Settlement At Magma HDI 

The process of filing a bike insurance claim at Magma HDI General Insurance is simple and easy. Follow the given steps to claim your bike insurance with Magma HDI -

1. The first thing you should do after an accident files a police report with the local police station and get a copy of it.

2. Magma HDI General Insurance can be contacted by phone or email, as indicated on their website.

3. They will then dispatch a survey crew to inspect your vehicle and examine the cause of the accident or damage.

4. The bike will be taken to a cashless facility for repairs after it has been examined.

5. You will be reimbursed for your losses if a third party's car causes physical harm or damage.

6. This is how you may correctly claim your auto insurance at Magma HDI General Insurance. 

Take Away

Your bike is your most valuable possession. No matter how hard you try to keep it safe, you will use it to drive on the roads. In India, the number of vehicles on the road has increased dramatically, leading to a rise in traffic accidents. As a result, it is now compulsory for all vehicle owners to have car insurance coverage, as we all know how expensive it is to repair your car's damages in the event of an accident.


Written by Sumit Arora

Sumit is an insurance industry veteran with more than 20 years in the industry. Sumit is a frequenRead More

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