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Disclaimer: Actual Premium might vary basis your location, age and number of members

Magma 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 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 Zero Depreciation Insurance

Less Liability For The Insured: The Magma 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 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%

Disclaimer: Battery / Plastic / Nylon / Rubber parts -> 50% covered; Fiberglass -> 70% covered, Wooden & Metallic parts -> Depreciated basis age of vehicle (normal)

Conditions of Magma 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.

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Magma Car Insurance User Reviews

5.0
Rating based on
91 User reviews
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  • Flexible payment modes

    InsuranceDekho offers flexible modes of payment. I purchased a Magma HDI car insurance policy from them for my Toyota Yaris car and made the payment online within a few easy steps.

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    A
    By Amit Yadav
    On: July 10, 2020
  • Thank you team for suggestion

    InsuranceDekho helped me buy a Magma HDI car insurance policy for my Hyundai Santro car in a few minutes. I like the policy benefits and would like to thank the team for the great suggestion.

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    J
    By Jayant Rajput
    On: July 9, 2020
  • Thanks for the help team!

    I really want to thank the team at InsuranceDekho who helped me buy Magma HDI car insurance policy or my Skoda Rapid car in a few simple steps online. I really liked the policy and I am satisfied with the benefits.

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    N
    By Naman Rishi
    On: July 3, 2020
  • Great customer support

    Magma HDI’s car insurance policy is great. I purchased it for my Hyundai Santro car last week from InsuranceDekho and the policy covers my car against many benefits. I really liked the policy and InsuranceDekho’s services.

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    R
    By Reyansh Arora
    On: July 2, 2020
  • Renewal in just a few minutes

    I purchased Magma HDI car insurance policy from InsuranceDekho for my Chevrolet Beat car and recently renewed it from them only. The process was really smooth and quick.

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    A
    By Abhinav Kapoor
    On: June 26, 2020
  • Easy to make claim under my c...

    It was not only easy to purchase Magma HDI car insurance policy online from InsuranceDekho for my Ford Aspire car but also to make a claim under it.

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    B
    By Bobby Gogoi
    On: June 25, 2020
  • Renewed my plan in minutes

    The policy renewal process takes just a few minutes at InsuranceDekho for my Magma Insurance firm with which I could get my Hyundai Grand i10 car. It was an awesome experience.

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    L
    By Lalit Singhal
    On: June 4, 2020
  • Swift claim settlement

    I got my Magma insurance plan, which I purchased to cover my Tata Harrier, easily settled with the help of InsuranceDekho executives. They have full knowledge of the processes and insurers.

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    V
    By Vishal Bhandari
    On: June 2, 2020
  • Got insurance plan in minutes

    I have a Magma insurance plan that I got in a few minutes from InsuranceDekho for my Honda Amaze car. I am very amazed and happy with the issuance process of the insurance platform.

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    H
    By Hina Goel
    On: May 29, 2020
  • Availability of paperless oper...

    I did not require any paperwork for buying, requesting a claim, and renewing my plan with Magma insurance that I bought for my Hyundai Creta car. Thanks to InsuranceDekho.

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    K
    By Karan Kale
    On: May 27, 2020
  • Zero use of paper in processes

    I did not require to go through any paperwork to get any insurance process. Magma Insurance is a great insurer which gave me all its services for my Maruti Wagon R car through digital systems.

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    R
    By Rohit Gurnani
    On: May 21, 2020
  • Quick Claim settlement

    I got my insurance claim in a few minutes from Magma Insurance. The insurer has been insuring my Hyundai Santro for more than 2 years.

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    H
    By Hemant Khatri
    On: May 19, 2020
  • Hi-tech insurance services

    The Magma General Insurance firm provided me with insurance services at a click without any type of paperwork. I have its own-damage policy for my Maruti Swift Dzire.

