Magma Fincorp Limited is a non-banking finance company offering various financial services to individuals and businesses across India. One of the key offerings of Magma Fincorp is its car insurance policy, which is one of the best car insurance in India that provides comprehensive coverage to car owners against various risks associated with owning and driving a car.
Magma car insurance is designed to cater to the needs of car owners as well as commercial fleet owners. It offers a range of benefits such as cashless claim settlement, 24x7 customer support, a hassle-free claim process, and a vast network of garages across India for quick and efficient repairs. It also offers swift car insurance renewal online.
The company also offers add-on covers such as personal accident cover, zero depreciation cover, and engine protection cover. These add-on options provide additional protection to the car and the owner.
With affordable premium rates and comprehensive coverage, the Magma car insurance policy is ideal for car owners looking for a reliable and trustworthy insurance partner.
You will receive a discount on your car insurance price if you have installed anti-theft devices on your vehicles or have not made any claims in the previous year. Magma's car insurance policy also covers damages to your car caused during riots and strikes.
Magma Car Insurance Online is a comprehensive car insurance policy offered by Magma Fincorp. The key features and benefits offered to car owners are briefly described below.
Easy documentation: The policy can be purchased online and the documentation process is straightforward and hassle-free.
Affordable premium rates: The policy offers competitive premium rates, making it an affordable option for car owners.
Cashless claim settlement: In case of an accident, the policy offers cashless claim settlement at a network of more than 4,000 authorised garages across India.
Add-on covers: The policy offers a range of add-on covers such as zero depreciation cover, personal accident cover and engine protection cover.
No processing fee: The policy does not charge any processing fee for policy issuance or car insurance renewal online.
No-claim bonus: The policy offers a no-claim bonus to policyholders who have not made any claims in the previous year, reducing your car insurance price.
24x7 customer support: The policy offers 24x7 customer support for quick and efficient resolution of any queries or issues policyholders face.
Third-party liability coverage: The policy offers coverage against third-party liabilities such as damage to property or injury to a third party, ensuring that you are protected against legal and financial liabilities.
Magma Fincorp offers a range of add-on covers to enhance the coverage of your car insurance policy. These add-ons can be purchased along with the standard policy, and they provide additional protection to you and your car.
You can choose the add-ons that best suit your needs and budget. Some popular add-on covers offered by Magma Car Insurance are listed below.
Zero Depreciation Cover: This add-on cover ensures that you will receive the full cost of the replacement or repair of parts without any deduction caused by depreciation. It is particularly useful for new cars or cars that are less than three years old.
Personal Accident Cover: This add-on cover provides financial compensation in case of accidental death or disability of the policyholder while driving or travelling in the insured car.
Engine Protect Cover: This add-on cover will provide coverage against damage to the engine and its parts due to water ingression, hydrostatic lock or oil leakage. It is particularly useful for cars that are driven in areas prone to flooding or heavy rainfall.
Roadside Assistance Cover: This add-on cover will provide you 24x7 roadside assistance in case of a breakdown, flat tyre or other emergencies while driving. It includes services such as towing, fuel delivery and battery jump-start.
Consumables Cover: This add-on cover covers the cost of consumables such as engine oil, coolant and brake fluid used during repairs or replacement of parts.
Return to Invoice Cover: This add-on cover ensures that you receive the original invoice value of the car in case of total loss or theft of the car. It is particularly useful for cars that are less than three years old.
Key Replacement Cover: This add-on cover covers the cost of replacing lost or stolen car keys.
No-Claim Bonus Protection Cover: This add-on cover ensures you do not lose your accumulated no-claim bonus in case of a claim. It allows you to retain your accumulated no-claim bonus even if you make a claim.
Daily Allowance Cover: This add-on cover provides a daily allowance to the policyholder for the period during which the car is being repaired in a garage due to a covered claim.
Magma Fincorp has a straightforward and hassle-free claim process for Magma car insurance policyholders. You can initiate the claim process through various channels such as the company's website, customer service centre or by contacting the nearest Magma Fincorp branch.
The following are the steps involved in the Magma car insurance claim process.
Intimation: You must inform Magma Fincorp immediately after an accident or a covered event. There are multiple ways to notify the company, such as a toll-free number, email or website.
Documentation: You need to submit the relevant documents such as the policy document, FIR (in case of an accident), driving licence and registration certificate (RC) of the car.
