Magma Bike Insurance FAQs

Insurance is a basic need for all two-wheeler owners. The Indian Motor Tariff makes it mandatory for every two-wheeler owner to have at least a third-party insurance policy for their vehicle. Also, an insurance cover allows you to commute safely and covers you against all the uncertainties that may damage your financial capabilities.

Yes the customers need to fulfill certain criteria to get a policy from such as:

• The vehicle needs to be registered with the Roads & Transport Authority (RTA) in India.
• There should not be any modifications on the original features of the two-wheeler.
• It should have a two-wheeler fitness certificate.

There are various ways by which Magma HDI Insurance offers discounts on premium such as:

• No-claim bonus - The policyholders can get up to a 50% discount on own-damage premium if they have not made any claim in the previous policy period.
• ARAI approved anti-theft device - The policyholders will be eligible for a discount of up to 2.5% on own-damage premium if they have installed an ARAI-approved anti-theft device.
• Additional discounts - Policyholders can also get an additional discount by being a member of the Automobile Association in India.

Yes, you can use your existing two-wheeler policy for your new bike as well. For further details and procedures, you can contact the nearest branch office or call the toll-free number 1800-266-3202 to get assistance for the same. You can also email your query at customercare@magma-hdi.co.in and someone from the team will get back to you.

There are different ways by which a customer can take a two-wheeler insurance policy from Magma HDI General Insurance Company. They can either visit the nearest branch of Magma HDI General Insurance Company or contact the customer support by calling the toll-free number 1800-266-3202. They can also visit their official website or Insurancedekho.com to purchase the plans.

Magma HDI third party bike insurance policy is needed due to the following reasons:

• This provides coverage for third party liabilities.
• It is mandatory according to the Indian Motor Tariff Act.

You can pay for the premium of the Magma HDI third party bike insurance policy by any of the following ways:

• Visit the nearest branch.
• Go to the official website of Magma HDI General Insurance and follow the steps they suggest.
• Contact the customer care of the Magma HDI General Insurance by dialling the toll-free number 1800-266-3202.

The necessary documents required to get the Magma HDI third party bike insurance policy are as follows:

• Photo ID proof, address proof (voter ID, Aadhaar card, PAN card or Passport)
• Photocopy of a valid driving license
• Registration number of the bike
• Registration certificate.

No, you can not stretch the coverage of the Magma HDI third party bike insurance policy as it does not offer any add-on cover.

No, the Magma HDI third party bike insurance policy does not provide any coverage for any kind of mishaps occurred outside the pre-decided geographical area.

Magma HDI comprehensive bike insurance policy offers the following discounts on the premium amount:

• Voluntary deductible
• Discount for anti-theft device
• No Claim Bonus can be availed if you do not make a claim during the policy period
• Automobile Association discount.

A duplicate of the Magma HDI comprehensive bike insurance policy can be received by making a payment of Rs.50. You can call the toll free number 1800-266-3202 or visit any of the branch offices to get assistance about the same.

You can choose the add-on covers as per your preference and add it to your Magma HDI comprehensive bike insurance policy at the time of purchase, in the middle of the tenure and at the time of renewal of the policy.

The Magma HDI comprehensive bike insurance provides coverage for damage which occurs while the bike is in transit. This includes transit by air, road, waterway, elevator, etc.

You can get the quotes for Magma HDI bike insurance policy by using the “View Quotes” option on its official website. You can also opt to get the quote through Insurance Dekho just by entering the bike registration number on its “Get a Quote” feature.

Magma HDI Zero Depreciation add-on provides coverage for the repair of the following bike parts:

• Rubber
• Nylon
• Plastic
• Fibreglass.

No, Zero Depreciation cover does not ensure full claim amount as deductibles are factorized while calculating the claim amount. Zero Depreciation waivers only the depreciation charges ensuring maximum claim amount.

The factors that decide the rate of increase in the premium amount for opting Zero Depreciation cover are as follows:

• Age of the vehicle
• Model or variant of the vehicle
• Area of residence.

An inspection may be conducted by the insurer before adding the Zero Depreciation cover to your bike insurance policy.

Magma HDI Zero Depreciation cover is available for new as well as old bikes. However, the age of the bike should not exceed 2 years.

The Magma HDI Depreciation will only provide coverage within the predetermined geographical zone. The insurer will not bear the expense of any damage incurred by the insured’s bike outside the area.

No, you can not make a claim for any consequential damage under the Magma HDI bike insurance policy. The case of total loss is also excluded from this policy.

