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Magma HDI general insurance company is a joint venture between a Kolkata-based company called Magma Fincorp Limited and HDI Gerling Industrie Versicherung AG Germany. The company offers a range of retail and commercial lines of general insurance products.
Stand Alone Own Damage (SAOD) Private Car Policy in Magma HDIs.
SAOD car insurance policy covers the damages only to the insured car against collisions, theft, fire, natural calamities, vandalism, accidents, total damage. IRDAI established Stand Alone Own Damage (SAOD) on September 1, 2018, in India. The liability of a third party is not covered by the policy. Only own damages liabilities get coverage under SAOD policy.
Benefits of buying Stand Alone Own Damage policy from Magma-HDIs.
SAOD policy is the policy that covers the cost of repairs as well as damage to your vehicle. Theft, collision, accident, natural calamities, and burglary housebreaking are also get covered under this policy. Own damage policy plans are relatively cheaper as compared to a comprehensive or third-party insurance policy. You get easy claim settlements for its services.
How to purchase Stand Alone Own Damage Policy from Magma-HDIs
Step 1. Go to the online website of https://quickinsure.co.in/
Step 2. Click on car insurance
Step 3. Enter your REGISTRATION no. According to your RC
Step 4. You will find a quotation for car insurance from magma HDI insurance and other insurers.
Step 5. You can select the quotation Magma HDI and fill out the proposal form.
Coverage of Stand Alone Own Damage Policy in Magma-HDIs.
1. Company’s stand-alone policy protects you and your vehicle from accidents and collisions which may cause heavy damage to your car.
2. Theft of your car also gets is covered under the SAOD policy up to the vehicle's IDV amount.
3. Fire, theft, explosions are unavoidable and hence magma HDIs SAOD policy helps in obtaining coverage and ensuring that these damages are covered in the policy.
4. Man-made disasters such as riots, vandalism, and terrorism causes huge loss to your vehicle but magma’s SAOD policy helps you in ensuring that these damages are covered in the policy.
5. A cover called Personal accident is also added in SAOD policy, which gives the owner of the car a cover up to 15 lakh after the unfortunate death of the owner-driver.
6. The insured person receives coverage for accidental injuries, as well as medical and hospitalization expenditures, under this plan.
Exclusions under Stand-Alone Own Damage Policy in Magma-HDIs.
a) Any damage to your car after the expiry of the policy, won't be covered under the contract.
b)If an insured person driving the car under the influence of alcohol or any other intoxicating substances, then magma HDI is not liable for the claim.
c)If the insured person drives a car without having a valid license for driving, then also the claims get rejected.
d)If an insured person violates the car manufacturer guidelines for use of a car, then also he is not liable for the loss.
Q. What is meant by Magma HDI‘s stand-alone own damage policy?
A policy that protects against damages to yourself and your insured vehicle. It is called the SAOD policy of Magma HDI.
Q. Why should I buy standalone own-damage car insurance?
This policy offers protection against damages caused due to theft, mishap, accident. If any unfortunate accident happens, the insurance provider is made to pay for the cost of repair of the damaged car.
Q. Is third-party damage covered in the Stand Alone Own Damage car policy of Magma HDIs?
No. SAOD policy does not cover third party's liabilities; it only covers damages to yourself and your car.
Q. Is own damage insurance policy mandatory in India?
No, an own-damage car insurance policy is not compulsory in India. Third-party car insurance is mandatory in India.
Q. Where can I buy Stand Alone Own Damage Car policy in Magma-HDI?
Put your vehicle number and get the quote for Magma-HDI. You can pay the amount directly to the company. Visit www.quickinsure.co.in and select the private car option on our website. Search for the quotations of the magma HDI, And get your policy done online.