Private Car Insurance Package Policy

Your car is an expensive asset and you need a reliable partner to fall back should there be any untoward incident. Magma HDI's private car insurance package policy, covers damage to your car or any third party liability arising out of an accident
Additional Covers
Going for additional covers for your favorite vehicle will not cost much, but will deliver a great value.


Personal accident cover
Compulsory personal accident cover of Rs 15 lakhs for individual* owners while driving. However, this is not applicable for a company-owned car.
* Available only if the owner of the vehicle holds a valid driving licence


Additional legal liabilities
While applying for a Private Car Policy, you can also opt for the following additional legal liabilities at an additional premium:
- Paid driver/conductor/cleaner employed in operation of vehicle
- Employees traveling in/driving the vehicle other than paid driver
- Non-fare paying passengers


Bi-fuel kit
The CNG-LPG bi-fuel kit can also be covered by paying an additional premium
Insure your vehicle in few easy steps

Available Discounts


No-claims 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.


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.
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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 to/on death of a person and any damage caused to the third-party property.
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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 to/by a person driving the car without a valid licence
- 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.
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
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