Stand Alone Od Private Car - Magma HDI
STAND ALONE OD PRIVATE CAR
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 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 another company.
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.
-
Loss or damage to the vehicle
The policy also provides cover against any damage to 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 of 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 otherwise than in accordance with limitations as to use
- Damage by driving 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.
Here is a table that 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
Have us call you
- RENEW YOUR POLICY
- BUY NEW POLICY