MAGMA HDI CAR INSURANCE ADDONS

Buy these add-on covers with your Magma HDI car insurance and get enhanced insurance coverage for your vehicle.

Zero Depreciation Cover

Zero depreciation cover is also known as Nil Depreciation or Bumper to Bumper cover. It means that if your car gets damaged, the insurance company will settle your claim without any deduction of depreciation. Zero depreciation addon for car insurance is usually highly recommended, especially for new cars. This cover excludes tyres, tubes, and batteries. This addon does not apply to cases of total loss, constructive loss, or theft of the insured vehicle. In case a claim is to be raised regarding this, make sure that the insured vehicle is repaired with prior authorization of the insurance provider.

Engine Protection Cover

The engine protection add-on will cover the cost of repairing the engine and its parts. The engine is the most expensive component of your car, and fixing it is often costly. This add-on covers damage to engine parts such as the cylinder head, crankshaft, connecting rods, and piston caused by water infiltration or lubricating oil leakage. Engine protection addon is a must-have if you live in a flood-prone area. In event of a claim, the company will pay for

(a) repair or replacement of internal engine parts such as cylinder head, crankshaft, connecting rods, and piston

(b) repair or replacement of internal parts of the gearbox, such as gears and shafts and

Return to Invoice Cover

In cases of a total loss, constructive total loss, or theft of the car, this cover enables the insured to receive compensation equal to the original value i.e., invoice value of the car. In such an event, the insurance provider will

(a) pay the invoice value or replace it with a new vehicle of the same make and model (or similar model as per availability),

(b) pay the original customs duties, if any, or customs duties applicable to a new vehicle, whichever is less, and

Key Replacement Cover

If the vehicle keys get lost or stolen or the vehicle lock is broken at the time of a burglary or attempted burglary, the insurance provider will reimburse the cost of replacing the vehicle keys with a new set of locks and keys.

Loss of Personal Belongings

This add-on compensates for the loss or damage to the insured's possessions that were in the vehicle at the time of the loss or damage. This add-on covers, items such as clothes and other articles of personal nature likely to be worn by the Insured including jewelry, and/or used or carried by him like Mobile, Laptop, Tabs, Audio/Video tapes, CD, but excludes money, securities, cheques, bank drafts, debit or credit cards, travel tickets, paintings, curios and items of similar nature.

Inconvenience Allowance

When you buy this addon, the insurance provider pays a daily cash benefit till the time your vehicle is under repairs at an insurer-approved workshop. This benefit can be availed for a maximum of 10 days.

NCB Protection

No Claim Bonus is an important feature of any car insurance policy, as premiums are constantly increasing due to inflation, so even a small discount on premiums is a huge relief. With this addon, the insurance provider agrees to protect the NCB at the time of Renewal in case a claim is lodged. This add-on benefit is applicable only if the renewal is done with the same insurance provider, and only one claim was lodged during the entire policy period.

Roadside Assistance

With this addon, you can avail assistance in case of mechanical and electrical breakdown of the vehicle, accidental immobilization, flat tyre, dead battery, keys locked in, running out of fuel, etc.

Frequently Asked Questions

1. I want to purchase Magma HDI insurance for my new car, which addons should I go for?

For new cars, it is recommended to go for a Zero Depreciation cover, Return to Invoice Cover, NCB Protector, and Roadside Assistance Cover.

2. How does Magma NCB Protector Addon work?

An NCB Protect cover keeps the bonus component intact even if some claims are made during the policy period. For example, suppose you have a 35 percent NCB when you purchase insurance and make just one claim throughout the new policy period. In principle, your NCB becomes zero and would have been 45 percent if you had not made a claim. However, depending on how an insurer's plan is designed, you will be eligible for 35 percent (same slab NCB) or 25 percent (lower slab NCB) at the end of next year's renewal. The important point to remember here is that you must renew with the same insurer at the end of next year to take advantage of the add-on benefit.

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

As the vehicle’s value depreciates every year, this shifts greater liability to the insurer if the policyholder has opted for zero depreciation cover. This is why the zero depreciation premium increases with the age of the vehicle.