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Frequently asked questions for Magma HDI car insurance-
1. What is the maximum NCB discount offered by Magma HDI car insurance?
50 percent is the maximum NCB discount on own damage premium of insurance which is available against five claim-free years.
2. What is meant by CTL in Magma HDI car insurance?
CTL means a constructive total loss. It is a condition when the repair cost exceeds 75% of the IDV of the car.
3. What happens if someone attempts suicide In front of a car the insurance company will compensate for it?
If someone attempts suicide in front of the insured’s car, the insurance company is not liable to pay any compensation.
4. How much is the IDV of 4 years old car?
IDV of 4 years old car is around 50 percent of listed showroom price and the company will also offer full listed price of those parts of car being replaced after an accident.
5. How much car insurance renewal do I have to pay for Magma HDI?
Renewal amount depends on the type of car insurance plan, add-on cover, and deductibles.
6. What happens if I fail to renew Magma's HDI car insurance policy?
If you lose to get your car insurance policy renewed on time, your insurance plan would become inactive and you would lose coverage and benefit of NCB.
7. Can I change insurance company at the time of car insurance renewal?
Yes, the policyholder has the option to get their car insurance renewal with a present insurance company or the new one.
8. Can I choose a new add-on cover while car insurance renewal?
Yes, you can choose a new add-on cover while car insurance renewal or you can either modify the current add-on cover.
9. Which type of add-on cover will help me to get higher claims in Magma HDI?
Add-on covers that extend the coverage in getting a higher claim. Ex. zero depreciation, engine cover, etc.
10. Is third-party insurance amount greater than comprehensive car insurance?
No, as compared to the comprehensive car insurance third-party insurance amount was less.
11. Does the area of residence have an impact on insurance premiums?
Yes, area of residence has an impact on your insurance premium.
12. Is it compulsory to inform the insurer in case I fit a CNG/LPG kit in the car?
Yes, it is compulsory to inform the insurer when you fit a CNG/LPG kit in the car.
13. What is meant by comprehensive car insurance?
It is an agreement between the insurer and insured where the insurer promises to financially protect the insured at the time of mishap in exchange for a premium.
14. What is meant by voluntary deductible in Magma HDI car insurance?
Voluntary deductible is part of the insured amount that you offer to pay at the time of claim settlement.
15. Does third-party insurance cover the legal liabilities of a hired driver?
Yes, you can add legal liability for paid drivers to your third-party auto insurance policy for an additional price.