Magma Car Insurance

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    Network Garages4,000+
    Claim Settlement Ratio75.66% in FY19
    Policies Issued (FY-19)16 Lakh+
    Zero DepreciationAvailable
    AccreditationCRISIL A1+ Rating
    Emergency Assistance24/7
    Third Party CoverAvailable

    About Magma HDI General Insurance

    Magma HDI is a general insurance company established in 2009 as a joint venture between Magma Fincorp Limited and HDI-Gerling Industrie Versicherung AG. The company operates in India with more than 135 branches and 5 zonal offices. It aims to fulfil the needs and requirements of the stakeholders of the company and aspire to provide all the services required and demanded by the consumers.

    The company directs its focus to both rural and urban areas and comes up with products for rural and semi-urban populations. Consumers can get the answers to their queries and can gain access to essential information via the responsive Customer Service and support helplines of Magma HDI. It is a trustworthy insurance company with a track record of providing hassle-free claim settlements. The insurance company is not limited by the boundaries of urban geographical locations as it continues to expand its geographical reach.

    Magma HDI offers a complete portfolio of insurance products that are required by a majority of individuals and corporates. It sells two types of car insurance policies namely third party liability car insurance policies and comprehensive car insurance policies. The company also offers a wide range of add-on covers like cover against depreciation for an extra premium that can be purchased at an extra premium along with comprehensive car insurance policies. It renders an easy and hassle-free claim settlement process. Magma HDI car insurance policies can be purchased online through its official website or from any of its nearby branches.

    Magma HDI Car Insurance Benefits

    • Compensation for bodily injury of a third party travelling in a vehicle or walking on the road
    • Unlimited liability cover in case of death of third party
    • Optional personal accident cover of up to Rs 15 lakh for the policyholder
    • Policy cover for damages/theft of the insured vehicle
    • No Claim Bonus (NCB) discount of up to 50% for claim-free years
    • Discount on installing ARAI approved anti-theft devices and also on being a member of the Automobile Association
    • Online renewal process and easy claim initiation
    • Cashless claim services in over 4,000 authorised workshops.
    • Availability of a range of add-on covers such as Zero Depreciation, Engine Cover, etc.
    • Round the clock 24*7 customer support from the toll-free helpline
    • Instant grievance redressal
    • Online service to locate nearest a cashless garage

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    Magma HDI Car Insurance FAQs

    • How can I get the Magma HDI motor insurance policy wordings?

      Visit the company’s official website and scroll down to the ‘Info Center’. Click on ‘Downloads’ and then expand the ‘Motor Insurance’ section by clicking on the ‘+’ icon. Look out for the type of motor insurance policy you want and click on that. The download will start automatically.
    • What is the maximum NCB discount offered by Magma HDI?

      The maximum NCB discount is 50% on the own-damage premium of the insurance policy which is available against 5 claim-free years.
    • Is there any option to expand the coverage to other geographical areas?

      Yes, the policy cover can be expanded to other geographical areas such as neighbouring countries (Pakistan, Bangladesh, Bhutan, Nepal, Srilanka) by paying an extra premium along with the submission of an endorsement.
    • How much discount is offered for installing ARAI approved anti-theft devices?

      The company offers a discount of 2.5% on the OD (Own Damage) premium to a maximum of Rs.500 if you have installed ARAI-approved anti-theft devices in your vehicle.
    • What is CTL?

      CTL stands for constructive total loss. It is a condition when the repair cost exceeds 75% of the Insured Declared Value (IDV) of the vehicle.

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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.