Magma HDI Motor Insurance Company

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9 min read

About Magma HDI

Magma HDI General Insurance Company has a wide customer base due to its magnificent services and myriad products offered. The company is a joint venture of Magma Fincorp Limited and HDI Global Se, Germany. The market requirement of India is subtly mixed and matched with the developed and innovative ideas of the German insurance approach to bring out the best for Indians. You get various insurance products be it for motor vehicles, fire, health, and so on.

Under one roof, the company offers almost all the general insurance policies so you do not have to rush to multiple doors to get the right insurance plans. The company has also been offered various awards and accolades for its wonderful performance. Magma HDI has recorded a claim settlement ratio as high as 94.41% as of FY 2020-21. Know more about the Magma HDI motor insurance in this article.

Key Highlights of the Company 

Check out the key highlights of Magma HDI to have a quick insight into the company. The head office of Magma HDI is located in Mumbai. With a wide network of garages, hospitals, and great services, the company has made a record of over 94% of the claim settlement ratio. Customers can connect with the company on the given contact details to resolve their queries.

Particulars Details
Head Office Mumbai, Maharashtra
Total number of branches 130 plus
Insurance plans offered
  • Health insurance
  • Motor Insurance
  • Fire insurance
  • Marine insurance
  • Engineering insurance
  • Liability insurance
  • Miscellaneous insurance
Types of motor insurance offered
  • Private car insurance
  • Standalone OD private car insurance
  • Two-wheeler Insurance
  • Standalone OD two-wheeler insurance
  • Third-Party long term two-wheeler Motor Insurance
  • Commercial Vehicle insurance
  • Motor tractor package
  • Motor act only policy
  • Motor trade policy
  • Motor trade internal risk policy
Network garages 3390+
Network hospitals 7200+
Claim settlement ratio 94.41%
Customer care email customercare@magma-hdi.co.in
Customer care email for senior citizens namaskar@magma-hdi.co.in
Toll-free number 1800 266 3202

Awards and achievements of Magma HDI Motor Insurance

Awards and achievements of a company are the testimony of its hard work, sheer dedication, and exemplary customer services. Magma HDI has made a remarkable position in the insurance companies field, bringing it several awards. Let’s have a look at them-

  • Best Use of Innovation to Enhance Customer Experience: The award was presented by CX Excellence Awards 2022
  • Disruptive Technology Innovation Award: This award was given to Magma HDI by Insurance at Technology Excellence Awards 2022
  • Best Use of RPA in Insurance: BFSI Technology Excellence Awards 2022 presented this award to Magma HDI
  • Outstanding Use of AI and Robotics: In 2021, BFSI Technology Excellence Awards presented this award to the company
  • Rising Star Company of the Year 2020: India Insurance Awards 2020 gave this honour of pride to Magma HDI in 2020
  • Best BFSI Brands 2019: The Economic Times gave this award to Magma HDI
  • Golden Peacock Awards 2019: This award was presented to Magma HDI for winning in the field of Risk Management

Main Features of Magma HDI Motor Insurance

What features does Magma HDI offer under Motor Insurance? What do you get coverage for, and how can you make the most out of motor insurance at Magma HDI? Find answers to all these questions in the bullets given below-

  • The motor insurance policy of Magma HDI can be purchased both online or offline
  • The policy can be renewed via the official website of Magma HDI (and through PayBima)
  • Magma HDI provides a myriad of insurance plans for every customer. Under Motor Insurance plans, there are more than 10 insurance policies that you can choose from
  • The range of network garages makes sure you do not fall short on options when it comes to raising a claim or repairing your vehicle
  • Get a 24*7 claim assistance who you can connect anytime to get your queries resolved
  • Enjoy a plethora of add-ons options with Magma HDI. Add-ons are meant to extend the coverage of your insurance plans so you get the maximum benefits
  • Motor Insurance will provide the needed assistance and compensation in case of theft, natural or man-made calamity, accident, etc.
  • In case you make no claims in a policy year, Magma HDI provides exciting No Claim Bonus to enhance your experience.

