Magma HDI Stand Alone Own Damage Bike insurance Policy

Magma HDI started operations in 2012 with a joint venture between Magma HDI Fincorp Limited and giant German insurer HDI Gerling Industrie Versicherung AG. Currently, Magma HDI deals in motor insurance, fire insurance, Liability insurance, etc.

What is meant by Stand Alone Own Damage Bike Policy in Magma HDI

Protect your two-wheeler against damages with a standalone own damage cover from Magma HDI. An own damage or stand alone bike insurance policy is meant to help you, the insurance holder, cover losses suffered by your bike. Stand alone OD car insurance is called so because it is available as a separate since Sep 1, 2018 as per the Regulatory and Development Authority of India.

Benefits of buying Stand Alone Own Damage policy from Magma HDI

  •  Any uncertain events can lead to huge repair charges. Your insurance takes care of the unwanted expenses. This gives you very valuable peace of mind.
  • Quick and Time-saving two-wheeler policy issuance. You can buy bike insurance at quickinsure without hassle as it issues an online policy within a seconds.
  • Magma HDI insurance policy covers any damages to owner’s two-wheeler due to accidents or natural calamities and takes care of repair costs.

How to purchase Stand Alone Own Damage Policy from Magma HDI

  1. Visit the Quickinsure website
  2. Click on the ‘two-wheeler insurance’ icon on the screen
  3. Enter your vehicle registration number according to your vehicle’s registration certificate (RC)
  4. You can compare quotations from various insurers and select the one that suits your needs
  5. Fill out the proposal form and double-check to confirm that all details are correct
  6. Complete the payment and your policy will be instantly in your inbox

Coverage of Stand Alone Own Damage Policy in Magma HDI

  • Rs.15 lakh cover payable in case of death or disability due to an accident or any uncertain events.
  • If you enhance the coverage of your two-wheeler insurance policy, then you can opt for add-on covers of Magma HDI. Additional coverage is offered at an extra cost but goes a long way to ease the process of filing claims by providing extra premium.
  • Magma will offer NCB rewards to a person for safe driving practices and for not making any claims in the earlier years.
  • Bike insurance will provide compensation to the owner in case the insured two-wheeler gets stolen.

Exclusions under Stand-Alone Own Damage Policy in Magma HDI

  • Magma HDI Own damage insurance coverage does not take care of any losses that are caused due to wars, war-like situations, nuclear attacks or incidents.
  • Magma HDI Own damage insurance cannot cover any losses if your bike is damaged when being used without the driver having a valid license.
  • Since your two-wheeler ages and depreciates with time, stand-alone own damage bike insurance coverage does not have a provision to safeguard the depreciation costs unless you choose an add-on such as zero depreciation.
  • Damage due to driving the bike under the influence of alcohol, drugs

Frequently Asked Questions

1. Does a standalone own damage cover also include CPA cover?

A CPA cover is necessary for the owner-driver of every bike and yes it’s included in the standalone own damage policy.

2. Which bike insurance is compulsory as per law?

Two-wheeler third party insurance is compulsory in India by law. It is illegal to ride on Indian roads without this policy.

3. What is the endorsement in two wheeler insurance?

An insurance endorsement is a mini-policy that is added to the current insurance policy to change certain information in the original insurance documents of the two-wheeler policy.

4. Is the No Claim Bonus transferable in Magma HDI?

Yes, NCB is transferable if you want to choose a different insurance company at the time of Magma HDI bike insurance renewal.

5. In a partial theft case, is FIR mandatory?

Yes, FIR or police intimation is mandatory in partial theft.

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