Magnum Insurance – All terms explained 2022

Searching for Magnum Insurance company information? You’ve landed at the right place. We collected all the information on Company’s plans, policies, payment options, claims, perks & benefits, features, and contact information, among other things. Continue reading the entire article and show some love by sharing it with your close ones.

About Magnum Insurance

Magnum Insurance was founded in 1981 and is based in Chicago, with branches in Michigan and Indiana. Homeowners, dwelling fire, flood, personal umbrella liability, commercial package, artisan contractor general liability, and builder’s risk insurance are all offered through the company. The company’s products provide a variety of discounts based on risk factors that suggest a lower chance of loss. It offers risk management, insurance services, consulting solutions, biotechnology, commercial, and financial services, among other things. Workers’ compensation, property and casualty, employee benefits, and directors and officers liability insurance are also available. agency employs people that are fluent in Spanish.

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Magnum Seguros Insurance

Magnum choice insurance is a well-known company in independent insurance coverage in Illinois and Indiana. Their specialised agents are ready to find you the greatest coverage at the cheapest price. We are not selling their insurance, but they promise to provide great coverage that is affordable and meets your needs. Customers may anticipate the most competitive insurance pricing, as well as flexible low monthly payments and financing that matches their budget.

They provide more than just automobile insurance. They refer to Magnum as the top insurance business in Illinois, and they give exceptional customer care to each and every one of our consumers. agency helps you proceed at your own speed, preparing you for the next phases of your life while also providing you insurance discounts along the way. Whether you’re looking for your first house, purchasing a car, renting a property, expecting a kid, or simply want to switch and save from your current insurance provider, they make it simple to locate reasonable insurance costs so you can save time and money.

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Magnum Insurance products: What they cover?

  • Auto insurance, motorcycle insurance, Sr22 insurance,
  • Mexican car insurance, homeowners insurance,
  • condo insurance, renters insurance, commercial insurance,
  • life insurance, health insurance, roadside assistance, home & auto bundle.

Magnum Insurance features

Whom they insure?

Company will help with you to acquire the most cost insurance possible, regardless of your background or credit, so that you can satisfy the minimal liability requirements. Sr22, tickets or accidents, suspended or revoked licences, Uber/Lyft drivers, DUI (driving while intoxicated), out-of-state or international licence, no licence Not an issue. They’ve got your back.

Flexible Payments

Company provides insurance financing with payment options that provide you with the finest coverage for your budget. They shop and compare top-rated insurance companies to get you affordable monthly payments and low down payments.

Agency accepts cash payments as well as credit/debit cards, which can be paid online, in person, or over the phone at any of our local locations.

Easy Insurance Comparisons

Insurance should be simple, and it is now. Their each online quote method relieves the stress of seeking auto insurance and gives you with a variety of opportunities. You don’t have to waste time searching websites for insurance coverage; instead, let them handle the legwork for you.

Magnum Insurance benefits

  • Health & Insurance Benefits
  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Retirement & Financial Benefits
  • Profit-Sharing
  • 401(k) Plan
  • Defined Contribution Pension Plan

Mag. Insurance company provides some pension and welfare benefits. Many American firms, such as Magnum Ltd, offer group health insurance, in which employers often pay a significant amount of their employees’ health insurance payments. Companies obtain tax breaks for their payments in this arrangement, and employees receive tax-free insurance. company offers health, dental, and vision insurance. Employer-funded pension plans help to secure a steady stream of funds later in life. Magnum Ltd is a company that offers defined contribution pension plans. Businesses use a defined contribution pension plan to assist employees in saving and investing for retirement.

Magnum Insurance Payments

Magnum Insurance payments
Insurance Magnum Payments

Insurance Agency provides a range of simple and flexible payment options to match your needs, including cash payments at our local locations and credit and debit cards.
To pay online, you must first log in to your account on our website or mobile app. Simply enter the phone number linked with your policy to gain access to your account, and they’ll give you a verification code for security purposes.

Magnum Insurance claims

When involved in a car crash, the first guideline is to remain cool. They can assist you with every step of your claim and make the procedure as simple and straightforward as possible.

Simply call us at 1-888-539-2102 or file a claim online.