Exclusions under Magma HDI Motor Insurance

Magma HDI motor insurance offers comprehensive plans with multiple add-ons. However, specific events are excluded from the plans offered by Magma HDI Motor Insurance; they are termed standard exclusions. Some of the standard exclusions are as follows-

  • Ravages of time: Regular wear and tear and general ageing of the vehicle
  • Hostility: Damage caused during war or nuclear attacks
  • Alcoholic influence: Damage caused under the influence of drugs or alcohol
  • Machinery collapse: Mechanical or electrical deterioration/ damages are excluded from the Magma HDI insurance policy
  • Involvement in criminal activities: Using vehicles in hazardous or criminal activities
  • Drivers license: Caught driving without a license/ with an expired/ invalid license.

Types of Magma HDI Motor Insurance

Magma HDI motor insurance includes both car and bike insurance. One can buy a Magma HDI motor comprehensive insurance plan for themselves that can provide financial support and help in times of crisis. Magma HDI motors plans are customised to meet the client’s requirements.

Magma HDI car insurance

Magma HDI provides comprehensive plans, assistance and add-ons to ensure their clients get the best coverage.

Comprehensive Car Insurance Plan A comprehensive car insurance plan from Magma HDI provides exhaustive coverage that includes:

  • Third-party liability

Magma HDI comprehensive covers protect against legal liability due to accidental harm resulting in permanent injury or death of an individual and harm caused to their property

  • Damage by natural calamities

It provides coverage against natural disasters like fire, earthquakes, typhoons, landslides, hail storms, or any other natural calamities

  • Damage by man-made calamities

Artificial mishaps such as burglary, theft, strike, riot, terrorism activity, etc., are covered in the comprehensive plan

  • Cover on Personal Accident

Magma HDI plan provides a cover on an individual’s personal accident up to INR 15 lakhs. It is available if the owner holds a valid driver’s license

  • Bi-fuel kit

Comprehensive plans from Magma HDI also provide a CNG-LPG bi-fuel kit with an additional premium

  • No claim bonus discount

Magma HDI provides no claim bonus discount at the time of policy renewal for up to 50℅ if no claim is made during the policy period.

Magma HDI Bike Insurance

Magma HDI bike insurance provides coverage for one’s bike damage and financial loss in an accident. It offers comprehensive coverage based on the client’s requirements. It provides approximately the same coverage as the car insurance plan.

 

Comprehensive Bike Insurance Plan A comprehensive bike insurance plan from Magma HDI provides detailed coverage that includes:

  • Damage by natural calamities

It provides coverage against natural disasters like floods, earthquakes, typhoons, landslides and other natural calamities

  • Damage by man-made calamities

Man-made mishaps such as burglary, theft, strike, riot, terrorism activity, etc are covered in the comprehensive plan

  • Cover on Personal Accident

Magma HDI plan provides cover on an individual’s personal accident that can go up to INR 15 lakhs depending on the severity of the accident

  • Third-Party Liability 

Like car insurance, the Magma HDI bike insurance also protects against legal liability because of the accidental damage that results in injury or financial loss of a third-party individual

  • No claim bonus discount

If one does not make any claim during the policy period they can get a discount of up to 50% on the policy renewal.

This option will be available when the policy is renewed within 90 days of the expiry date of the previous policy.

The Process to Buy Magma HDI Motor Insurance:

Magma HDI provides various types of policies and an ample amount of add-ons that are priced competitively. You can choose add-ons according to their requirements.

You can approach the Magma HDI company or contact an insurance agent to purchase the policy. For a more convenient way, you can visit the PayBima website and purchase a policy following these steps-

Visit the website: Visit the PayBima website, or just click www.paybima.com. Go to the motor insurance option, and decide which type of car or two-wheeler insurance policy you want

Enter Details: Fill in the essential details about yourself and the vehicle you use. Click submit and your screen will display numerous options that you can choose from

Compare plans: Now view and compare the insurance plans or select Magma HDI. You can set your vehicle’s IDV, then apply for the available offers to get the best deal

Proposal form: A proposal form is an online form submitted to the insurance company. You must submit the proposal form with the required documents to the company.

