1. What is Invoice Protection Cover?

This is an add-on cover which protects you from total loss of the vehicle in the form of high-end damages or theft.

2. What is RTI in Bike Insurance?

RTI in bike insurance simply means that insurers need to pay the invoice price of the vehicle in case of extreme damage that makes the vehicle unusable or in case of theft without a trace. The depreciation value will not be considered and you will get back the entire amount including purchase price, registration charges, road tax etc.

3. What is the difference between RTI and IDV?

IDV is the Insured Declared Value which the insurance provider calculated after deducting depreciation of the vehicle to determine your coverage and premium accordingly. Whereas, RTI in bike insurance is an add-on cover which is offered with the comprehensive two-wheeler plan, which compensates for irreparable damages or theft of the vehicle. The coverage offers a complete payout of the on-road value of the vehicle without the depreciation factor.

4. Is RTI insurance worth it?

It is worth every penny as you get back the entire amount you had spent to buy the vehicle and after completely losing a vehicle to theft or damage, you get the money to purchase a new one.

5. What is the benefit of the RTI cover add-on?

RTI cover helps you recover the entire cost of purchasing the two-wheeler without any losses or depreciation factoring in.

6. Can I cancel the RTI in bike insurance if I do not want the add-on anymore?

Yes. RTI can be cancelled or removed from your base plan during renewal or when you switch to a different insurer.

7. Who is covered under RTI?

The two-wheeler or the vehicle is covered under RTI cover.

8. When is RTI not applicable?

RTI cover is not applicable if the damage is minor, is caused by drunk riding, or if the vehicle was lost or damaged while being used in an illegal activity. Also without an FIR from the local police, the RTI claim cannot be raised. Your RTI claim may also rejected in case the damage is found to have happened while you were riding without valid papers and IDs like driving license or insurance etc and if you had used the vehicle for commercial purposes but insured it for personal use.

9. What is the validity of the Return to Invoice cover for bike insurance?

RTI is valid till the base policy cover continues. It needs to be renewed every policy year along with the comprehensive policy and is then calculated as per the last invoiced price of the vehicle.

10. Does the Return to Invoice cover only apply to the total damage to the bike?

Yes. The RTI in bike insurance only applies to vehicles which are completely damaged and cannot be used by the owner.

11. Are accessories covered under the RTI cover?

The accessories outside the factory settings, which had been specifically covered under the comprehensive policy will be covered by this add-on feature.

12. When third-party insurance for bikes is mandatory, then why can’t the insurance premium be reduced by adding zero depreciation cover and RTI to the total expense?

Though third-party bike insurance is mandatory, it covers the damage or loss of property belonging to a third person that might be incurred due to the insured bike. RTI cover in bike insurance and zero depreciation are optional add-ons to the comprehensive policy, meant to cover own damage and total loss of insured property. Hence both cannot be combined to reduce premium cost.

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Home / Two Wheeler Insurance / Return To Invoice in Bike Insurance

Return To Invoice Add-On In Two Wheeler Insurance

You are relieved that you have a comprehensive bike insurance policy which covers loss and damage due to accidents, riots, fire, and natural calamities. But what if your bike is stolen or damaged beyond repair? The comprehensive cover only extends to the IDV or Insured Declared Value which is market value less the depreciation. Hence it will always be less than the total invoice amount, registration charges and road tax charges which you pay while purchasing. How can you cover up this loss? The answer lies with the RTI in bike insurance. It is an add-on cover which you can opt for along with a comprehensive or own damage plan. This RTI cover in bike insurance ensures that you are paid the cost of the new vehicle of the same make and specification in case there is a total loss due to theft or excessive damage.

Features of Return To Invoice Cover in Two-Wheeler Insurance

The main components of this add-on cover are listed below for a quick glance.

Features	Details
Add on cover	The RTI cover in bike insurance is only available with the comprehensive plan or a standalone own-damage plan.
Cost	It costs about 10 % more than the usual comprehensive or own damage policy but gets you back the entire purchase amount in case of total loss.
Conditions of Eligibility	The return to invoice add-on cover does not apply in case of petty repairable damages. You are only eligible for the payout if your vehicle is stolen or is damaged significantly beyond use.
Coverage	This covers the original market value of the vehicle along with registration cost and road tax charges that you had to pay while purchasing the vehicle or in short the invoice amount charged to you initially.

Benefits of Return to Invoice Cover in Two-Wheeler Insurance

The multiple benefits that RTI cover in bike insurance can offer make it a perfect add-on for any comprehensive or own damage plans. Losing a vehicle completely is not only a loss financially but also a loss of convenience. Hence, covering this loss can be significant to your budget and lifestyle as well.

Benefits	Details
Enhancement of Basic Plan	Since RTI in bike insurance is an add-on benefit, it can be opted for with some extra charge along with comprehensive and own damage policies. It only makes the policy more holistic.
Payments covered	The payments done under this add-on feature are first-time road tax, registration charges and the invoice amount of the vehicle or on-road value of the two-wheeler.
Coverage	The return to invoice in bike insurance is applicable only when your vehicle is stolen or is in unusable condition with over 70% damage due to natural or man-made calamities.
Cost of Accessories	It also pays for the cost of accessories installed outside the factory, which is covered under own damage policy of the two-wheeler.

