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08/12/2020 11:53:14
Return to invoice (RTI) cover in two-wheeler insurance (bike insurance) is an add-on through which you can get back the full invoice value of your vehicle if it gets stolen or damaged beyond repair. This cover is available for bikes and scooters. Through RTI cover, you get the original purchase price of your vehicle. You get only the current market value without this add-on. Note that your bike’s current market value is usually lower than the invoice amount. You can avail the return to invoice cover by paying an additional premium.
Here are some distinct advantages of RTI cover in bike insurance:
Your bike loses value over time. If it gets stolen or damaged beyond repair, the claim amount based on its current value might not be enough. With RTI cover, the insurer pays the full price you paid when buying the bike. This safeguards you from incurring significant losses.
When you buy a new bike, you pay extra for registration and road tax. Comprehensive two-wheeler insurance doesn't pay for these if your bike is stolen or suffers a total loss. However, return to invoice cover in bike insurance also includes those costs. Hence, you get back everything you originally paid for.
If you lose your bike due to theft or major damage, the return to invoice cover helps you buy the same model again without paying from your pocket. You don’t need to arrange extra money to cover the price difference. The full invoice value makes it easier for you to replace your bike.
While anybody can apply for RTI cover in bike insurance, it’s more useful for:
If you’ve just purchased a new bike, opting for a return to invoice cover can be a wise choice. This will give you peace of mind. This is because you know that you’ll get the full invoice amount in case of an untoward incident.
If your area has a high number of bike thefts, return to invoice cover in bike insurance can offer extra peace of mind. It will help you recover more than what basic insurance would offer. You won’t have to suffer significant losses.
If you have an expensive bike, even a small gap between the invoice value and the market value can be a lot of money. Return to invoice cover can help you bridge this gap significantly.
The RTI cover in bike insurance is calculated as the difference between the bike's original price and its IDV. Let's understand it with an example. Suppose you bought a bike for ₹1.5 lakhs (including all charges). However, now its IDV has come down to ₹1.1 lakhs. The RTI cover in this case will be ₹ 40,000. With RTI cover, you would get the entire ₹1.5 lakhs if your bike suffers total loss as defined by the policy's terms and conditions.
To file a claim under bike insurance:
Inform us at the earliest and lodge your claim. You can use our website, toll-free number, IL Takecare app or email to notify us regarding your claim. You can also SMS "CLAIM" to 575758 to lodge your claim.
To do so, login to the IL Take Care app and click on file a claim using InstaSpect. Ensure to complete your video survey in a well-lit area and cover your bike from different angles. Add your motor claim info, including date and time of loss.
Submit the required documents along with the claims form. The basic documents needed are policy copy, copy of registration certificate, repair invoice, garage estimate, FIR or police report, etc. Click here to know the complete list of documents.
For complete details, please click here.
Some essential things to consider while opting for RTI cover in bike insurance include:
If your bike is too old or the model is obsolete, you may not get RTI cover in bike insurance. Check its eligibility with your insurer before opting for this add-on. The newer the bike, the better the chances of availing of this add-on.
Return to invoice cover in bike insurance increases your insurance premium slightly. It’s worth it if your bike is new or expensive. However, if the bike is older or has already depreciated significantly, the extra premium might not be worth it.
Return to invoice cover applies to small damages or regular claims. It only kicks in if your bike is stolen or damaged beyond repair. Make sure you’re okay with this limitation before adding it to your policy.
While both return to invoice cover and zero depreciation cover are add-ons available with bike insurance, they are significantly different from each other on several features listed.
Use multiple methods like policy documents, email, and website access to find your bike insurance policy number quickly and easily.
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