RTI in Bike Insurance

A standard or comprehensive bike insurance plan provides you coverage for the own damage sustained by your bike in case of any road accidents, natural/man-made calamities, fire, theft, riots, etc.

When your bike is damaged beyond repair, the insurer offers Insured Declared Value (IDV) of the bike as compensation. Usually the maximum amount of claim you can make is restricted to its IDV. RTI on the other hand is an add-on cover which covers the gap between the IDV and the invoice value of the bike.

With Return to invoice cover, you can receive an amount equal to the on-road price of your bike in the case of total loss or theft. RTI cover is best suited for new vehicles and it usually covers vehicles below 5 years. RTI cover is available with comprehensive and standalone own-damage bike insurance plans, just like any other add-on cover. In case you wish to claim for your bike being stolen, you need to file an FIR or an appropriate police complaint to confirm the same. However, it is very important to understand that the add-on is applicable only if the insured’s bike is extremely damaged and is beyond repair. Thus, RTI cover provides your bike with an all-round protection from damage or theft.

In case you are considering buying a bike anytime soon, do invest in the Return to Invoice add-on cover. You can consult PINC Insurance to help you customise a policy as per your needs. Our dedicated team can help you invest in a policy that fits your requirements and your budget.