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Magma Standalone Own-Damage Two-Wheeler Insurance Policy

Magma General Insurance offers three different kinds of two-wheeler insurance policies and a Standalone Own-Damage policy is one of them. A standalone own-damage policy provides cover for the own-damage costs of the policyholder in case of an unforeseen event. This cover provides monetary help to the policyholder under several situations such as theft, vandalism, damages due to road accidents, damage to the fire/explosion, damage due to natural/man-made calamities. A standalone own-damage cover is not mandatory, however, the protection it provides to the two-wheeler owner by providing financial assistance in difficult circumstances can make a huge difference.

Standalone Own-Damage Insurance V/S Comprehensive Insurance V/S Third Party Insurance

Basis

Magma Two-Wheeler Third Party Insurance

Magma Two-Wheeler Comprehensive Insurance

Magma Two-Wheeler Standalone Own-Damage Insurance

Coverage

Magma Two-Wheeler Third Party insurance policy is the most basic type of insurance cover. This type of policy covers third party liabilities in case of a mishap, which includes bodily injuries, death and property damage. This policy is mandatory as per the Motor Vehicles Act.

Magma Two-Wheeler Comprehensive Insurance policy covers both third party liabilities and own-damages under a single premium. Under this policy, you also get the option to choose a personal accident cover. This policy is not mandatory.

Magma Two-Wheeler Standalone Own-Damage Insurance will take care of the own damage expenses of the two-wheeler under several scenarios such as theft, vandalism, damages due to road accidents, damage to the fire/explosion, damage due to natural/man made calamities.

Cost

As this policy offers basic coverage, this policy is least expensive as compared to standalone own-damage and comprehensive insurance.

This policy is the most expensive as compared to third-party or standalone own-damage insurance as it covers third party liabilities and own damages.

This type of insurance policy is a little expensive than third party insurance as this policy provides more coverage as compared to third party insurance.

Eligibility

This policy is mandatory for every two-wheeler owner in India. Hence, anybody who owns a two-wheeler is eligible to purchase third party insurance.

Anybody who already has existing third-party insurance for their two-wheeler can purchase Standalone own-damage insurance.

Anybody who owns a two-wheeler can have a comprehensive policy. Please note that a comprehensive insurance policy covers everything, so you don’t need to purchase any other type of policy for your two-wheeler.

Add-ons

No add-ons are available under this policy.

Add-ons are available under this policy.

Option to purchase add-ons with the policy is available under this policy.

What Is Covered Under a Magma Standalone Own Damage Two-Wheeler Insurance Policy?

Below mentioned aspects are covered under a Magma Standalone Own-Damage Two-Wheeler Insurance policy:

  • Damage from fire, explosion, self-ignition, accidents etc, by external means
  • Damage due to two-wheeler caused due to natural calamities
  • Burglary/Theft

What Is Not Covered Under a Magma Standalone Own Damage Two-Wheeler Insurance Policy?

Below mentioned aspects are not covered under a Magma Standalone Own-Damage Two-Wheeler Insurance policy:

  • Normal wear and tear of two-wheeler as the vehicle ages
  • Depreciation
  • Mechanical or electrical breakdown
  • Damage due to driving the two-wheeler without a valid license
  • Damage due to driving the two-wheeler under the influence of alcohol, drugs or other intoxicants
  • Damage to the two-wheeler due to war/nuclear risk

Benefits of Magma Standalone Own Damage Two-Wheeler Insurance Policy

Following are the benefits of purchasing Magma Standalone Own-Damage Two-Wheeler Insurance policy:

  • This policy covers own-damage expenses of the insured two-wheeler, in case of mishap.
  • This policy provides No Claim Bonus to the policyholder for every claim-free year.
  • Flexibility of choosing a suitable add-on coverage option available to expand the coverage of the policy.

How to Purchase Magma Standalone Own Damage Two-Wheeler Insurance Policy?