Magma HDI General Insurance settles the bike insurance policy claim within 7 working days after receiving all the requested documents.

The insurer provides the calculated Insured Declared Value (IDV) of the bike deducting the depreciation and deductibles in case of theft of the insured’s bike.

The following circumstantial proves will help in settling a claim:

• Eyewitnesses
• Pictures of the location of the accident
• Pictures of the insured’s bike that clearly shows the extent of the damage.

If the accident had occurred before the expiry date, you can make a claim to your insurer even after the expiry of the insurance policy. The insurer is obliged to settle the claim as the mishap had occurred in the policy period.

Yes, the tenure of the Magma HDI Bike Insurance policy can be stretched or shortened at the time of the renewal.

Yes, you can transfer the No Claim Bonus of your previous insurer to the Magma HDI bike insurance at the time of renewal to avail the benefits of it.

Yes, you can go for several add-on covers at the time of renewal provided you are opting for the comprehensive bi9ke insurance plan. The charges of the add-on covers will be added to the premium./p>

Yes, you will receive the hard copy of the policy documents within a few days if you opt for the offline renewal process. The documents will be delivered via courier to your address given in the policy details.

Yes, you can change your contact details or any other personal details at the time of the renewal of your Magma HDI bike insurance policy.

The bike insurance premium calculator is an instrument designed to help you compute the IDV value and amount of premium provided by various bike insurance providers available in the market to secure your bike or any other type of two-wheeler. It will provide you with an idea to select the best bike insurance cover for your bike.

When it comes to the premium amount of a bike insurance policy, it is affected by several factors which comprise Insured Declared Value (IDV), Modifications, RTO location of the bike, Age of the bike, Engine’s Cubic Capacity, No Claim Bonus (NCB), Anti-Theft Devices, Add-on covers, Age of the Owner, and so on.

You can get the best bike insurance premium calculator to calculate the amount of premium and Insured Declared Value (IDV) for your bike insurance plan, which is offered by multiple insurance companies available in the market at the official website of InsuranceDekho, i.e., www.insurancedekho.com.

To find the IDV value for your bike and premium amount for your bike insurance provided by different insurers in the market, you will just have to enter a few details on the premium calculator such as make, model and variant of your bike, engine capacity of your bike, fuel type of your bike, registration year of your bike, RTO location of your bike, and so on.

Yes, you can easily reckon the amount of bike insurance policy premium and IDV value provided by different insurance providers for your old bike or any used bike with the help of a premium calculator available at the InsuranceDekho.

Magma HDI General Insurance provides 4 types of bike insurance add-on covers to its policyholders that include Depreciation Reimbursement, Return to Invoice, Protection of NCB, and Basic Roadside Assistance.

No, it is not mandatory to include a bike insurance add-on cover in your bike insurance policy. When it comes to add-on covers, they are framed to offer additional coverage to your existing bike insurance coverage and make you enjoy extended benefits by investing a little extra premium amount.

You can purchase and opt for bike insurance add-on covers offered by the Magma HDI Insurance to include in your policy to enhance its coverage either during the purchase of the insurance cover or during the time of bike insurance policy renewal.

Yes, you will have to pay a little extra amount of premium in addition to the basic bike insurance premium amount to opt for the bike insurance add-on cover.

You can purchase as many add-on covers as you wish to own together, which are offered by the insurance company as per your budget and needs. Magma HDI offers 4 add-on covers and you are allowed to include all of those in your policy at a time.

No, it is not mandatory to purchase two-wheeler standalone own-damage cover and third party insurance from the same insurance provider.

Under an own-damage policy for your two-wheeler, the premium shall be calculated on the basis of your two-wheeler’s CC (Cubic Capacity) and IDV (Insured Declared Value). Apart from that below-mentioned factors also affect the premium calculation for two-wheeler own-damage cover:

• Two-wheeler make and model
• Age of two-wheeler
• No Claim Bonus (NCB)
• Add-ons opted with the policy

Anyone who has an existing third party insurance cover can purchase an own-damage cover to cover the own-damages of their two-wheeler.

A personal accident cover is necessary for every two-wheeler owner. Personal Accident cover is usually bought with a third party insurance policy. In case you don’t already have a personal accident cover, you can opt for it in your own damage cover policy.

Third party two-wheeler insurance is compulsory in India as per the Motor Vehicles Act. Every two-wheeler owner in India should have this policy, as it is illegal to ride on roads without this policy in India.