Two Wheeler Insurance Policy 

Two Wheeler Insurance Package

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

About Policy

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.

Here's what you need to get started


Scope of Cover

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, leading to any bodily injury to / on death of a person and any damage caused to the third party property.

Loss or damage to the vehicle:The two wheeler package policy covers against any loss or damage caused to your two-wheeler or its accessories due to the following occurrences:

  • Fire, explosion, self-ignition, accidental damage by external means,
  • Any damage in transit by road, rail, inland waterway, lift, elevator or air.
  • Lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
  • Burglary, theft, riot, strike, malicious act, terrorist activity,

Sum Insured

At Magma HDI, your two-wheeler 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 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 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, 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.

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


Additional covers at extra cost

At a nominal extra cost, you can also avail of the following additional covers:

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. Please note, this is not applicable for a company owned vehicle.

You and other occupants of vehicles can also be covered for personal accident cover 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.


Discounts Available

Over and above the additional cover, you are also entitled to the following discounts:

  • 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
    • Anti theft devices:In case you have installed an ARAI approved anti-theft device in your vehicle, you can enjoy a discount of 2.5 % on the OD Premium to a maximum of Rs. 500/- for four-wheelers and Rs. 50/- for two-wheelers.


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
  • 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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