Reasons to opt for Magma HDI Two-Wheeler Insurance
Updated On Nov 08, 2021
Purchasing insurance for your bike is important as it can help you financially in case of an accident that can cause damage or total loss to your four-wheeler. Read this article to know about the reasons to opt for Magma HDI two-wheeler insurance.
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Magma HDI is a general insurance firm that was founded in 2009 as a joint venture. Since its inception, it has grown in popularity as an insurance provider in India. Magma HDI provides three forms of insurance coverage for two-wheelers: third-party insurance, standalone own-damage insurance, and comprehensive insurance. Every two-wheeler must have at least third-party insurance, if you are found without it, you may be fined.
When you acquire third-party insurance coverage, the insurance provider will cover third-party liabilities such as bodily injuries, death, and property damage in the event of an accident. You could get a separate own-damage insurance policy to cover your own-damage expenditures. The two-wheeler will be covered in the event of theft, road accidents, vandalism, natural or man-made calamities. The third form of insurance coverage is comprehensive insurance, which covers third-party liabilities as well as own-damage expenses for a single price and is the least time-consuming of the three options.
Additionally, you may purchase add-on covers. These would broaden the scope of two-wheeler insurance coverage and address features that are not covered by standard two-wheeler insurance. These coverings are optional, so you can pick and choose according to your preferences. In the event of a disaster, the appropriate choice of add-on coverage might make a substantial difference in the amount of your claim. The zero depreciation cover, passenger assistance cover, engine protection cover, tire protection cover, and consumables cover are just a few of the add-ons you should look at when buying two-wheeler insurance.
Reasons to Opt for Magma HDI Two-Wheeler Insurance
Magma HDI two-wheeler insurance plan provides the following benefits:
- Third-Party Liability covers third-party persons and property against accidental death, physical injury, and property damage caused by an insured two-wheeler.
- Provides insurance policies that cover accidental death, physical injury, property damage, and theft to the covered two-wheeler.
- Add-on riders make a standard Magma HDI two-wheeler insurance coverage more effective.
- Includes excellent reductions that make Magma HDI two-wheeler insurance more affordable.
- An insurance year with no claims results in a discount on the premium for the next policy year, known as the No Claim Bonus.
- Claim settlement is quick and easy, and it's available both online and offline.
Magma HDI Two Wheeler Insurance offers many discounts such as:
- If no claims are filed in the preceding policy year, policyholders of Magma HDI two-wheeler insurance are eligible for attractive savings on the premium for the next policy year, thanks to a provision called No Claim Bonus (NCB). On no-claims made in prior policy years, discount rates rise every policy year, up to a maximum of 50%.
- In addition, policyholders who install an ARAI-approved anti-theft device in their insured two-wheeler will receive a 2.5 percent discount on their Own Damage (OD) premium, up to a maximum of Rs. 50.
- If a Magma HDI two-wheeler insurance policyholder chooses a Voluntary Excess over and above the Compulsory Excess, which is the loss sustained by the insured throughout the claim procedure, the policyholder would receive a premium discount.
- Being a member of a recognized Automobile Association in India entitles you to additional savings.
Magma HDI two-wheeler insurance offers a variety of Third Party Liability Only and Comprehensive two-wheeler insurance products. Each of them has been specifically designed to fulfill the insurance needs of different types of car owners. Not only that, but it also provides add-on riders for a little additional fee over and above the standard plan's premium. Other perks, such as cashless benefits, fast customer service, and speedy claim settlement, to mention a few, help to explain why Magma HDI two-wheeler insurance is one of the most well-known firms in the market today.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.