Magma HDI Two Wheeler Insurance
Magma HDI Two Wheeler Insurance Policy is offered by Magma HDI General Insurance Company Ltd. Your two-wheeler is a thing of pride for you; we understand that. Which is why our two-wheeler package policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act as well as any loss or damage to your two-wheeler. Compare Two Wheeler Insurance Package benefits, sum assured, exclusions, inclusions and applied Online.
- Tata AIG Two Wheeler Insurance
- New India Assurance Two Wheeler Insurance
- HDFC Ergo Two Wheeler Insurance
Benefits of Magma HDI Two Wheeler Insurance
- No Claim Bonus will be given.
- If the Insured once does not make a claim policy during the Insurance period, a No Claim Bonus is offered on renewals.
- No Claim Bonus discount can go as high as 50%.
- Voluntary Excess discount will be offered to the insurer.
- Discount of 2.5% on the OD Premium for the Vehicle installed an ARAI approved Anti-theft devices.
- Sum Assured: your two-wheeler is insured at a fixed value called the Insured’s Declared Value.
Sum Assured for Two Wheeler Insurance Package
At Magma HDI Policy, your two-wheeler is insured at a fixed value called the Insured’s Declared Value (IDV). The IDV is calculated by the manufacturer’s listed selling price of the two-wheeler (plus the listed price of any accessories) after deducting the depreciation for every year as per the following rates.
|Age of the vehicle||% of Depreciation|
|Not exceeding six months||5%|
|Exceeding six months but not exceeding 1 year||15%|
|Exceeding one year but not exceeding two years||20%|
|Exceeding two years but does not exceed three years||30%|
|Exceeding three years but not exceeding four years||40%|
|Exceeding four years but not exceeding five years||50%|
Inclusions of Magma HDI Two Wheeler Insurance
Third party liability: The Policy protects you and your two-wheeler against any legal liability arising out of the use of the vehicle, towards third parties, might also leading to any bodily injury to/on the death of a person and any damage caused to third party property.
Loss or damage to the vehicle: The two-wheeler package policy plan covers against any loss or damage caused to your two-wheeler or its accessories due to the following occurrences as follows:
- Fire, explosion, self-ignition, accidental damage by external means,
- Also at Lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- So, Any damage in transit by road, rail, inland waterway, lift, elevator or air.
- Burglary, theft, riot, strike, malicious act, or by terrorist activity.
Magma HDI Bike Insurance Exclusions
- Normal wear, tear and the general aging of the vehicle.
- Depreciation or by any consequential loss.
- Also, in case of Mechanical or electrical breakdown.
- Damage to or by a person driving the vehicle without a valid license.
- Damage to or by a person driving the vehicle under the influence of drugs or by liquor.
- Loss or by damage due to war, mutiny or nuclear risk.
- Use of Motor vehicle in violation of Limitation As To Use clause mentioned in the Policy.