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    A
    By Ashish Sahni
    On: May 15, 2020
  • Exceptional solutions offered

    I am surprised and happy to find such great car insurance services for my Ford Figo car. Thanks to Magma car insurance plan for offering such exceptional solutions.

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    A
    By Abhishek Oberoi
    On: May 13, 2020
  • Settles my claim easily

    I was very impressed with the claim settlement procedure of Magma insurance. I hold its policy to secure my Maruti Suzuki Baleno car and get my claim very quickly and easily.

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    D
    By Deepak
    On: May 11, 2020
  • Quality quotes to choose from

    There are many car insurance quotes made available by Insurance Dekho to compare them and select the best among them. I chose its Magma car insurance plan for a Honda Amaze car.

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    J
    By Jia Mehta
    On: May 7, 2020
  • Services at a good price

    The Magma insurance firm gave me the best car insurance services at the most reasonable rates. I purchased its plan for my Mahindra Bolero Power Plus.

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    N
    By Neeraj
    On: April 30, 2020
  • Prompt and paperless operation...

    I do not have to produce any paper or go through any paperwork to purchase, request a claim, or renew my plan at Magma general insurance, that I bought for my Hyundai Creta car.

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    K
    By Karan Doblekar
    On: April 28, 2020
  • Add-on benefits available

    The Magma Insurance Company offers a lot of add-ons to its customers that assist them to secure their cars in a better manner. I have their policy for my Tata Nexon.

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    D
    By Deepanshu Luthra
    On: April 24, 2020
  • Great customer care services

    The support services of Magma Insurance firm has been magnificent. Their teamwork every day which helps me clear all my doubts related to my Maruti Alto K10 car’s insurance whenever I want.

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    A
    By Amit Jha
    On: April 22, 2020
  • Renewal process in no time

    I could easily renew my Magma insurance policy that I bought for my Toyota Camry car in just 2 steps and no time at insurancedekho.com. I highly appreciate this service.

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    K
    By Kaveesh Oberoi
    On: April 20, 2020
  • Easy to pay methods

    Magma insurance firm holds several payment methods to pay while purchasing or renewing a plan. I bought this plan for my Honda Amaze car.

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    A
    By Amit Bhulani
    On: April 16, 2020
  • Swift policy issuance

    The Magma Insurance Company issued the car insurance plan for my Tata Tiago car in just a few minutes. I am quite happy with their prompt services.

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    K
    By Kedar Sharma
    On: April 14, 2020
  • Great service

    it was good assistance from your side in getting my insurance claim of theft vehicle. thank you

    S
    By Suraj Yadav
    On: April 13, 2020
  • Many modes to pay

    The Magma Insurance policy gave me several payment options to pay for the insurance purchase and renewal process of my Maruti S-Presso.

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    K
    By Kanishk Malhotra
    On: April 8, 2020
  • Simple and secured payment

    With Insurance Dekho, I got various easy payment options that assisted me in paying for my car insurance plan of Magma Insurance for my Toyota Etios Cross.

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    P
    By Prateek Khare
    On: April 6, 2020
  • Offers the best advice

    I bought a car insurance policy for Magma on the advice of the Insurance Dekho team. They helped me with a plan that exactly suits my requirements.

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    U
    By Umang Deshmukh
    On: April 2, 2020
  • Quick claim settlement

    I had a Magma insurance plan. But didn’t know about the claim settlement process. The Insurance Dekho team helped me out in getting my claim at the earliest then.

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    T
    By Tanuja Verma
    On: March 31, 2020
  • Value-adding Website

    The insurancedekho.com website is a place that adds value to your life. It brings all car insurance-related solutions for you at a click.

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    A
    By Animesh Prasad
    On: March 27, 2020
  • Superb experience

    I wanted to buy a Magma car insurance policy. I must say that I got complete support from the InsuranceDekho team. All my queries were answered. Also, the purchase process was easy and hassle-free.

    Read More

    By Tauseef Ansari
    On: March 25, 2020
Magma Reviews

Magma 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 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.

FAQ
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