What is Return To Invoice (RTI) Cover in Bike Insurance?

What is RTI Cover in Bike Insurance?

Return to invoice is an add-on coverage that the insurance companies provide. Insurance companies offer bike insurance coverage on the basis of the market price minus depreciation, which is the Insured Declared Value. But the IDV is lower than the invoice price of the bike (including registration fee and road tax) too.

The regular bike insurance coverage, Comprehensive, Own Damage, covers loss and damages due to fire, riot, natural calamity, road accidents, etc. Return to Invoice add-on covers the bike in case of theft or total loss (when the bike is totally or more than 70% damaged). RTI covers the invoice amount, the amount that you paid when you bought the bike.

Features of Return To Invoice Cover

• Return to Invoice cover is an extra add-on that you can get with comprehensive bike insurance or standalone own-damage insurance plans.
• This add-on only works if your bike is seriously damaged and can't be used. It doesn't cover minor damage.
• It costs about 10% more than a regular policy, but it helps you get back the bike's full selling price, including registration fees, depreciation, and road tax if your bike is stolen or totally damaged.

Benefits Of Return To Invoice Cover in Bike Insurance

Return to Invoice add-on has some great benefits. Here are some of them:

• If your bike is stolen or too damaged to fix, this add-on will cover the full on-road price of your bike.
• It also pays for the original invoice amount if your bike is completely damaged due to things like accidents, fire, floods, earthquakes, or riots.
• You'll be covered for the road tax and registration fees that you paid when you bought the bike.
• It's especially useful for new bike owners because, if there's a total loss, they can buy a new bike at a similar price.
• You can feel at ease knowing your bike is protected if the worst happens.

Who Should Buy Return To Invoice Cover?

The Return to Invoice cover is a good choice for all bike owners, but it's especially important for:

• Those who live in places where bike theft happens often.
• People who just bought a brand new bike.
• Bike owners who don't have a secure place to park.
• Riders who often travel long distances and face higher accident risks.
• Anyone with a bike that's less than three years old.

When Return to Invoice (RTI) Doesn't Apply

It's important to know when RTI won't cover you. Here are the cases where the insurance company won't provide cover:

• If the bike is recovered within 90 days of being stolen.
• When the bike is used for illegal activities.
• If you don't have a valid driving license while riding the bike.
• If you were riding the bike under the influence of alcohol or drugs.
• When the bike was used for business purposes but insured for personal use.
• If the local police station hasn't issued a First Information Report.
• When the damage or loss involves extra accessories or lights.

Conclusion

RTI is a useful add-on for your bike insurance, giving you full coverage if your bike is totally lost or damaged. It's a good choice for extra financial protection, but make sure it fits your needs before getting it. If you're looking for the best insurance and helpful add-ons, Square Insurance can help you find the right plan and keep your bike protected for peace of mind.