To report an auto accident, please fill out the form below, and one of our representatives will call you shortly.

What to do if you are involved in a car accident

1. Hit-and-run, vandalism, and any other instance where you do not have the information of the other party – make sure the police report is filled out within 24 hours.

2. Take a photo of the crash scene and all damage.

3. Notify your company of any incidents (at fault or not at fault).

Mangum Insurance contact

Since 1981, Magnum Insurance has provided better service at lower pricing in Chicago and the surrounding area. firm now hires certified independent insurance agents in Illinois and Indiana.
company offers a range of easy methods to connect you with customer service and local agents in order to better serve our clients 24 hours a day, seven days a week. They are always available to assist you in your insurance journey, whether you prefer to call, visit a store, or handle everything online.

How do I get my identification cards?

To access your digital ID card, download our mobile app and login in with your phone number.

What is the procedure for making a payment?

To access your account and make a payment, download our mobile app and sign in with your phone number. If you want to pay in cash, visit a nearby store to speak with an agent.

How do I go about filing a claim?

To access your account and file a claim, download our mobile app and sign in with your phone number. You can also contact your personal agent for assistance in filing a claim and tracking claims.

Who is my personal agent?

Sign in to your account online or download our mobile app to find out who your agent is..

Magnum Insurance phone number: 1-888-539-2102

Note: magnum insurance Customer Service has fluency in Spanish and english.

Magnum Insurance Terms explained

Additional Interest Insured

Another person or corporation who has been identified as an Additional Interest Insured under the policy and who may be responsible for an accident involving an insured or an insured vehicle.

Anti-Theft Device

If the system contains a device capable of tracking (homing) and retrieving the vehicle, choose Recovery Device. These systems must automatically contact a response centre, where the car recovery procedure may commence. This excludes alerts that have no contact with a centre or vehicle tracking. Comprehensive and collision coverage must be available on your insurance to qualify for an anti-theft discount.

Bodily Injury Liability Coverage

When an insured person is legally liable for physical harm or death caused by your vehicle or the operation of most non-owned cars, this coverage kicks in. If you are sued, this coverage will also pay for your legal defence. Exclusions that are common:
There is no coverage for (1) bodily injury/death when you use your vehicle to transport people or goods (including magazines, newspapers, and food) for a charge or recompense; (2) contract responsibility; (3) bodily injury/death to an employee; (4) bodily injury/death caused by a deliberate act; (5) property owned, rented to, or in the control of an insured person;(6) bodily injury/death to you or a relative; (7) bodily injury/death or property damage caused by a relative’s use of a vehicle, other than a covered vehicle, owned by a person residing with you; or (8) bodily injury or property damage caused by your operation or use of a vehicle owned by you, other than a covered vehicle.

Comprehensive Coverage

Covers loss or damage to your covered vehicle due by any incident other than a collision. This covers losses caused by fire, theft, windstorm, flood, and vandalism. If your car is stolen, they will also pay for transportation and loss of use fees under this policy

Collision Coverage

Pays for damage to your covered vehicle caused by a collision with another item or an overturn. They will also pay for a collision loss to any non-owned car, or to a vehicle you hired other than one rented for use in conjunction with your company or job, while such vehicle is in your possession or is being operated by you.
Common Exclusions: There is no coverage for damage or loss to a vehicle while it is being used to transport persons or property for compensation or a fee; (2) resulting from intentional acts, racing, or preparing for a race or stunting activity; (3) customs parts or equipment, including electronic equipment, in excess of the value declared in the application; or (4) to tapes, compact discs, other media, or their carrying cases.

Continuously Insured

At all times, insurance coverage from an insurer or more than one insurer was in place, with no interruption or gap in coverage for any reason.

Declarations Page

The report from your insurance carrier includes the following information: the types of coverage You have chosen a limit for each coverage.
the cost of each type of coverage
the cars listed in the policy
the many forms of coverage available for each car covered by the insurance
additional policy-relevant information


The amount you agree to pay for each loss. In general, choosing a greater deductible will result in a cheaper premium

Driver Improvement Course

Drivers aged fifty-five (55) and older can take a voluntary refresher course to improve their driving abilities. Participants are eligible for a discount if they can furnish Progressive with a certificate of completion as proof of completion. The course must have been completed within three (3) years of the start date of the insurance.

