Return to Invoice Cover in Bike Insurance

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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. 

Features and Benefits of Return to Invoice Add-on

Following are some features of the Return to Invoice cover-

  • The Return to Invoice cover is included with comprehensive bike insurance policies.
  • This add-on costs about 10% more than the standard comprehensive and stand-alone damage scheme. Still, it allows the policyholder to recover registration fees, depreciation, and road tax charges in addition to the sale price of the bike in the event of a complete loss or theft.
  • This add-on is only available if the insured bike is severely damaged and not functional. It is not valid in the event of minor losses.

What is Covered?

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.

What is not Covered?

Here are the situations where the RTI does not apply-

  • Third-Party Liability Policy: RTI coverage does not apply to TP policy.
  • Older Bikes: After a certain amount of renewals of bike insurance policy, the policyholder will not be able to buy the RTI Add-on. This number of years depends on the terms and conditions of the insurance policy.
  • Minor Losses: The policyholder cannot claim against his/her RTI add-on for any damage other than complete loss or theft.

Who Should Buy Return to Invoice Cover?

Ideally, all owners should opt for the RTI cover. Still, it is indispensable for the following people:

  • People living in areas where theft is common
  • People who don't have safe parking spaces
  • People who drive long distances daily and are vulnerable to road accidents.
  • people who live in an accident-prone area

How to Raise a Claim Under Return to Invoice Cover 

The following steps are required for raising a claim-

  • Get in contact with your insurance provider at the earliest opportunity to file your claim.
  • If your two-wheeler was stolen or in a significant accident, you need to file an FIR at the nearest police station.
  • You should also have the damage assessed immediately by a specialist in a workshop, preferably an accredited garage of your insurance provider.
  • Fill out the relevant forms and submit the required set of documents to ensure a quick, easy-to-use, and streamlined settlement of claims!

The following are the documents required-

  • Claim form
  • Registration Certificate
  • Copy of driver's license
  • PUC Certificate
  • Policy document
  • FIR
  • Original invoice

Factors to Keep in Mind Before Choosing Return to Invoice Cover

  • Premium prices

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.

  • Claim settlement aspect of the insurer

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.

  • Customer service

Timely and reliable service is also a requirement for selecting an insurer. This will help to overcome your doubts easily and rapidly.

Return to Invoice Cover in Bike Insurance FAQs

  • 1. Can I buy RTI insurance for my old bike?

    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.

  • 2. What is the difference between the zero depreciation add-on and RTI?

    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. 

  • 3. Is RTI applicable for small damages?

    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. 

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