How Does Return to Invoice Cover Work?

When your two-wheeler is damaged beyond repair due to accidents or calamities or it is stolen, the insurer usually pays off as per the current market value of your vehicle or IDV (Insured Declared Value).RTI in bike insurance actually helps to cover up the loss you make in terms of depreciation. With this add-on feature, you can claim the bike's on-road price, which includes registration and road tax charges.

For example, Mr. Ajay was hurrying back home on his 4-year-old two-wheeler, when he stopped at a bakery to pick up a cake for his daughter’s birthday. He was only gone for 10 minutes and missed locking his bike in a hurry. However, when he came back to the parking lot his bike was gone and no one claimed to notice anything. He immediately went and lodged an FIR in the local police station. The next day, he requested a claim under RTI along with the required documents, the original invoice copy of the two-wheeler and a copy of the FIR, with his insurer.

After his insurer verified the situation and investigated the incident, he got back the entire invoice value or on-the-road price of his bike during the claim settlement. Had he not opted for this cover, he would have been left with the IDV only which would have been insignificant after deducting 4 year depreciation.

When you purchase bike insurance, our team will explain all the coverages on the plan to you. For your reference, here are the details of coverages offered under engine protection cover in bike insurance:

Lubricant Leakages

Engine cover insurance can be used in case the engine is damaged due to oil or other lubricants leaking.

Damages Due to Water

Water ingress can be a common problem in flood-prone areas. Water ingression can cause engine problems and it is covered under the plan.

Accident

Sometimes, accidents may cause physical damage to the engine, resulting in its malfunctioning. The plan covers such damage.

Failure of the Engine

Engine failure is also covered under the add-on cover of engine protection. It may happen due to forcing a wet engine to start, resulting in engine damage.

An insurance plan is designed to bring maximum benefit to the policyholder and the insured. However, not everything can be covered under a plan or an add-on cover like an engine protection cover bike. These are termed exclusions of the plan. The list below mentions the exclusions of the engine cover add-on:

Wear and Tear

The general wear and tear affecting the performance of the bike's engine is not covered under the plan.

Intoxicated Driver

If the driver is found to be driving the vehicle under the influence of alcohol, drugs, or any illegal intoxicant, the claim will be rejected.

Lack of Licence

A claim can only be filed if the bike driver had a valid driver's licence. A lack of a valid licence directly leads to claim rejection.

An Inactive Insurance

To raise a claim, the policyholder must have valid and active insurance along with an active cover of engine protection cover for bikes. If the policy is not renewed, the claim will be rejected.

Delay in the Claim Process

As soon as there is a need for engine repair, the policyholder must inform the insurer about the same. Delay in intimating the insurer or getting the bike repaired without intimating the insurer may affect the claim process or even reject the same.

Cover Under Manufacturer's Warranty

A new bike's engine is usually covered under the manufacturer's warranty. In such a case, the insurance company will not cover the cost of engine repair. However, if the warranty period is over, an insurance claim can be raised.

Cost of Consumables

During the repair process, the engine may need to be flushed of consumables like lubricants and oil. The cost of this will not be covered under the insurance policy.

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How to Buy/Renew Your Bike Online by opting RTI Cover

The comprehensive bike insurance plan can be purchased or renewed online on the HDFC ERGO website.

If you already have an existing comprehensive plan you can purchase return to invoice coverage in bike insurance while renewing. Choose the option of RTI from the add-on cover list while renewing your HDFC ERGO plan online.

If you do not have an existing comprehensive plan, you can switch the policy while renewing it online. Alternatively, you may discontinue your existing plan and switch to a new insurer to get the RTI covered immediately.

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

Though both these add-ons deal with depreciation value, the perspective and coverage definitely vary.

The table below shows how distinctly different they are.

Parameters	Zero Depreciation Cover	RTI Add On Cover
Main Function	Zero depreciation is another add-on cover in the comprehensive bike policy where settlement is done without considering the depreciation value of different parts of a bike.	RTI in bike insurance is only applied if the damage to the vehicle is beyond repair or it is stolen.
How does it work?	This add-on covers the gap in depreciation value and the expense of the damage repairs. You get the claim as per the original value of the parts when you purchased the two-wheeler.	This on the other hand bridges the gap between the IDV and the bike's actual purchase price.
Effect on premium	The premium amount is higher as the age of the vehicle is not considered in the settlement of repairs.	The premium increases to about 10% as this is only applicable in case of total loss.
Who is it Beneficial for?	If you have an expensive new bike or a bike less than five years age.	Beneficial for new bikes or those which are less than 3 years old.
Inclusion	This includes only bike parts.	This includes the whole vehicle and even the accessories if covered while purchasing the policy.

