Magma Car Insurance FAQs

Visit the company’s official website and scroll down to the ‘Info Center’. Click on ‘Downloads’ and then expand the ‘Motor Insurance’ section by clicking on the ‘+’ icon. Look out for the type of motor insurance policy you want and click on that. The download will start automatically.

The maximum NCB discount is 50% on the own-damage premium of the insurance policy which is available against 5 claim-free years.

Yes, the policy cover can be expanded to other geographical areas such as neighbouring countries (Pakistan, Bangladesh, Bhutan, Nepal, Srilanka) by paying an extra premium along with the submission of an endorsement.

The company offers a discount of 2.5% on the OD (Own Damage) premium to a maximum of Rs.500 if you have installed ARAI-approved anti-theft devices in your vehicle.

CTL stands for constructive total loss. It is a condition when the repair cost exceeds 75% of the Insured Declared Value (IDV) of the vehicle.

If a third party dies or suffers injuries in attempting suicide in front of the insured’s car, the insurance company is not liable to pay any compensation. Moreover, an attempted suicide, if proved in the court of law, does not fall as a liability on the policyholder also.

The exact compensation amount is decided by a court of law. However, your part of liability depends on the nature of injury incurred by the third party. In the case of loss of one limb or sight of one eye, you have to bear 50% of the total compensation amount, whereas, in case of loss of 2 limbs/2 eye-sight or permanent disability, the entire amount is paid by the insurer.

The number of persons (third parties), for which the company will pay compensation, depends on the premium paid and is mentioned in the policy document.

The IDV of your vehicle is calculated on the basis of the vehicle’s listed price by the manufacturer including the prices of all fitted accessories minus the cost of depreciation of every year. The IDV also determines the sum insured.

Generally, you will be compensated for the damages caused to the insured vehicle irrespective of who was the driver at the time of happening of the accident. However, the standard comprehensive policy doesn’t cover the legal liabilities of a paid driver. You need to purchase an additional cover to insure the legal liabilities of a hired driver.

The IDV of your 4 years old vehicle is around 50% of its listed showroom price. However, there are certain segments/parts of the car that does not suffer depreciation throughout their age and hence, the company offers full listed price of those parts being replaced after an accident.

Visit the Magma HDI official website and scroll down to look for the ‘Info Center’ section. Click on ‘Downloads’ under that and expand the ‘Motor Insurance’ section by clicking on the ‘+’ icon. Choose ‘Claim Form - Commercial Vehicle Package’ and the claim form will be downloaded instantly.

Go to the company’s official website and click on ‘Locate Garage’ present under the ‘Contact Us’ section. Choose ‘Locate Garages’ on the next page and enter your area’s pin code and click on ‘LOCATE GARAGE’. The address of the nearest garage will be displayed on the same page. However, if there is no cashless garage in your area, enter a different pin code (nearest).

The add-on covers which extends the standard coverage will help in getting higher claims. Example- Zero Depreciation, Engine Cover, etc.

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.

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%.

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.

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.

The renewal fee depends on the type of car insurance plan, deductibles and add-ons opted.

If you fail to get your car insurance plan renewed on time, your insurance plan would become inactive and you would lose coverage and other benefits.

Yes, the policyholder is presented with an option to get their car insurance plan renewed with the present insurance provider or a new one.

In such a scenario, you would lose out on all your accumulated No Claim Bonus benefits. To keep your NCB benefit intact it is recommended to get your insurance plan renewed on time.

Yes, at the time of insurance plan renewal, you can either modify the current add-on covers or can even choose new add-on covers.