Payment of the premium: Once you have filled in all your details correctly, you need to pay, and soon after that, the policy’s soft copy will be sent to your inbox.

The Process to Renew Magma HDI Motor Insurance

Like all insurance policies, Magma HDI also has a limited tenure, after which the benefits in the plan discontinue. So it is required to renew one’s motor insurance policy.

Renewing the policy is the same as buying one. One needs to log in to the Paybima website and fill in the policy and registration number. Once the numbers are filled, it will display the details of the existing plan; you have to pay the renewal premium to renew the policy.

Client’s can even make changes to their plan by adding or removing add-ons, and it would proportionally alter the plan’s premium according to the changes made.

In need of any help or assistance, clients can also call 1800 267 6767 or mail at paybima.care@mahindra.com.

The Process to Make A Claim for Magma HDI Motor Insurance

Magma HDI has recorded a claim settlement ratio of over 94%, with 86.55% of claims being settled within a month. It shows the potentiality of the company in settling claims and extending much-needed assistance to the customers. In order to raise a claim, you must be aware of the process. So, this is how you can easily file a claim-

Call Magma HDI: Before you raise a claim, especially if it’s during an accident, you first need to inform your insurance provider, i.e., Magma HDI. Make them a call and explain the incident. Also, if you need assistance in carrying the vehicle to the garage, you may ask Magma HDI to help you out

Get the Reports: If it’s an accident, you need to get an FIR done at the nearest police station. Also, carry a copy of the FIR, as you would need it to file an insurance claim. Along with the reports, you also must carry relevant documents like policy documents, valid driving license, registration number of your vehicle, etc.

Fill out the Claim Form: Get a claim form from the branch of your insurance provider. You may also get through their official website. Carefully fill out the form, attach the documents as asked, and submit it to the company

Settling of Claim

The insurance company will review the incident and the damages caused to the vehicle. After the claim report is ready, you will be informed regarding the same. You can get your vehicle repaired either at a network garage or a regular garage. In case of the impanelled garage, Magma HDI will pay the bills on your behalf and in case you get it repaired anywhere else, you can present the bills to get the reimbursement.

Review of Magma HDI Motor Insurance

Established in 2012 and has now extended its wings with over 130 branches across the country. The reason behind all these successes is the sorted claim settlements and the great customer experience. With over 86% of claims being settled in a month, the company has been a major competition in the market. Have a look at the major reviews of the company-

  • Being a general insurance company, Magma HDI provides a wide variety of services and insurance products. More than 6 types of insurance are provided, including health and motor insurance
  • To provide hassle-free, comfortable, and ease to its customers, the company has collaborated with more than 3300 network garages across the country. Here, you need not pay any cash for the services availed
  • Claim settlement process is quite basic and simple so customers face no problem while seeking a claim settlement
  • At the time of policy renewal, the customers are offered maximum possible rewards, offers, and discounts including No Claim Bonus so everyone can benefit the most
  • The wide varieties of add-on covers for all types of insurance plans is further a cherry atop for customers.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

FAQs on Magma HDI Motor Insurance Company

If my car gets damaged during the grace period, will the insurance cover the repairs?

No, a claim cannot be made in the grace period. The grace period is a 30-day period that starts after the policy expires; thus, an expired policy will not fetch you any benefits.

Can I buy a zero depreciation cover for my second-hand car?

Yes, you can buy a Zero Depreciation add-on cover for your car. The only thing you need to remember is that this add-on is available only for cars less than 5 years old.

What is the meaning of NCB?

NCB or the No Claim Bonus, is an incentive that is given to you by the insurance company for being a careful driver. When you do not make a claim in the policy year, your insurance company offers you a discount on the upcoming premium. NCB for the first claim-free year is 20%, and it can go to 50% when you do not make a claim for 5 years.

Will I be able to pay my car insurance premium in instalments?

No, you cannot pay the premium in instalments. It has to be paid annually.

What factors can affect my motor insurance premium?

The premium of your vehicle depends on a number of factors. The most important ones are:
Make, model and variant
Age of the vehicle
Price of the vehicle
Your location
Your usage

Aug 12, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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