Magma HDI Bike Insurance

Magma HDI General Insurance Company Ltd was formed as a joint venture between Magma Fincorp Ltd and HDI-Gerling Versicherung AG Germany to cater to the financial needs of the people in India. The company has gained popularity over time and has been listed as one of India’s premier and leading non-banking financial companies (NBFCs). It functions with the mission to understand the bike insurance and other insurance needs of the consumers and translate it into affordable products that deliver value for money. It strives to understand the insurance needs of the semi-urban and rural population of India. It extends its bike insurance and other related services to the distributors and retailers as well.

The range of products and services of Magma HDI General Insurance Company extends from liability, bike, car, accident, fire, and property insurance to marine, unique lines and engineering covers. Magma HDI General Insurance Company delivers its quality products such as bike insurance, property insurance, car insurance and so on, at competitive as well as affordable rates to align with its values of transparency, integrity, fairness, and impartiality, trust and respect for people, and to demand excellence.

In this short time, Magma HDI General Insurance Company reached out to a wide range of customers through more than 135 offices all over India. It has settled claims of bike insurance, car insurance, fire insurance, etc, which equals 1.24 lakhs to date and has policies valuing 24.68 lakhs issued to date. It is working with the vision to be the most preferred, vibrant, and responsible general insurance company and strive to provide quality service at affordable rates for bike insurance and various related products.

Magma HDI Bike Insurance

Magma HDI is a general insurance company started as a joint venture in 2009. Since its establishment, it has become an increasingly popular insurance provider in India. For two-wheelers, Magma HDI offers three types of insurance covers; third party insurance, standalone own damage insurance and comprehensive insurance. It is obligatory for every two-wheeler to have at least a third party insurance, if caught without it you can be punished. The fine for not having third party insurance is Rs 2,000 and/or imprisonment for up to 3 months. When you purchase this policy the insurance provider will take care of third party liabilities in case of a mishap including bodily injuries, death and property damage. If you want to get coverage for own-damage costs you can purchase a standalone own-damage cover. This will cover the two-wheeler in case of theft, road accidents, vandalism, natural and manmade disasters. The third type of insurance coverage is the comprehensive insurance cover, this will take care of third party liabilities and own-damage costs under a single premium and is the most hassle-free option of the three.

Moreover, you can also purchase add-on covers. These will further enhance the coverage of the two-wheeler insurance and cover aspects that are otherwise excluded under general two-wheeler insurance. These covers are optional and allow you to pick and choose according to your specifications. The right combination of add-on covers can make a significant difference to your claim amount in case of a mishap. The zero depreciation cover, the passenger assistance cover, the engine protection cover, the tyre protect cover and the consumables cover are some of the add-ons covers that you should definitely check out when purchasing two-wheeler insurance.

Significant Points of Magma HDI Bike Insurance