Survey and Inspection: Magma Fincorp will arrange for a surveyor to inspect the car and assess the damage. The surveyor will provide an estimate of the cost of repairs and submit the report to the company.
Cashless Claim Settlement: If the car is repaired at a network garage, Magma Fincorp will settle the claim directly with the garage, and you will not have to pay any cash for the repairs.
Reimbursement Claim Settlement: If you choose to get the car repaired at a non-network garage, you can submit the bills and receipts for reimbursement of the claim amount.
Notify Magma Fincorp: You must inform Magma Fincorp about the claim by calling the customer service centre or through the company's website.
Submission of Documents: You should submit all the necessary documents, such as the policy document, FIR (in case of an accident), driving licence, registration certificate (RC) of the car and the original bills and receipts for the repairs done on the car.
Survey and Verification: Magma Fincorp will arrange for a surveyor to verify the damage and evaluate the cost of repairs.
Claim Settlement: After the verification, Magma Fincorp will process the reimbursement claim and settle the claim amount directly to your bank account.
These are the documents required for cashless and reimbursement claims:
Policy document
Driving licence
Registration Certificate (RC) of the car
FIR (in case of an accident)
Documents required for Reimbursement Claim:
Policy document
Driving licence
Registration Certificate (RC) of the car
FIR (in case of an accident)
Original bills and receipts for the repairs done on the car.
The insurance provider can also reject your car insurance claim for several reasons:
Policy exclusions: If the claim is for an event or damage that is not covered under the policy, it will be rejected.
Non-disclosure of information: The claim can be rejected if you fail to disclose any relevant information, such as a pre-existing condition or modifications to the car.
Invalid documents: The claim can be rejected if you submit invalid or fake documents.
Late intimation: If you do not promptly notify Magma Fincorp about the claim, the claim can be rejected.
Unlawful activity: If the claim arises due to unlawful activities such as driving under the influence of alcohol, the claim can be rejected.
Magma Fincorp offers a No Claim Bonus (NCB) if you do not make any claims during the policy period. The NCB is a discount on the policy premium, which you can avail of at the time of your car insurance renewal online or offline.
The discount percentage increases with every claim-free year, up to a maximum of 50% after five consecutive claim-free years.
You can switch to Magma car insurance from another insurance company and can still avail of the NCB if you provide proof of your NCB entitlement.
A car insurance premium calculator is an online tool that will help you estimate the cost of your car insurance premium. This online tool uses data such as the car's manufacturing brand, model, age of the car, location and several other factors to calculate the premium amount.
Magma Fincorp provides a Car Insurance Premium Calculator on its website, a useful tool for you if you want to buy car insurance or renew your policy.
Using the Magma car insurance premium calculator is a simple process. You need to provide basic information and select the type of policy (the Third Party insurance or comprehensive insurance).
Once this information is provided, the calculator displays an estimated premium amount, which can be adjusted by selecting additional add-ons, such as zero depreciation, engine protector, etc.
Here are some of the benefits of using a car insurance premium calculator:
Instant Premium Calculation: A car insurance premium calculator allows you to calculate the premium amount for your car insurance policy instantly without contacting an agent or visiting a branch office. This saves time and effort and provides transparency in the premium calculation process.
Customisable Policy: This feature allows you to customise your policy by selecting different add-ons and coverage options. This enables you to create a policy that is tailored to your specific needs and budget.
Cost Comparison: You can compare the premium amount with different insurers and select the most cost-effective option using this fetaure. This ensures that you get the best value for your money and make an informed decision about purchasing a policy.
Transparency: The premium calculator also provides transparency in the premium calculation process, allowing you to understand how the premium is calculated and how different factors affect it. This helps you make an informed decision about purchasing a policy and ensures you are not overpaying for the insurance.
The premium amount calculated by the Magma car insurance premium calculator is an estimate and not the final premium amount.
The final premium amount may vary based on several factors, such as your claim history, discounts, and add-ons selected.
For more information on Magma Car Insurance, you can visit their official website.
To contact their customer care department, you can call their toll-free number at 1800-266-3202.
The policy document is effective proof of your insurance purchase. It has all the relevant details about your insurance policy that are required for processing the insurance and any claim requests in the future.
Here is some of the standard information you will find in your car insurance policy document:
Policyholder Information: The policy document captures details such as your name, address, and contact information.
Vehicle Information: The policy document captures details such as the insured vehicle's make, model, and registration number.
