Car Insurance Policy 

Private Car Insurance Package

  •  About Policy 
  •    Scope of Cover 
  •    Sum Insured 
  •    Additional covers at extra cost  
  •  Discounts Available 
  •    Exclusions 

About Policy

At Magma HDI, we understand your car is your prized possession and that you want to do everything possible to ensure its security. Hence, we bring the Private Car Package Policy.It is not just designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, but also any loss or damage to the your vehicle.

Here's what you need to get started


Scope of Cover

Third party liability:This Policy protects you against any legal liability arising out of the use of your vehicle towards third parties, leading to any bodily injury to / on death of a person and any damage caused to third party property.

Loss or damage to the vehicle:The Private Car Package Policy covers you against any loss or damage caused to your vehicle or its accessories due to the following natural and 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.


Sum Insured

For your convenience, we ensure that your vehicles are insured at a fixed value called the Insured's Declared Value (IDV). This 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 as per the following rates.

Age of the vehicle % of Depreciation
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%


However, in the event that the price of any accessory installed in your vehicle is not included in the manufacturer's listed selling price, then the actual value of it (after depreciation) can be added to the Sum Insured, over and above the IDV.

Over and above the above mentioned benefits, you can also enjoy the following covers at a nominal extra cost.


Additional covers at extra cost

1. Personal accident cover:Compulsory personal accident cover of Rs.1 lakh - in case of two-wheelers and Rs.2 lakhs for other classes of vehicles for *individual owners of the vehicle while driving. However, this is not applicable for a company owned vehicle.

Additionally, you and the other occupants of the vehicle 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 classes of vehicles. You may also opt for higher limits in personal accident cover.

* Available only if the owner of the vehicle holds a valid driving license.

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 vehicle.
  • Employees traveling in / driving the vehicle other than paid driver.
  • Non-fare paying passengers.

3. Bi-fuel Kit:The CNG-LPG bifuel kit can also be covered by paying additional premium.


Discounts Available

  • 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). Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company.
  • Other Discounts:
    • 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 wheelers) 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 get a discount of 2.5% on the OD Premium to a maximum of Rs.500/- for four-wheelers and Rs 50/- for two wheelers


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 be 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 license
  • Damage to / by a person driving the vehicle under the influence of drugs or liquor
  • Loss / damage due to war, mutiny or nuclear risk
  • Use of Motor vehicle in violation of Limitation As To Use clause mentioned in the Policy

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Customer Support: 1800 266 3202

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