At Magma HDI, we realise that an unfortunate incident like a
vehicular accident can occur at anytime. Which is why, we have
designed our Commercial Motor Policy to be your companion in
difficult times. This policy is designed to adequately cover any
loss or damage sustained by your vehicle. Additionally, it also
addresses the compulsory Third Party Liability clause as required
by the Motor Vehicles Act.
Here's what you need to get started
Third party liability: The policy protects you
and your vehicle against any legal liability arising out of the use
of the vehicle towards third parties leading to bodily injury to /
on death of a person and any damage caused to third party
Loss or damage to the vehicle: The
Commercial Motor Policy also covers you against any loss or damage
caused to your vehicle or its accessories due to the following
natural and / or manmade calamities.
- Natural calamities: Fire, explosion, self-ignition or
lightning, earthquake, flood, typhoon, hurricane, storm, tempest,
inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Man-made calamities: Burglary, theft, riot, strike, malicious
act, accident by external means, terrorist activity, and any damage
in transit by road, rail, inland waterway, lift, elevator or air
together with loss or damage to the vehicle itself.
At Magma HDI, we insure all vehicles at a fixed value, known as
Insured's Declared Value (IDV). IDV is calculated on the basis of
your vehicle manufacturer's listed selling price (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 6 months
|Exceeding 6 months but not exceeding 1 year
|Exceeding 1 year but not exceeding 2 years
|Exceeding 2 years but not exceeding 3 years
|Exceeding 3 years but not exceeding 4 years
|Exceeding 4 years but not exceeding 5 years
However, if the price of any accessory in your vehicle is not
included in the manufacturer's listed selling price, then the
actual value (after depreciation) of it can be added to the 'sum
insured' over and above the IDV.
You may also choose to add any of the following covers at a
1. Personal Accident Cover: Compulsory personal
accident cover of Rs. 1 lakh, in case of two-wheelers and Rs. 2
lakhs for other class of vehicles for *individual owners of the
vehicle while driving. Please note, this is not applicable for a
company owned vehicle.
Moreover, you and the other occupants of the vehicles can also
be covered for 'personal accident' for a maximum capital sum
Insured of Rs.1 lakh per person, in case of two-wheelers; and Rs. 2
lakh per person for other class of vehicles. You may also opt for
higher limits in personal accident cover.
* Available only if the owner of the vehicle holds a valid
2. Additional Legal Liabilities: While applying
for a Commercial Motor Policy, you can also opt for the following
additional legal liabilities at an additional premium:
- Paid driver / conductor / cleaner employed in operation of
- Employees traveling in / driving the vehicle other than paid
- Non-fare paying passengers.
3. Bi-fuel Kit: The CNG-LPG bifuel kit can also
be covered by paying additional premium.
4. IMT 23 Cover for lamps, tyres/tubes, mudguards,
bonnet / side parts, bumpers, headlights and paint
works For a nominal, extra premium, our Policy will
also cover you on all the above mentioned vehicle parts.
5. Overturning: We also provide cover for
overturning damages in mobile cranes/ drillings rigs/ mobile
plants/ excavators/ navvies/ shovels/ grabs and rippers at an
In our constant endeavour to provide you with the best services,
we also offer you a host of discounts on your Commercial Motor
No Claim Bonus: If you do not make a claim
during the Policy period, a No Claim Bonus (NCB) is offered on
renewals. 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).
Voluntary Excess Discount: A further discount
on the premium is available if you opt for a Voluntary Excess
(available only for private cars and two wheeler) in addition to
the Compulsory Excess. (Compulsory Excess is the amount of loss
which the insured has to bear in each and every claim.)
Automobile Association Membership: You can also
avail additional discount if you are a member of a recognized
Automobile Association in India (available only for private cars
and two wheelers).
Anti-theft Devices: In case you have installed
an ARAI approved anti-theft device in your vehicle, you are
eligible for a discount of 2.5 % on the OD Premium to a maximum of
Rs. 500/- for four-wheelers and Rs 50/- for two-wheelers.
However please note, while every effort is made to give you the
best possible services, any loss/damage to the vehicle and/or its
accessories will not be covered if caused by the following:
- Normal wear, tear and general ageing of the vehicle
- Depreciation or any consequential loss
- Mechanical / electrical breakdown
- Vehicle being used otherwise than in accordance with
limitations as to use
- Damage to / by a person driving the vehicle without a valid
- Damage to / by a person driving the vehicle under the influence
of drugs or liquor
- Drunk driving
- Loss / damage due to war, mutiny or nuclear risk