Return To Invoice Add-On In Two Wheeler Insurance

Purchasing third-party bike insurance is mandatory in India. However, to get cover for your own damages you have to purchase a comprehensive bike insurance plan. Insurance companies also provide add-ons to enhance your coverage and you can only purchase them when you are covered with a comprehensive insurance plan. Return to invoice is one such add-on that can be beneficial for you in case of theft or total loss.

Read more
  • Save up to 85% by comparing plans
    Save up to 85%# by comparing plans
  • 20+ Insurers to choose from
    20+ Insurers to choose from
  • 1.2 Crore+ Bike Insured
    1.2 Crore+ Bike Insured
Two Wheeler Top Fold Kapil Sharma Image
No paperwork required! Renew insurance in 60 seconds^

Plans starting at only @ ₹1.3/day*

Enter bike number (e.g DL1SB1234)
Processing

Significance of Return To Invoice (RTI)

Return to invoice is an add-on cover offered by the insurance companies. The insurance companies provide bike insurance cover based on the market price less depreciation that is known as the Insured Declared Value. However, the IDV is less than the invoice amount of the bike including the registration charges and road tax charges as well.

Since the standard bike insurance plans, comprehensive plans or own damage plans provide cover for loss and damage caused due to fire, riot, natural calamity, road accidents, etc. Return to Invoice add-on provides cover in case of theft or total loss (when the bike is beyond repair/more than 70% damage). RTI provides cover for the invoice amount that you paid at the time of purchasing the bike.

Advantages of Return To Invoice (RTI)

Return to invoice add-on cover has its own advantages. However, you will have to pay an extra amount on your current premium. Here are some of those advantages:

  • With this add-on cover, you can get the cover equal to the on-road price of your bike if the bike gets stolen or beyond repair.
  • In case of accident, earthquakes, fire, floods, riots, etc. leading to a total loss of the bike, return to invoice cover pays for the invoice amount.
  • Return to invoice also provides cover for the road tax amount as well as the registration charges paid for the bike at the time of purchasing the bike.
  • It is especially beneficial for the new bike owners because, in case of a total loss, the owner can purchase the bike at a similar price range.
  • You can keep your peace of mind knowing that your bike is covered in case of total loss.

When Is Return To Invoice (RTI) Not Applicable?

Since it is important to know when the insurance company will provide you cover under RTI, it is equally important to know, when the insurance company will not provide cover under RTI. Here are the reasons for which the insurance company does not provide cover:

  • In case the bike gets recovered within the 90 days of theft.
  • If the local police station has not issued the First Information Report.
  • In case of loss or damage caused to any added accessories, lights, etc.
  • If you are found riding the bike without a valid driving license.
  • If you are found riding the bike under the influence of alcohol or drugs.
  • If the bike is found being used for illegal activity.
  • In case the bike is being used for commercial purposes when it was insured for personal usage.

This Is How Return To Invoice (RTI) Is Calculated

When you purchase a bike, it includes the ex-showroom price, registration charges and road tax. When it comes down to raising a claim and getting the cover, the insurance company only provides cover based on an Insured declared value and the approximate current value of the bike.

In case of return to invoice add-on cover, the insurer provides cover for the same amount you spend while purchasing the bike in the first place. It practically bridges the gap between IDV and the Invoice price of the bike.

Explore Two Wheeler Insurance
Bike Insurance
Bike Insurance Companies
e-Bike Insurance

Who Should Opt For Return To Invoice (RTI) Add-on?

It totally depends on your requirement, whether you want to purchase this add-on or not. Here are the ones who should consider purchasing this add-on:

  • The ones who live in a theft-prone locality.
  • The ones who have recently purchased a bike.
  • The ones who do not have a parking spot inside the house and park their bike outside or at an unsafe place.
  • The ones who usually ride through an accident-prone area.
  • The ones who love their bike.

Comparing Return To Invoice (RTI) & Zero-Depreciation Cover

The zero-depreciation cover for a bike is an add-on however, it provides cover on the ex-showroom price of the bike if you have chosen the insured declared value as per the ex-showroom price of your bike. Whereas the RTI add-on provides cover for the on-road price of the bike including the registration charges and road tax charges.

Conclusion

When you purchase a bike, it becomes your responsibility to protect it from any unforeseen damages. Even if you are covered under a comprehensive bike insurance plan that provides you cover for the loss or damage caused due to fire, theft, natural calamity, etc. but the coverage is based on the insured declared value on the market value of the bike but if you have purchased the RTI add-on cover, you will get the exact coverage amount you paid at the time of purchasing the bike only in the case of total loss. You can purchase this add-on online as well as offline. You just have to pay an extra amount on your premium.

Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

Two Wheeler insurance Articles

  • Recent Article
  • Popular Articles
03 Oct 2024

How to Check the VIN, Chassis Number and Engine...

Every two-wheeler has several identifiers, which make it

Read more
10 Jun 2024

Common Problems Faced by Bike Owners and Their...

As a motorcycle owner, you might face various problems that

Read more
07 May 2024

10 Best Bikes for Long Rides in India 2024

Are you the one who want to cruise through the winding roads of

Read more
01 May 2024

MCWG Driving License in India

To regulate and ensure safe operation, every motorbike owner in

Read more
22 Apr 2024

9 Tips to Maintain Your Bike's Engine

Since the engine is your bike's heart, it is essential to keep

Read more

Three Easy Ways to Check Bike Insurance Expiry...

As significant as it is to buy a bike insurance for your motorbike, it is equally important to renew it timely

Read more

Vehicle Owner Details by Registration Number

Vehicle owner details can come in handy in various situations, such as road accidents, cases of reckless driving

Read more

How to Check Bike Owner Details by Registration...

In a world full of different types of two-wheelers, each one has its unique identity enclosed in its registration

Read more

How to Get Bike Insurance Details by Registration...

According to the IRDA, all bike owners must hold at least a third-party bike insurance policy in India. The bike

Read more

Parivahan Sewa & RTO: How to Check Your Bike...

As a two-wheeler owner in India, you must carry a valid bike insurance policy. Do you know with a few scrolls

Read more