Car insurance starting from Rs. 2072/year*
  • Save upto 75%*
    Lowest Car Premiums
  • 11.5 Lakh+
    Happy Customers
  • Claim Support
    7 days a week

*TP price for less than 1000cc four wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply

Magma Zero Depreciation Add-on

Magma Car Insurance

91 reviews Rate This
  • Round the clock 24*7 customer support from the toll-free helpline
  • Cashless claim services in over 4,000 authorised workshops
  • Online renewal process and easy claim initiation
  • Online service to locate nearest a cashless garage

Magma HDI Zero Depreciation Add-on

Every commodity loses monetary value over its age due to regular wear and tear. This process of devaluation is known as depreciation. Your car, also being a commodity, is subjected to depreciation and loses value over time. As a result, you receive a lesser claim amount during claim settlement because of the fact that your insurer factors the depreciation cost from the sanctioned claim amount.

However, availing the Magma HDI Zero Depreciation add-on cover along with the comprehensive car insurance policy or the standalone own-damage car insurance will allow you to do away with the burden of bearing the liability of depreciation.

Benefits Of Magma HDI Zero Depreciation Insurance

Less Liability For The Insured: The Magma HDI Zero Depreciation add-on cover reduces the liability of the policyholder. It waives off the liability of paying the cost of depreciation and makes the insurer liable to bear the same. This allows the insured to enjoy higher claim amounts.

Costless Replacement of Depreciated Car Parts: When you opt for the Magma HDI zero depreciation add-on, the depreciated parts of your car get replaced in a costless manner.

Zero Depreciation Insurance v/s Normal Insurance

Age of Car

Rate of Depreciation Without Zero Depreciation cover

Rate of Depreciation With Zero Depreciation cover

Under 6 months

Nil

0%

6 months to 1 year

5%

0%

1-2 years

10%

0%

2-3 years

15%

0%

3-4 years

25%

0%

4-5 years

35%

0%

5-10 years

40%

0%

Above 10 years

50%

0%

Part of Car

Rate of Depreciation Without Zero Depreciation

Rate of Depreciation With Zero Depreciation

Rubber/nylon/ plastic parts

50%

0%

Fibre glass parts

30%

0%

Glass parts

Nil

0%

Conditions of Magma HDI Zero Depreciation Add-on Cover

  • Claim with zero depreciation benefits are not applicable for theft, CTL and TL of the insured vehicle.
  • The benefit is only rendered if the damaged vehicle is repaired at the company authorised workshop.

Magma Car Insurance User Reviews

Write your review
What users are saying
  • All
  • Most Helpful

Magma HDI Car Insurance FAQs

  • Why does the premium of zero depreciation add-on cover increase with the insured car’s age?

    The premium for the zero depreciation cover increases with the car’s age as the vehicle loses its value every year due to depreciation, which shifts greater liability to the insurer if the policyholder has opted for the zero depreciation add-on cover.

  • Do I need to pay anything at the time of claim settlement if I purchase Magma HDI zero depreciation cover?

    You will be liable to pay for the compulsory deductible and voluntary deductible (if opted) at the claim settlement along with the applicable depreciation on tyres, tubes and batteries at 50%.

  • Is there any difference in the claim filing process for a car Zero Depreciation cover?

    No, there is no difference in the claim filing process for a car with a Zero Depreciation cover. The difference is only in the claim amount.

  • Can I choose the claim in which I want the waiver for the depreciation cost or not?

    Yes, it solely depends on the policyholder whether s/he wants to have the benefit of the zero depreciation add-on cover for a particular claim or not.

Why to Buy Car Insurance Policy from InsuranceDekho?

  • Instant policy# within 5 mins
  • More than 11.5 Lac happy customers
  • Claim Support available all 7 days of the week

Contact Details

For any assistance or query, call us on

Latest Car Insurance News

#Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.