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PRIVATE CAR INSURANCE PACKAGE POLICY
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Available Discounts
No Claim Bonus
If you do not make a claim during the policy period, a No-Claims Bonus (NCB) is offered at the time of car insurance renewal. This discount can go as high as 50% (NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy).
Transfer of NCB: You can also transfer full benefits of No-Claims Bonus when you shift your Motor Insurance Policy from one insurer to another.
Voluntary Excess Discount
You can avail more discount on the insurance premium, if you opt for a Voluntary Excess, in addition to the Compulsory Excess (Compulsory Excess is the amount of loss which the insured has to bear in each and every claim).
AAI Membership
You can avail additional discount, if you are a member of the Automobile Association of India (AAI), which is registered with IRDAI.
Anti-Theft Devices
If you have installed anti-theft devices approved by the Automotive Research Association of India (ARAI) in your car, you can avail 2.5% discount (or up to Rs. 500) on your Own-Damage (OD) Premium.
• Third-party liability
This policy protects you against any legal liability towards third parties, arising out of the use of your vehicle, leading to any bodily injury or death of a person and any damage caused to the third-party property.
• Loss or damage to the vehicle
The policy also provides cover against any damage or loss of your vehicle or its accessories due to the following natural and man-made calamities:
- Natural calamities
Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
- Man-made calamities
Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity and any damage in transit by road, rail, air, inland waterway, lift or elevator.
While we make every effort to give you the best possible services, any loss or damage to your car and / or its accessories will be not be covered if caused by any of the following:
• Normal wear and tear as well as general ageing of the car
• Depreciation or any consequential loss
• Mechanical / electrical breakdown
• The car being used other than in accordance with prescribed ‘limitations as to use’
• Damage to / by a person driving the car without a valid driving license
• Damage to / by a person driving the car under the influence of drugs or liquor
• Loss / damage due to war, mutiny or nuclear risk
• Use of the vehicle in violation of the ‘limitation as to use’ clause, mentioned in the policy
Sum Insured
For your convenience, we ensure that your vehicle is insured at a fixed value called the Insured's Declared Value (IDV). The IDV is calculated on the basis of the manufacturer's listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year. The following numbers will help you calculate the depreciation:
05%
Depreciation for vehicle
NOT EXCEEDING 6 MONTHS
15%
Depreciation for vehicle
EXCEEDING 6 MONTHS BUT NOT EXCEEDING 1 YEAR
20%
Depreciation for vehicle
EXCEEDING 1 YEAR BUT NOT EXCEEDING 2 YEARS
30%
Depreciation for vehicle
EXCEEDING 2 YEARS BUT NOT EXCEEDING 3 YEARS
40%
Depreciation for vehicle
EXCEEDING 3 YEARS BUT NOT EXCEEDING 4 YEARS
50%
Depreciation for vehicle
EXCEEDING 4 YEARS BUT NOT EXCEEDING 5 YEARS
Battery Secure Add On
In the ever-evolving landscape of transportation, electric vehicles (EVs) and hybrid electric vehicles (HEVs) have emerged as promising solutions to reduce carbon emissions and reliance on fossil fuels.The heart of these vehicles lies in their advanced battery systems, However, there are a few concerns about battery life, replacement costs, and unexpected failures.The battery is typically not covered by these traditional plans because it is seen as a wear-and-tear part of the car. However, because EV/hybrid cars have unique components and characteristics, Magma HDI's Battery Secure add-on provides owners with financial protection in case of battery damage against the risks listed below:-
Tired of surfing different websites for new car insurance rates and still not able to find the best plan? Search no more as you have landed at the right place for Online Car Insurance needs. At Magma HDI, we make sure that you have a smooth and time saving experience when you buy Private Car Insurance Online or traditionally with us. Also, we will be more than happy to help if you choose us for your Car Insurance Renewal.
Buy Car Insurance Policy Online in India and get the following benefits:
- Save time
- Get better price
- Skip agent’s fees
- Easy and convenient process
- Trained professionals at your service
So what are you waiting for? Buy Car Insurance Policy online now.
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