Magma HDI Commercial Vehicle Policy

• Loss/damage cover for the vehicle insured
• Cover for liability to third party
• Personal Accident Cover for Owner cum Driver
• Cover for towing disabled vehicles
• Avail No Claim Bonus benefit
• Discount on premium available
• Enhance policy coverage with additional covers
• Cashless claim service at network garages
• Quick and hassle-free settlement for your claims

Own Damage Cover

Loss or damage to the vehicle insured and/or its accessories is covered against perils such as fire explosion, self ignition or lightning, burglary, housebreaking or theft, riot and strike, earthquake, flood, typhoon & hurricane, accidental external means, malicious act, terrorist activity, in transit by road, rail, inland-waterway, lift, elevator or air, landslide or rockslide.

Cover towards Third Party Liability

Insured is covered against third party liability arising out of the use of the vehicle in respect of death or bodily injury to occupants carried in a vehicle other than the insured’s vehicle. It also covers damage to property other than the property belonging to the insured.

Personal Accident Cover for Owner - Driver

In case of bodily injury/death caused to the owner cum driver of the vehicle, the compensation is payable depending on the nature of injury sustained.

For death and Loss of two limbs/sight of two eyes/one limb & sight of one eye is covered up to 100%, Loss of one limb or sight of one eye is covered up to 50% and Permanent total disablement from injuries other than the specified ones is covered up to 100%.

This compensation is payable, when the death/injury caused within six calendar months of accidental external and visible means. A maximum of Rs 2 lakh is payable towards personal accident cover during any one period of insurance.

Towing Disabled Vehicle

While the insured vehicle is being used for the purpose of towing any disabled mechanically propelled vehicle, the indemnity is provided in respect of liability in connection with such towed vehicle.

No Claim Bonus

In case of a claim-free policy year, No Claim Bonus (NCB) is available up to 50%. This NCB benefit may vary depending on the type of vehicle and the number of no-claim policy years. NCB will be applicable, when the policy is renewed within 90 days from the expiry date of the policy.

Discounts

You are eligible to receive premium discounts upon opting voluntary excess, automobile association membership and installation of anti theft devices.

Following are the additional cover/add-ons that can be opted upon payment of additional premium.

• Personal Accident Cover: Compulsory personal accident cover of Rs 2 lakh for individual owners of the vehicle while driving. Occupants of vehicle are covered for personal accident up to a maximum sum Insured of Rs 2 lakh per person. You also have the flexibility to opt for higher limits in Personal Accident cover.
• Additional Legal Liabilities: Legal liabilities for paid driver/conductor/cleaner employed, employees travelling in/driving the vehicle other than paid driver and non-fare paying passengers are covered.
• Bi-fuel Kit: This add-on covers CNG-LPG bi-fuel kit.
• Overturning: It covers overturning damages in mobile cranes, mobile plants, drillings rigs, excavators, shovels, navies, grabs and rippers.
• This policy also provides cover for tyres/tubes, mudguards, bonnet, lamps, bumpers, headlights, and paint works at an additional premium.

Following are the conditions that are not covered under this policy:

• Vehicle is used outside the geographical area
• Vehicle being used otherwise than in accordance with the ‘Limitations as to Use’ specified
• Any claim arising out of contractual liability
• Loss /Damage outside India
• Mechanical breakdown
• Consequential loss
• Depreciation, wear and tear
• Intoxicated driving
• Loss /Damage caused due to War/Mutiny/Nuclear risks, etc.