Driver Status

Provides information on whether or not the driver has been graded or listed on the insurance.

Garaging Location

When your car is not in use, the ZIP code where it is parked normally correlates to your principal residence


The most they will pay for a certain insurance policy. You can select the limit that best suits your needs. Most states have rules dictating the minimum limits that must be purchased.

Named Insured

The individual in whose name the insurance coverage is issued for the first time.

Occasional Driver

The individual who is not the vehicle’s primary or primary driver.

Policy Expiration Date

Policy Expiration Date
The expiration date of your existing insurance policy. This date is on your current policy, Declaration (or “DEC”) page, insurance identity card, or a recent cancellation notification. This date should not be confused with the date of your next payment or the date of your renewal payment.

Policy Term

Policy Term
The amount of time that the policy has been in effect.

Primary Residence

Primary Residence
The location where you will spend the majority of your policy period. If you are a homeowner who does not live in your house, please choose “rent” or “other.”

Primary Use

Primary Use
What your car is primarily used for:

To and From Work If you utilise your car to go to and from work and/or school.

Business If you use your car for any or all of the following:

used to conduct sales calls used as a business vehicle for trips to the bank or post office, collecting up supplies, or travelling to other locationsowned or leased by a partnership or company with a business stated as and extra stake in the automobile Farm If you typically use your car on a farm, ranch, or orchard,

If you use your car in a trade or company where the vehicle is:

owned or leased by a single person and entirely managed by the listed insured or other resident relatives used to transport tools or other supplies in the course of the insured’s trade or businessat no more than two job locations per daynot used to transport explosives or combustible materials Carrying equipment weighing more than 500 lb is not permitted. Landscapers, blacksmiths, painters, cabinet makers, photographers, carpenters, plasterers, carpet installers, pool cleaners, construction workers, pool maintenance, drapery installers, radio/TV repairman, electrician repairmen, exterminators, roofers, fence installers, tree trimmers, furniture repair, upholsterers, heating/ac repairmen, surveyors, interior decorators, welders, janitorial services Pleasure None of the others apply.

Principal Driver

Principal Driver
The individual who drives the automobile the most frequently.

Prior Address

Prior Address
Agency only requests your previous address if you have moved within the last 60 days. Your previous address offers extra information to appropriately connect the consumer report with the client. If the agency does not gather this information, our chances of making a mistake rise and we may not compute your rate appropriately.

Property Damage Liability Coverage

Property Damage Liability Coverage
When an insured person is legally accountable for damage to the property of others caused by your vehicle and your operation of most non-owned vehicles, this coverage kicks in. If you are sued, this coverage will also pay for your legal defence costs. Common Exclusions: These are the same as the exclusions for Bodily Injury Liability Coverage, except they apply to property damage.

Second Named Insured

Second Named Insured
A policy’s named insured or listed agent may request that any other individual mentioned on the policy be designated as a “second named insured.” The insurance provides the same coverage to the second named insured as it does to the named insured.

Social Security Number

Social Security Number
Several pieces of information are required by the agency in order to properly match the report to the consumer. If they do not gather this information, our chances of error grow, and they may incorrectly compute your rate


A document needed by the court for anyone convicted of certain traffic infractions that proves financial responsibility.

Uninsured Motorist Coverage

Uninsured Motorist Coverage
Protects you, your resident relatives, and the occupants of a covered vehicle if any of these insured incur physical damage, including death, in an accident in which the legally culpable owner or operator of a motor vehicle does not have insurance. No coverage for bodily injury/death sustained by any person while using or occupying a (1) covered vehicle while being used to transport persons or property for compensation or a fee; (2) a covered vehicle without your or a relative’s permission; or (3) a non-owned vehicle without the owner’s permission.


Your car’s vehicle identification number (VIN). This number is normally found on the driver’s side of your car’s dashboard and is also recorded on the vehicle registration and title. The VIN number is a 17-character string of letters and numbers that may be used to identify the manufacturer, model, and year of your vehicle.

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