How To Protect Your Bike Against Theft With Return To Invoice Cover?
Updated On Dec 05, 2021
A comprehensive coverage covers both your car and third parties in the event of a loss or damage. It protects your bike in the event of a fire, explosion, self-ignition, or lightning. It also covers third-party responsibility losses or damages to a third person or property caused by the insured bike.
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Bike enthusiasts prefer to know that they've gone above and beyond to safeguard their machines, and comprehensive two-wheeler insurance is the first line of defence. However, in order to take advantage of the benefits that your bike insurance policy provides (whether at a new purchase or during a bike insurance renewal), you must first be aware of them. In order to collect the highest insurance payout for their two-wheeler, the insurer must purchase an Invoice Protection Cover in addition to their regular coverage.
How Can the Return to Invoice Cover Benefit You?
In case of Total Loss, such as theft or total damage, Invoice Protection Cover allows you to claim Ex-showroom plus various extra expenditures. It assists you in obtaining reimbursement for the difference between the insured declared value (IDV) and the additional expenses you pay at the time of bike purchase, such as registration fees, road tax, and other fees. Under comprehensive coverage, an insurance provider will pay the Insured Declared Value (IDV) of your bike in the event of a total loss. Instead of only IDV, you may claim a total of Ex-showroom + Registration costs + Taxes with Invoice Protection Cover.
RTI Add-on Coverage Benefits
Your bike insurance should protect you in all situations. The RTI add-on supplements the basic comprehensive coverage by covering your losses if your bike is damaged beyond repair or stolen. Here are the benefits of RTI in bike insurance: In the following conditions, RTI pays the total invoice value of your bike:
- In the event that your bike is stolen or lost, you will receive the full invoice value (purchase).
- In the event that your bike is completely damaged and cannot be restored due to accidents, fire, earthquakes, floods, riots, vandalism, etc., it pays the invoice value.
- The coverage includes the bike's road tax and registration fees.
- You may rest easy knowing that your bike is well-protected in the event of a catastrophic loss.
- If the bike is stolen, the policyholder can recover the complete ex-showroom price, including registration fees and taxes, rather than simply the IDV, if they have invoice protection coverage.
What is the Return to Invoice Coverage Process?
In the event that your bike is completely destroyed as a result of an accident, you can claim up to the Insured Declared Worth (IDV), which is effectively the bike's current market value. The RTI cover, on the other hand, fills up the difference between the invoice value and your bike's IDV. The RTI add-on gives you the bike's on-road pricing, which eliminates the depreciation element. If your bike is completely damaged or stolen, the RTI add-on protection reimburses you for the whole invoice amount.
When purchasing a Return to Invoice cover for your bike, keep the following things in mind. It provides financial protection for your bike against theft, providing full compensation in comparison to the IDV, as well as financial protection in the event of a total loss due to an accident. It gives you peace of mind by guaranteeing that the bike will be paid for on the road. Return to invoice is a useful supplement to your regular insurance policy since it broadens your coverage to give additional protection in the event of a total loss, constructive total loss, or theft. While there is an extra fee, it is insignificant in relation to the amount guaranteed that the return to invoice provides in an emergency.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.