Unveiling the Hidden Benefits of RTI in Bike Insurance

Posted on: Jun 4, 2024 | 3 mins | Written by: HDFC ERGO Team

Unveiling the Hidden Benefits of RTI in Bike Insurance

Who doesn't love their bikes? No one, right? But what happens when the insurance company doesn't cover the loss due to damage to the vehicle? So, how can you ensure you get adequate coverage against unforeseen damages like theft?

Well, to answer that, it's important to understand what RTI means bike insurance. RTI means Return to invoice cover, which is two-wheeler insurance online (key) to compensate if the insured vehicle is lost in theft or faces a total loss. RTI insurance coverage might require the submission of the original invoice at the time of the claim.

What does RTI cover?

A comprehensive bike insurance policy is all the protection one needs. The return-to-invoice insurance cover applies when:

• The bike is stolen or lost.

• The bike is damaged beyond repair during a road accident

• The bike is 70% damaged due to natural calamities like floods or earthquakes or because of riots or strikes

What RTI do not cover?

Though RTI is Comprehensive bike insurance, it excludes certain situations.

• Third party bike insurance: RTI coverage does not cover third-party liability policy

• Recovery of the bike in 90 days: If the bike is recovered within 90 days of theft, RTI will not be applicable

• If the police refuse to file an FIR

• If the bike is in commercial use when the insurance is for personal use

• If the bike was lost while under the influence of alcohol or drugs or while doing an illegal activity

• If the biker was riding it without a valid driver's license,

• RTI in bike insurance does not apply to minor losses

Significance and Benefits of RTI in Bike Insurance

There are several benefits to opting for RTI in bike insurance as your comprehensive bike insurance plan because of the coverage and calculation method of the plan.

Other bike insurance plans provide coverage based on the market price after reducing the vehicle's depreciation. This won't include the registration or road tax charges for the bike. In the case of Return to invoice on cover, provide the invoice amount that was paid at the time of purchase of the bike.

• The person opting for insurance gets coverage equal to the on-road price of the two-wheeler insurance online if it's stolen or lost.

• Payments can be made for road tax and registration charges.

• Natural calamities like earthquakes, floods, fires, or man-made calamities like riots can damage your bike to a greater extent, and RTI pays for the invoice amount

• New bike owners benefit because, in case of a total loss, the owner can purchase another bike in a similar price range.

• Get peace of mind with RTI add-on coverage in bike insurance, ensuring you're fully protected against unforeseen damages.

Who can opt for the Return to Invoice add-on?

The question of who can opt for RTI in a bike insurance add-on depends on the requirements of the insurer. One can consider the following factors if they are wondering whether or not to opt for RTI in bike insurance:

• If you live in a residential area which is theft-prone

• You do not own a secure parking lot, or you park outside your gate

• If you are a frequent traveller or travel long-distance daily,

• If you live in an area which is prone to natural calamities or accidents

• You live in a society or area with high criminal activities

• Lastly, if you recently purchased a new bike and you love your bike, you probably won't like losing it.

Conclusion

If you are willing to have two-wheeler insurance online to claim full coverage of your damages, opt for RTI. When it comes to bikes, the risk is slightly higher than that of other vehicles, like cars. This is because it is easier to hide, steal, and damage a bike. This is why it is always a better idea to opt for return-to-invoice bike insurance to avail better coverage for your bike in out-of-the-blue situations.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

Comprehensive Sports Bike Insurance: Vital Add-Ons to Strengthen Your Coverage

Enhance your bike insurance with add-on covers

Need For Add-on covers In Two Wheeler Insurance

Benefits Of Add On Covers for Motor Insurance