Magma Car Insurance Add on Covers
Car insurance add-ons are the extra covers which help you extend the coverage of your standard car insurance plan.
Magma - 8 Important Add-on Covers For Your Car Insurance Policy
These add-ons are available with standalone own-damage car insurance plans as well as comprehensive car insurance plans.
1. Depreciation Reimbursement Cover
This add-on cover reimburses the Insured, the amount of depreciation deducted on the value of parts which were replaced under an own-damage claim. All car parts are exempted from depreciation at 100% under this add-on except tyres, tubes and batteries on which 50% depreciation is exempt. This add-on is not applicable in case of total loss, constructive total loss or theft of the insured’s car.
2. Return To Invoice Cover
Under this add-on, in the events total loss, constructive total loss or theft of the insured’s car, Magma General Insurance will pay the invoice value or will provide the insured with a new car of same make and model (or a similar model with similar specifications available locally in India, in case the insured model is unavailable in India) despite whatever is mentioned as IDV in the insurance policy document. The insurer will also pay for the customs duty, registration charges and road-tax applicable for the RTO in addition to the IDV.
3. Engine Cover
Under this add-on damage incurred by parts of the car’s engine such as cylinder head, crankshaft, connecting rods and piston due to water ingression or due to leakage of lubricating oil is covered. Damage to the gearbox due to leakage of lubricating oil arising out of accidental means is also covered under this add-on.
4. Key Cover:
When you opt this add-on, the insurer provides for the cost of replacing the car keys if they get lost or stolen.
5. Personal Belongings Cover
When you add this add-on to your policy, the insurer pays for the Insured’s loss or damage of his personal belongings which were present in the car at the time of loss or damage to it. The maximum amount payable under this add-on is Rs 50,000 during the policy period. Each claim is subject to a deductible of Rs 5,000 for Laptop, Tab and Jewelries, Rs 2,500 for Mobiles and Rs 500 for other belongings.
6. Inconvenience Allowance Cover
Under this add-on, the insurer pays the Insured a daily cash benefit till the time the insured’s car is under repairs at an insurer approved workshop, subject to a maximum period of 10 days. Two claims are allowed under this add-on during a policy period.
7. NCB Protection Cover
This add-on helps you to keep your No Claim Bonus even after making claims during a policy period. NCB is the reward which you get for not making even a single claim during a policy period. NCB can range from 20%-50% of your own-damage premium depending on the number of claim-free years.
8. Road-side Assistance Cover
Under this add-on, the insurer provides you with emergency roadside assistance in case of mechanical/electrical breakdowns, flat tyre, accidental immobilization, dead battery, keys locked-in, and when you run out of fuel.
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