Return To Invoice Cover (RTI) in Two Wheeler Insurance
Return to Invoice is an optional add-on that meets the gap between the invoice price of your bike and the Insured Declared Value or IDV in addition to registration and other taxes as applicable. This add-on cover can be availed by the policyholder with standalone own damage policy or comprehensive bike insurance policy. This insurance cover is applicable if the policyholder’s bike is extremely damaged and cannot be used further. However, for small loss or damage, this add-on is not applicable.
- Save upto 75%*Lowest Bike Premiums
- 45 Lakh+Happy Customers
- Claim Support7 days a week
*TP price for less than 75cc two-wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply
Calculate Your Bike Insurance Premium Online
Select your Two wheeler brand
Which city is your Two wheeler registered in?
When did you buy your Two wheeler?
Return To Invoice Cover in Bike Insurance - A standard two-wheeler insurance plan, be it a comprehensive plan or a standalone own-damage plan, provides you insurance coverage for the own damages sustained by your bike in case of mishaps such as road accidents, natural/man-made calamities, fire, theft, riots, etc.
In case of a constructive total loss, i.e, when the insured’s bike is damaged beyond repair (more than 70% damage) or when the insured’s bike gets stolen, the insurer offers Insured Declared Value of the bike as compensation. IDV refers to the market price of the insured’s bike less depreciation.
However, this IDV is lesser than the invoice amount which the policyholder had actually paid at the time of purchasing the bike. The invoice price includes registration charges as well as road tax charges in addition to the selling price of the bike.
When you opt for a Return To Invoice (RTI) bike insurance add-on cover, you can bridge the gap between the IDV and the invoice price. Return To Invoice cover, also known as Invoice Protection Cover, helps you to receive the invoice price and not the IDV as the claim amount. With this add-on clubbed with a comprehensive or standalone own-damage bike insurance plan, you can receive an amount equivalent to the on-road price of your bike in the case of total loss or theft.
Features of Return To Invoice Cover
- Like all other bike insurance add-on covers, Return to Invoice cover is available with comprehensive bike insurance plans and standalone own-damage bike insurance plans.
- This add-on costs around 10% more than standard comprehensive and standalone own-damage policy but helps the policyholder get registration charges, depreciation amount as well as road tax charges in addition to the selling price of the bike in case of total loss or theft.
- This add-on is applicable only if the insured’s bike is extremely damaged and is not in usable condition. It is not applicable in case of minor damages.
Also read: List of Two-Wheeler Insurance Add-ons
Benefits of Return to Invoice Cover
Return to Invoice cover is offered by the two-wheeler insurance company to the policyholder in order to bridge the gap between the two-wheeler’s invoice value and its IDV or Insured Declared Value. In case you avail RTI Cover, then you are eligible to get reimbursement for the total loss incurred i.e. the showroom price paid for the bike, in case the bike gets stolen.
Some of the benefits of Return to Invoice cover in two-wheeler insurance are as follows:
- Return to Invoice cover helps in enhancing the coverage of your two-wheeler insurance policy as it offers your bike better protection against theft or complete damage/ loss to your vehicle.
- It offers protection to you against losses incurred in the event when your insured two-wheeler gets stolen. This is due to the fact that as a benefit derived from RTI cover, the insurance company would compensate for your vehicle according to the last invoice value, without taking into account depreciation.
- If your insured bike gets damaged to a point where repair is not possible, then with the help of Return to Invoice cover, you can get the similar or same model of your bike, at the last invoice value of the insured vehicle.
- Return to Invoice cover is beneficial especially for the new bikes as it offers the owner with much-needed peace of mind that could get disturbed in case their bike gets stolen or damaged beyond repair.
Who Should Opt For Return To Invoice Cover?
Ideally, the Return To Invoice cover should be opted by all bike owner, however, it is extremely important for the following people:
- People who have purchased a brand new two-wheeler/bike.
- People living in areas where bike theft is common.
- People who do not have secure parking spaces.
- People who travel for long distances regularly and are vulnerable to road accidents.
- People who own a bike, which is not more than three years old.
Bike Insurance for Popular Bike Models
Bike Insurance Add on Covers
- Bajaj Allianz
- Future Generali
- Hdfc Ergo
- Icici Lombard
- Iffco Tokio
- New India
- Raheja Qbe
- Royal Sundaram
- Tata Aig
- United India
- Universal Sompo
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
Bike Insurance By Popular Bike Manufacturers
Find Right Bike Insurance Quotes by Bikes Body Type
- View Hero Splendor Plus Insurance Price
- View Honda SP 125 Insurance Price
- View Bajaj Pulsar 125 Insurance Price
- View Honda Shine Insurance Price
- View Bajaj Pulsar 150 Insurance Price
- View Hero HF Deluxe Insurance Price
- View Hero Super Splendor Insurance Price
- View Honda Unicorn Insurance Price
- View Honda Activa 6G Insurance Price
- View Suzuki Access 125 Insurance Price
- View TVS NTORQ 125 Insurance Price
- View TVS Jupiter Insurance Price
- View Ola S1 Pro Insurance Price
- View Honda Activa 125 Insurance Price
- View TVS iQube Insurance Price
- View Yamaha Aerox 155 Insurance Price
- View Yamaha MT 15 Insurance Price
- View Yamaha R15 V4 Insurance Price
- View TVS Raider Insurance Price
- View TVS Apache RTR 160 Insurance Price
- View Bajaj Pulsar NS200 Insurance Price
- View Yamaha R15S Insurance Price
- View Bajaj Pulsar NS 125 Insurance Price
- View Bajaj Pulsar N160 Insurance Price
- View Honda H'ness CB350 Insurance Price
- View Royal Enfield Hunter 350 Insurance Price
- View Royal Enfield Bullet 350 Insurance Price
- View Honda CB350 Insurance Price
- View Royal Enfield Meteor 350 Insurance Price
- View Royal Enfield Super Meteor 650 Insurance Price
- View TVS Ronin Insurance Price
- View Harley Davidson X440 Insurance Price
Explore Two Wheeler Insurance
Two Wheeler Insurance Add-ons
Bike Insurance Companies Reviews & Ratings
Return To Invoice Cover (RTI) in Bike Insurance FAQ
Can I opt for a Return To Invoice add-on with a third party bike insurance plan?
No. The Return To Invoice (Invoice Protection) add-on is not available with a third party bike insurance plan.
Can I add other add-ons also along with the Return To Invoice cover to my bike insurance plan?
Yes, you can add as many add-ons as you wish with the Return To Invoice cover to your standard comprehensive or standalone own-damage bike insurance plan.
Can I use my Return To Invoice cover in case of minor damages?
No, the Return To Invoice cover is applicable only in case of total case i.e. when the cost of repair is more than 70% of the IDV.
When can I opt for the Return To Invoice cover?
You can opt for the Return To Invoice cover either at the time of policy purchase or its renewal.
Will the Return To Invoice cover compensate for the road tax paid by me at the time of purchase of my bike?
Yes, the Return To Invoice cover will provide a compensation amount equivalent to the amount mentioned in the invoice which includes bike registration charges and applicable taxes.
Bike Insurance News
Check out our list of top models, including prices, features...27 October 2023
Know the key differences between spoke wheels and alloy whee...27 October 2023
Know the RTO rules, guidelines, benefits and highlights for ...27 October 2023
Explore the cheapest and most affordable third-party two-whe...25 October 2023
Looking for the best low maintenance bikes in India in 2023?...25 October 2023