Return To Invoice Add-On In Bike Insurance

What is RTI in Bike Insurance?

Benefits of Return to Invoice Cover in Two-Wheeler Insurance

A number of advantages come with choosing RTI coverage. Here are some reasons why it might be the ideal supplement to your bicycle insurance:

• Full Compensation: In the event of a complete loss or theft, RTI guarantees that you will be compensated in full, including taxes and registration fees.
• Protection Against Depreciation: RTI pays the full amount, regardless of how old your bike is, whereas other bike insurance plans lower your payout according to depreciation.
• Stress-Free Claim Process: The complications of depreciation throughout the claims procedure are eliminated when you have RTI.
• Safety of finances: With RTI, you don't lose money after a serious accident. You receive payment for the entire cost of the purchase.

How Does Return to Invoice Cover Work?

The RTI coverage is effective in the event that your bike is stolen or completely lost. Let’s say your bike gets stolen or damaged beyond repair; instead of compensating you based on its depreciated value (as per the IDV, or Insured Declared Value), RTI will reimburse you for the full amount you paid for the bike, including all additional charges like road tax and registration.

Here’s a simplified formula for calculating Return to Invoice:

RTI Payout = Purchase Price + Road Tax + Registration Charges + Accessories (if mentioned in the original invoice)

This payment is only given in the event that the bike is reported stolen or a total loss.

RTI Cover Inclusions

The following are included in the RTI cover:

• Bike Purchase Price: The amount you paid for the bike according to the original invoice.
• Taxes and Registration: Road tax, GST, and any other registration fees you paid at the time of purchase are all included.
• Accessories: The RTI applies if you have added accessories and they are mentioned on the original invoice.

RTI Cover Exclusions

Nevertheless, it's important to remember the following exclusions:

• Partial Damages: RTI only covers theft or complete loss. Smaller losses won't be reimbursed.
• Non-Declared extras: You won't be covered if you added extras after purchasing the bike or if the original invoice didn't list them.
• Custom Modifications: RTI does not cover any aftermarket components or bespoke changes.

How to Buy/Renew Your Bike Insurance Online by Opting RTI Cover

➔Log in to your insurer’s online portal or app.
➔Choose the RTI add-on during the insurance purchase or renewal process.
➔Pay the additional premium for the add-on.
➔Voila! You’re all set to enjoy the added protection.

When is the RTI Add On Cover Applicable in Bike Insurance?

The following situations fall within the RTI cover:

• Total Loss: When your bike gets in an accident and is destroyed or irreparably damaged.
• Theft: RTI makes sure you get paid the entire invoice amount in the terrible event that your bike is stolen.

When is the RTI Add On Cover Not Applicable in Bike Insurance?

The following will not be covered by RTI:

• Minor Damages: RTI is not applicable if your bike has minor scratches or damage.
• Non-Declared Accessories: These are accessories that were not listed on the original invoice.
• Policy Expiration: RTI is not applicable if your policy has expired.

This is How Return To Invoice Is Calculated

The amount you originally paid for your bike, as shown on the invoice, is used to determine the RTI payment. The computation is broken down as follows:

RTI is calculated as follows: Original Purchase Price + Registration Fees + Road Tax + GST (if applicable) + Accessories (if listed on the original invoice).

For instance, the RTI coverage would pay you ₹1,10,000 (₹1,00,000 + ₹5,000 + ₹3,000 + ₹2,000) if you purchased your bike for ₹1,00,000, paid ₹5,000 for road tax, ₹3,000 for registration, and ₹2,000 for accessories.

Who Should Opt For Return To Invoice Add-on Cover?

The RTI add-on is ideal for:

• New Bike Owners: For further protection, it's a good idea to install RTI if you just purchased your bike.
• Expensive Bikes: RTI guarantees complete reimbursement if your bike is expensive or has pricey attachments.
• Custom Bike Owners: RTI provides complete coverage for motorcycles that include custom components or extras that were part of the original invoice.

Comparing Return To Invoice & Zero Depreciation Cover

Here is a comparison of the Return to Invoice (RTI) add-on with other well-liked add-ons, such as Zero Depreciation and No Claim Bonus (NCB), to assist you in making a wise choice:

Comparing Return To Invoice (RTI) & IDV Cover

Things to Remember When You Opt for RTI Cover in Two Wheeler Insurance

• Higher Premium: Because of its comprehensive coverage, RTI often translates into a higher premium.
• Eligibility: Verify whether your bicycle qualifies for RTI coverage.
• Timely Renewal: To keep RTI coverage, make sure your insurance policy is renewed on schedule.

For those who want to safeguard their bike's whole worth, the Return to Invoice (RTI) add-on is a wise investment. With RTI, you can relax knowing that you won't have to worry about depreciation and that you'll be paid the bike's original worth in the sad case of theft or complete loss. RTI makes sure your investment is well-protected, whether or not you recently purchased a bike or already own one with expensive extras. For peace of mind, it's a fantastic addition to any bike insurance coverage!