Coverage Details: The policy document outlines the coverage options that you selected, including third-party liability, own damage, personal accident, and add-ons.
Premium Details: The policy document outlines the premium amount and payment details, including the payment frequency and due date.
Follow these steps to download a soft copy of your Magma Car Insurance Policy:
Visit the Magma HDI General Insurance website.
Click on the 'Customer Support' tab and select the 'Policy Download' option.
Enter your policy number and other relevant details, such as the policy start date and registered mobile number.
Click on the 'Download Policy' button.
The policy document will be downloaded in PDF format.
Review and save the policy document for future reference.
If you want a physical copy of your Magma Car Insurance policy, you can obtain it by following the steps given below:
Contact the Magma HDI General Insurance customer care department through their toll-free number or email.
Request a physical copy of your policy document.
Provide your policy number and other relevant details, such as your name, address, and contact information.
The customer care representative will confirm the details and inform you about the process and any associated fees.
Make the payment, if any, and provide the necessary information for delivery.
The hard copy of the policy document will be delivered to the address provided.
It is possible you may want to make some changes to your personal information after purchasing the policy. You can follow these steps to get your information updated in your Magma Car Insurance Policy document:
Contact the Magma HDI General Insurance customer care department through their toll-free number or email.
Provide your policy number and other relevant details, such as your name, address, and contact information.
Explain the changes you want to make to your policy document, such as updating your contact details or modifying the coverage requirements.
If applicable, the customer care representative will confirm the details and inform you about the process and any associated fees.
Make the payment, if any, and provide the necessary information for the changes to be made.
The updated policy document will be sent to you through email or physical delivery.
Renewing an existing car insurance policy with Magma has many benefits. It will provide you with continued coverage for unforeseen events, discounts on premiums, and the convenience of car insurance renewal online.
Additionally, if you have a good claims history and have not made any claims in the previous year, you may be eligible for a no-claims bonus, which can result in a discount on the premium.
The process for Magma car insurance renewal online as well as offline is simple and quick. Here are the steps to be followed for Magma car insurance renewal online and offline.
Visit the Magma HDI General Insurance website or contact their customer care department.
Enter your policy details and personal information to view the renewal quote.
Check the details and confirm the policy renewal by making the payment via online or offline mode.
The renewed policy document will be sent to you through email or physical delivery upon successful payment.
Third Party Car Insurance is a type of car insurance policy that protects you only against any legal liability that arises due to damage, injury or death caused to a third party or their property by your vehicle.
This means that if you are involved in an accident that causes injury or damage to someone else or their property, the Third Party car insurance policy will cover the cost of that damage or injury.
In India, it is mandatory to have at least Third Party car insurance as per the Motor Vehicles Act of 1988.
It is important because it provides financial protection in case of an accident or damage caused to a third party or their property. Without the Third Party car insurance, you may have to pay for the damages or injuries caused by your vehicle out of your pocket.
Magma offers Third Party car insurance to its customers, which is affordable and provides the necessary coverage required by law.
These are the general inclusions in the Third-Party Car Insurance offered by Magma:
Third-party Liability: If your vehicle is involved in an accident that results in injury or death to a third party or damage to the property of a third party, the Third Party car insurance policy covers the cost of the damages or injuries caused.
Personal Accident Cover: The Third Party car insurance policy also provides personal accident cover for the owner-driver of the vehicle. In case of death or disability of the owner-driver due to an accident, the policy provides compensation.
Magma Car Insurance covers damages to your vehicle, third-party damages, personal accident cover for the owner-driver, and add-ons such as zero depreciation cover, engine protector, etc.
Magma Car Insurance offers a range of add-ons such as zero depreciation cover, engine protector, consumable expenses cover, key replacement cover, etc.
Magma car insurance renewal online can be done through the company website or mobile app.
You can file a claim with Magma Car Insurance through their website, mobile app, or by contacting their customer care number.
Magma Car Insurance strives to settle claims within 7 working days from the date of receipt of all required documents.
Yes, you can transfer your existing No Claim Bonus from your previous insurer to Magma Car Insurance.
You can calculate the premium for your Magma Car Insurance policy using their online calculator. The calculator is available on their website.
Magma Car Insurance policy can be purchased for one year and needs to be renewed annually.
Yes, you can cancel your Magma Car Insurance policy by submitting a written request to the company along with the original policy document.
Yes, you can make changes to your Magma Car Insurance policy by contacting their customer care number and submitting the required documents.