Magma Car Insurance

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Highlights
    Network Garages4,000+
    Claim Settlement Ratio79.60%
    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 Car Insurance

    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 intent of offering third party policy is to protect its policyholders against any financial liability towards third parties, arising out of an accident with the involvement of your car, leading to any bodily injury or death of a person and any damage caused to the third-party property, whereas, the comprehensive plan offers cover against any damage to or loss sustained by your car due to an accident, mishap or any calamity.

    The general insurance company also offers a wide range of add-on covers like depreciation reimbursement cover, return to invoice cover, engine cover, key cover, roadside assistance cover, and so on, which can be purchased at an extra premium along with comprehensive car insurance policies. In addition to this, it also offers a personal accident cover for individual owners while driving, however, it is available only if the owner holds a valid driving licence. The insurer renders affordable car insurance products and an easy and hassle-free claim settlement process with some discount deals like anti-theft devices, AAI membership, no claim bonus and so on.

    Significant Points of Magma HDI Car Insurance

    Features

    Coverage

    Third Party Property Damage

    Up to Rs. 7.5 Lakh

    Own Damage Cover

    Coverage for Own Car for Its Loss and Damage

    Personal Accident Cover

    Up to Rs. 15 Lakh for Owner-Driver

    Add-on Covers

    8 Add-on Covers

    Claim Assistance

    24/7 Claim Assistance

    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

    What is your car's brand?

    • Maruti
    • Hyundai
    • Honda
    • Toyota
    • Mahindra
    When did you buy your car?
    20052019
    Have you made a claim in the previous year?

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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.