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Magma HDI Zero Depreciation Add-on

Every commodity loses monetary value over its age due to regular wear and tear. This process of devaluation is known as depreciation. Your car, also being a commodity, is subjected to depreciation and loses value over time. As a result, you receive a lesser claim amount during claim settlement because of the fact that your insurer factors the depreciation cost from the sanctioned claim amount.

However, availing the Magma HDI Zero Depreciation add-on cover along with the comprehensive car insurance policy or the standalone own-damage car insurance will allow you to do away with the burden of bearing the liability of depreciation.

Benefits Of Magma HDI Zero Depreciation Insurance

Less Liability For The Insured: The Magma HDI Zero Depreciation add-on cover reduces the liability of the policyholder. It waives off the liability of paying the cost of depreciation and makes the insurer liable to bear the same. This allows the insured to enjoy higher claim amounts.

Costless Replacement of Depreciated Car Parts: When you opt for the Magma HDI zero depreciation add-on, the depreciated parts of your car get replaced in a costless manner.

Zero Depreciation Insurance v/s Normal Insurance

Age of Car

Rate of Depreciation Without Zero Depreciation cover

Rate of Depreciation With Zero Depreciation cover

Under 6 months

Nil

0%

6 months to 1 year

5%

0%

1-2 years

10%

0%

2-3 years

15%

0%

3-4 years

25%

0%

4-5 years

35%

0%

5-10 years

40%

0%

Above 10 years

50%

0%

Disclaimer: Battery / Plastic / Nylon / Rubber parts -> 50% covered; Fiberglass -> 70% covered, Wooden & Metallic parts -> Depreciated basis age of vehicle (normal)

Conditions of Magma HDI Zero Depreciation Add-on Cover

  • Claim with zero depreciation benefits are not applicable for theft, CTL and TL of the insured vehicle.
  • The benefit is only rendered if the damaged vehicle is repaired at the company authorised workshop.

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Magma Car Insurance User Reviews

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91 User reviews
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  • Flexible payment modes

    InsuranceDekho offers flexible modes of payment. I purchased a Magma HDI car insurance policy from them for my Toyota Yaris car and made the payment online within a few easy steps.

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    A
    By Amit Yadav
    On: July 10, 2020
  • Thank you team for suggestion

    InsuranceDekho helped me buy a Magma HDI car insurance policy for my Hyundai Santro car in a few minutes. I like the policy benefits and would like to thank the team for the great suggestion.

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    J
    By Jayant Rajput
    On: July 9, 2020
  • Thanks for the help team!

    I really want to thank the team at InsuranceDekho who helped me buy Magma HDI car insurance policy or my Skoda Rapid car in a few simple steps online. I really liked the policy and I am satisfied with the benefits.

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    N
    By Naman Rishi
    On: July 3, 2020
  • Great customer support

    Magma HDI’s car insurance policy is great. I purchased it for my Hyundai Santro car last week from InsuranceDekho and the policy covers my car against many benefits. I really liked the policy and InsuranceDekho’s services.

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    R
    By Reyansh Arora
    On: July 2, 2020
  • Renewal in just a few minutes

    I purchased Magma HDI car insurance policy from InsuranceDekho for my Chevrolet Beat car and recently renewed it from them only. The process was really smooth and quick.

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    A
    By Abhinav Kapoor
    On: June 26, 2020
  • Easy to make claim under my c...

    It was not only easy to purchase Magma HDI car insurance policy online from InsuranceDekho for my Ford Aspire car but also to make a claim under it.

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    B
    By Bobby Gogoi
    On: June 25, 2020
  • Renewed my plan in minutes

    The policy renewal process takes just a few minutes at InsuranceDekho for my Magma Insurance firm with which I could get my Hyundai Grand i10 car. It was an awesome experience.

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    By Lalit Singhal
    On: June 4, 2020
  • Swift claim settlement

    I got my Magma insurance plan, which I purchased to cover my Tata Harrier, easily settled with the help of InsuranceDekho executives. They have full knowledge of the processes and insurers.

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    By Vishal Bhandari
    On: June 2, 2020
  • Got insurance plan in minutes

    I have a Magma insurance plan that I got in a few minutes from InsuranceDekho for my Honda Amaze car. I am very amazed and happy with the issuance process of the insurance platform.

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    By Hina Goel
    On: May 29, 2020
  • Availability of paperless oper...

    I did not require any paperwork for buying, requesting a claim, and renewing my plan with Magma insurance that I bought for my Hyundai Creta car. Thanks to InsuranceDekho.

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    K
    By Karan Kale
    On: May 27, 2020
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Magma HDI Car Insurance FAQs

  • Why does the premium of zero depreciation add-on cover increase with the insured car’s age?

    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.

  • Do I need to pay anything at the time of claim settlement if I purchase Magma HDI zero depreciation 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%.

  • Is there any difference in the claim filing process for a car Zero Depreciation cover?

    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.

  • Can I choose the claim in which I want the waiver for the depreciation cost or not?

    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.

FAQ
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