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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
How to purchase Stand Alone Own Damage Policy from Magma HDI
Coverage of Stand Alone Own Damage Policy in Magma HDI
Exclusions under Stand-Alone Own Damage Policy in Magma HDI
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.