Magma HDI Bike Insurance Claim

Magma HDI General Insurance has an impressive claim settlement ratio of 79.60% in the financial year of 2019-2020. It has seamlessly settled thousands of claims of its policyholders over the years enhancing its reputation as an insurance company.

Magma HDI General Insurance has digitalized the procedures involved in the purchase, claim and renewal of the policy to reach out to a larger number of people. The claim settlement procedure can be conducted both online and offline. Magma HDI General Insurance has established an efficient customer care service to guide the policyholders through the process.

Documents Required for Magma HDI Bike Insurance Claim

The following documents are required at the time of settling a bike insurance claim.

• Policy copy
• Duly filled and signed claim form
• Original repair invoice for cashless claims.
• Self-attested copy of Registration Certificate (RC)
• Driving license of the person driving at the time of the accident
• Original repair estimate, repair invoice and payment receipt for non-cashless claims

How To Make Magma HDI Cashless Bike Insurance Claim?

Magma HDI General Insurance has introduced a claim settlement process for the bike insurance policy in the following simple steps to offer a hassle-free experience to its policyholders:

Step 1: Contact Magma Hdi General Insurance and Register the Claim

It is essential to intimate the insurer immediately after the accident, theft or damage of the insured’s bike. For claim intimation, you need to call up its helpline number 1800 266 3202 or visit the nearest office. For the online claim intimation, follow the simple steps mentioned below:

• Open the official website of Magma HDI General insurance
• Click on “More”
• Select “Claims” from the drop-down menu
• As the new claims page opens up, select the type of insurance, i.e “Two Wheeler” in this case
• Click on “continue”
• Fill up the required fields in the “Enter your details” page.

Once the claim gets registered, you receive a claim registration number. In case of a call or office visit intimation, the representative provides you with the claim registration number.

Step 2: Survey of Damages

A company surveyor is appointed to assess the extent of the damages caused to the insured’s bike during the accident. The surveyor conducts a spot survey and prepares the cost estimate of repair. You should submit the duly filled claim form, policy documents and proves of the incident to the surveyor. The insured’s bike is driven or towed to the nearest network garage.

Step 3: Claim Settlement

After assessing all the aspects, the surveyor gives approval. The insurer confirms its financial and legal liabilities and bears all the expenses of repair of the insured’s bike. The claim amount is calculated taking the deductibles and depreciation into consideration.

How To Make Magma HDI Reimbursement Bike Insurance Claim?

A reimbursement claim can be registered if you fail to move the insured’s bike to the network garage or wish to repair it in any other garage. A reimbursement claim ensures compensation for the repair expenses of the insured’s bike. The process of registering a reimbursement claim has been elaborated in the following steps:

Step 1: Contact the Insurer and Register the Claim

The policyholder should inform the insurer about the accident, theft or damage of the insured’s bike within 24 hours. You can intimate the insurer by dialling its helpline number 1800 266 3202 or visiting the nearest office. In the case of online claim intimation, visit the official website and follow the simple steps mentioned below:

• Click on “More”
• Select “Claims” from the drop-down menu
• As the new claims page opens up, select the type of insurance (“Two Wheeler” in this case)
• Click on “continue”
• Fill up the required fields in the “Enter your details” page.

After the claim gets registered, you receive a claim registration number. In case of a call or office visit intimation, the representative provides you with the claim registration number.

Step 2: Survey of the Damages Incurred

Do not move the bike to the garage before the surveyor arrives. The insurance company appoints a surveyor to check the condition of the bike. The surveyor produces an estimate of the cost of repair and collects the required documents, duly filled claim form and contact numbers of witnesses or photos of the incident as proof.

Step 3: Repair and Reimbursement

After the approval from the surveyor, you can move the bike to your desired garage and get it repaired at your own expense. After the completion of the repair, the bills and receipts of repair along with policy documents are to be submitted to the insurer for the reimbursement. The company verifies the case and disburses the claim amount factorizing all the deductibles and depreciation.

Magma HDI General Insurance has a set of specific conditions for the approval of the claim. The claim is rejected by the insurance company under the following circumstances:

• Registration of a fraud Claim
• Claiming wrong coverage amount
• Misinterpretation of facts
• Improper functioning of the vehicle parts
• Driving without license
• Intoxication
• Lack of details required to process the claim
• Delay in intimation about the mishap to the insurer
• Act of negligence.

Magma HDI No Claim Bonus

Magma HDI General Insurance like other companies that offer two-wheeler insurance give No Claim Bonus along with their own-damage covers. This type of cover can be purchased as part of a comprehensive plan or as a standalone cover. The No Claim Bonus is a token gesture made by the insurance provider to incentivise the safe driving habits of the insurance holder, hence it is given only during claim-free years. The NCB is cumulative in nature and becomes higher with every consecutive claim-free year. In the fifth year, the NCB reaches its maximum limit of 50 per cent. However, if there is a mishap and the insurance holder files for a claim the No Claim Bonus will be disabled. The scale of the damage and the claim amount is not taken into account when the NCB is disabled. Hence, every policyholder is asked to file an insurance claim only when the damage is significant.

Furthermore, the insurance holder is also expected to renew their two-wheeler insurance on time to keep the NCB intact. Failure to renew the policy on a timely basis will lead to the NCB being declared null and void. To avoid such losses insurance providers give their customers a grace period. After the expiry date customers receive an extension of 90 days within which they can renew their insurance. However, if they fail to renew the policy within this period it will be directly cancelled and the accumulated NCB will be lost with it. If the policyholder wishes to shift to a different insurance provider or sell their current two-wheeler to purchase another one they can simply transfer their NCB to the new policy.