Follow these simple steps to purchase Magma Standalone Own-Damage Two-Wheeler Insurance policy from InsuranceDekho:

Step 1: Visit the official website and click on the ‘Two Wheeler’ tab. Click on the ‘Standalone Own-Damage Insurance’ on the drop menu.

Step 2: Enter your two wheeler’s registration number, two-wheeler’s make, model, and year of registration. Also fill your personal details such as phone number and click on ‘Submit and Get Quotes’.

Step 3: Policy quotes based on the details you provide will be displayed, choose Magma policy quote, choose a suitable add-on and proceed to make payment.

Step 4: Make the payment, once the payment has been made the policy shall be issued instantly and sent to the registered email ID.

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Magma Bike Insurance User Reviews

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  • Good service

    Easy and lot of insurance options to choose as per our requirement Happy and satisfied Good experience and I am using insurance dekho for the past two years in choosing my bike insurance

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    Bajaj Avenger 220 Chennai
    By ARUN KUMAR M
    On: June 27, 2021
  • Easy insurance solutions

    Overall good experience. The process was easy to fill with no documents and no paper required. Payment gateway is also flexible that has many options. Also the website captures previous data for easy fill ups. Thanks

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    BULLET CLASSIC Malkangiri
    By SUBRAT PUJARI
    On: November 28, 2020
  • Great Service

    Great Service. Thanks to the executive of the InsuranceDekho portal for helping me buy an insurance policy exactly as per my needs and within my budget.

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    Hero Splendor Pro Bhuj (Kachchh)
    By DINESH NAGSHI MAHESHWARI
    On: September 10, 2020
  • Quick settlements of claims

    I purchased a Magma bike insurance plan from InsuranceDekho portal. I made a claim request for my Hero HF Deluxe bike and got it quickly settled with the assistance of InsuranceDekho executives. Thanks to their entire team.

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    By Aditya Mehta
    On: July 10, 2020
  • Good insurance services

    Magma insurance plan offers protection for my Yamaha Saluto bike through its great and prompt insurance services. I bought this plan through the InsuranceDekho platform without any hassle.

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    By Amish Gaur
    On: July 9, 2020
  • Top-notch support service

    I have a Magma insurance plan for my Suzuki Gixxer SF 250 bike that I bought from InsuranceDekho platform. Their customer support is excellent and helped me a lot in understanding the policy.

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    By Arvind Mehra
    On: July 3, 2020
  • Compare and choose option

    Insurance Dekho is a perfect insurance platform that provided me with various insurance quotes to select my policy. With its help, I opted for the Magma policy for my Suzuki Access 125 bike.

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    By Saumil Sahore
    On: June 26, 2020
  • Splendid insurance services

    The InsuranceDekho platform offered me a variety of insurance services for my Magma insurance. It helped me a lot in securing my Honda Grazia bike.

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    By Ishaan Malhotra
    On: June 25, 2020
  • Paperless insurance procedures

    I have a comprehensive insurance plan of Magma Insurance Firm that covers my Bajaj Dominar 400. I chose and purchased this plan from InsuranceDekho without getting involved in any paperwork. The process there was completely digital.

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    By Kunal Tyagi
    On: June 4, 2020
  • Quick claim settlements

    Magma Insurance firm quickly settled my claim request for TVS Jupiter scooty. I have bought this great plan from InsuranceDekho and found it incredibly perfect in its services.

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    By Komal Asthana
    On: May 29, 2020
Magma Reviews

Magma Standalone Own Damage Two-Wheeler Insurance Policy FAQs

  • Do I need to purchase my two-wheeler standalone own-damage cover and third party insurance from the same insurance provider?

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

  • What are the factors affecting your Own-Damage two-wheeler insurance premium?

    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

  • Who is eligible to purchase an own-damage insurance 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.

  • Does an own-damage cover also include Personal Accident?

    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.

  • Which two-wheeler insurance is compulsory as per the law?

    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.

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