When it's in forward, low or reverse(with the override button pushed) the 4wd light should be lit up. Is it? If not, manually push on the gear shifter forward further. Now is it on?

 

check the voltage regulator, it's a square box mounted in front of radiator, mine burnt up as you desribed, wouldn't charge battery, no 4wd .

 

in regards to the voltage regulator, what did you do to fix it?

 

Are you having battery problems? Does it have a good battery in it?

 

u have to replace the regulator, this happened a couple years ago and I went through 2 batteries before I replaced it. there is no way to fix the regulator, the 425's are notorious for regulators going bad

 

where can i find a new regulator for a 95' magnum? only places i have seen it was ebay but i have never been a fan of buying things off ebay. is there any good parts sites out there?

 

Bike Bandits is a good one and there is also Royal Distrubuting.Most of the dealers have online shopping where you can buy parts at discounted prices. I saved about 350.00 on a brand new set of clutches and the guy through in a free belt as well. They were still in the original Polaris packaging and brand new. I would be a little weary about buying used electrical parts but you can be assured that some dealer is offering that regulator at a discounted price. GOOD LUCK