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A regular bike insurance plan provides you with insurance coverage for personal losses caused by mishaps such as road accidents, natural/human-made disasters, fire, robbery, riots, etc. In case of a complete loss or theft, the insurer provides the Insured Declared Value of the bike as compensation. However, IDV is less than the invoice sum paid by the policyholder at the purchase time.
Suppose you opt for a Return To Invoice (RTI) bike insurance add-on coverage. In that case, you can bridge the difference between the IDV and the invoice amount. Return to Invoice cover, also known as Invoice Security Cover, allows you to collect the price of the invoice and not the IDV as the sum of the demand.
Following are some features of the Return to Invoice cover-
Depending on the insurance provider, the RTI coverage extends to vehicles less than 3 to 5 years of age. A claim against this coverage can be made only in the event of a complete loss or theft to the insured vehicle. The submission of the original invoice may be required at the time of the claim.
Here are the situations where the RTI does not apply-
Ideally, all owners should opt for the RTI cover. Still, it is indispensable for the following people:
The following steps are required for raising a claim-
The following are the documents required-
It is no secret that the premiums' cost varies depending on the policy, the add-ons, and the bike model. It would also be better to compare online for different companies to get the best offer.
The claim settlement ratio determines the claim settlement record of the insurer. The number of claims settled divided by the total number of claims is the claim settlement ratio. It is essential to choose an insurer with a healthy ratio.
Timely and reliable service is also a requirement for selecting an insurer. This will help to overcome your doubts easily and rapidly.
No, usually most of the insurance companies only offer this add-on for new bikes, up to 3 years of age. However, some policies may allow a minimal gap period between the purchase of the bike and the purchase of the add-on, and you must check with your insurance provider about the same.
Both may sound the same but the applications are different. RTI is used when the bike is either damaged so much that it can’t be repaired, or when it is stolen. Zero-depreciation is an add-on that applies to the depreciation value of a vehicle and allows a policyholder to get the full claim amount without the depreciation cost being deducted.
No, RTI is mainly applicable for damages that are so severe that the bike cannot be repaired, or for theft. You cannot use it for small damages.