Why Magma HDI is an Ideal Choice for Buying Bike Insurance?
Published On Oct 07, 2021 10:00 AM By InsuranceDekho
Read this article to find out about Magma HDI and make the right choice for your bike insurance policy.
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A bike is people’s first choice because of its low price and easier upkeep. But a small accident can lead to a hefty bill and major losses. For such reasons, the government has made it mandatory to buy two-wheeler insurance. It is the best way to ensure riding a bike does not become a burden.
There are two kinds of insurance plans available.
- Third-party liability only insurance
- Comprehensive insurance
Comprehensive insurance not only covers your liabilities but also your medical bills and the bike repair cost in case of an accident.
Magma HDI bike insurance is a type of comprehensive two-wheeler insurance policy that is offered by Magma HDI General Insurance. Magma HDI provides many packages such as Insurance Policy Package, Motor Tractor Package, etc. Additional benefits are also included like personal accident cover.
Why Is Magma HDI an Ideal Choice for Buying Bike Insurance?
Magma HDI provides many services and it can be beneficial for you. Listed below are some of the important points you need to remember while buying Magma HDI bike insurance.
Key Features of Magma HDI Insurance Plan
- Sum Insured is determined as per Insured Declared Value(IDV).
- It includes a Comprehensive Insurance Cover that offers financial cover.
- Magma HDI offers financial protection against accident, theft, and any other damages.
- It offers coverage against damage and losses caused due to natural disasters.
- It offers a No Claim Bonus discount (a discount on the premium of the next policy year when no claim is raised in the existing policy year).
- It also offers add-on covers like the Personal Accident Cover.
- It includes attractive discounts that make the two-wheeler insurance affordable.
- It offers a fast and streamlined claim settlement process.
You may also like to read: All About No Claim Bonus In Bike Insurance
Magma HDI Bike Insurance Coverage
- Third-Party Liability Only Cover: It offers financial coverage for injury or damage caused to a third party or any loss caused to a third party due to the insured bike.
- Damage or Loss of Insured Bike: Magma HDI provides insurance to the damage or loss of the bike under the following situations.
- Damage or loss on transit by rail, road, airway, etc.
- Fire or explosion
- Terrorist activities
- Natural calamities- Earthquake, flood, landslide, storm, etc.
Exclusions of Magma HDI Bike Insurance
- Damage due to normal tear.
- Loss due to depreciation.
- Electrical or mechanical breakdown of the insured bike.
- Damage or loss arising from driving the insured bike under the influence of drugs or alcohol.
- Damage caused while driving the bike without a valid driving license.
- Damage or loss caused due to any strike, war, nuclear war, nuclear weapons, etc.
- Necessary documents have to be submitted to Magma HDI bike insurance.
- You should submit genuine and original documents only.
- The insurance company will notify you if some other documents are to be submitted.
- Fake documents will lead to the claim being revoked.
Magma HDI bike insurance specializes in offering the best plans and services for your bike. It also offers add-on riders which are available on minimal payment. Magma HDI provides other features like cashless benefits, customer services, quick claim settlement, etc. Magma HDI bike insurance is one of the most renowned companies in the market.
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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.