Comparing Return To Invoice (RTI) & NCB Cover

These two add-ons can be called polar opposites. While one deals with a claim during total loss, the other rewards the policyholder for no claims within a policy year.

Parameters	No Claim Bonus Cover (NCB)	RTI Add On Cover
What is it?	This is also an add-on cover which rewards the insured for not filing any damages during the policy year in way of discounts on renewal premiums.	RTI in bike insurance is an add-on cover, which helps only during complete loss like irreparable damage or theft.
How does it work?	No claim bonus is a discount levied on renewal premiums for claim-free consecutive years and increases as per a fixed percentage. For example, 20% after 1st claim free year, 25% after the 2nd year and continues till 5th year.	During complete loss or theft, the insurer pays the on-road vehicle value which includes registration cost and road tax charges. It is fixed in case of a particular vehicle as per its purchase value.
Effect on premium	The renewal premiums are heavily discounted if there is no claim in the preceding policy year.	There may be a 10%-20% charge on the premium for purchasing return to invoice add-on cover along with the comprehensive plan.
Transferability	One of the unique features of NCB is it can be transferred in case you wish to purchase a new policy with an existing insurer or a new insurer. All you would need is an NCB transfer certificate during the renewal of the policy.	RTI add-on cover cannot be transferred to a new policy during renewal.

Comparing Return To Invoice (RTI) & IDV Cover

Insured Declared Value (IDV) is the current market value of your vehicle after calculating depreciation.

Parameters	IDV (Insured Declared Value)	RTI Add On Cover
What is it?	It is the maximum amount for which the bike can be insured. It is the value of your vehicle in the market post depreciation.	RTI in bike insurance is an add-on cover, only applied in case of total loss due to damage or theft
How does it work?	This is used in determining the premium of a bike insurance plan. For example, a new bike of 6 months or less will have a depreciation rate of 5% and this rate increases with years.	This is the gap between the IDV and the bike's actual purchase price. During complete loss or theft, the insurer pays the on-road vehicle value which includes registration cost and road tax charges.
Effect on premium	The premium amount keeps decreasing and so does the coverage as IDV decreases due to an increase in depreciation value.	The premium increases to about 10% as this does not consider depreciation
Customisation	The IDV value can be increased or decreased. You can request your insurer to increase the IDV if your two-wheeler is damaged beyond repair. You can also request a decrease in IDV if you want to decrease the premium.	There is no such customisation available for invoice cover in bike insurance

Why do you need an Invoice Protection add-on cover?

To understand “why” you also need to know “how”. Insured Declared Value is the ex-showroom price of the two-wheeler which includes depreciation and excludes registration cost and cost of road tax etc.IDV depends on the ex-showroom price and vehicle age. Accordingly, IDV percentages with two-wheeler age can be represented as below:

Vehicle Age	IDV (% of Ex-Showroom)	Depreciation (%)
<6 months	95%	5%
6 months - < than 1 year	85%	15%
1 year < 2 Years	80%	20%
2 years < 3 years	70%	30%
3 years < 4 years	60%	25%
4 years < 5 years	50%	50%
> 5 years	Negotiable	Negotiable

Here’s where the return to invoice cover in bike insurance come in handy.

Example:

• Suppose, the ex-showroom price of a two-wheeler is Rs. 1,50,000.

• Registration cost, road tax and other charges amount to Rs. 30,000 (less insurance)

• So on-road or market value of the two-wheeler is Rs.1.8 lakhs. (excluding insurance)

• If the vehicle is stolen or completely damaged after 2 years, the Insurer will only pay you the IDV amount which is Rs.1.44 Lakhs.

• But with an RTI add-on cover, you can file a claim for the entire amount of 1.8 lakh which was its invoice value.

How to Calculate RTI Cover for Bike Insurance?

Invoice cover in bike insurance is calculated by adding up the purchase price including the registration costs, road taxes and other charges. With this Add-on feature, you can claim the entire on-road amount you had paid while purchasing the two-wheeler.

How Much Does Return to Invoice Costs?

It is charged as a percentage of the premium you pay for the comprehensive coverage. However, it is worth having this cover as you get back multifold of what you pay in case your vehicle is stolen or suffers from irreversible damage.

Who Should Opt For Return To Invoice Cover?

RTI cover in bike insurance is an optional cover and not mandatory and you can go for it strictly as per your requirement.

• Bikers who obsess over high-end, premium models of bikes once they have purchased a new bike, should have this add-on to reduce their financial burden in case of complete loss.

• If you live in theft prone area where you have law and order problems, this cover protects you from sudden financial emergencies involving theft or complete damage to your vehicle. Even if you have to daily commute through such areas you need to be future-ready with such benefits.

• In case you reside in areas which experience landslides, floods or earthquakes, it is prudent to get a cover for complete damage.

• If you need to park your bike regularly outside at an unsafe place as you lack a parking spot within your residential complex, having this cover should be a must inclusion in your insurance features.

When is the Return to Invoice Cover Applicable in Bike Insurance?

Return to invoice in bike insurance is used to recover the market value of the bike with nil depreciation, but is applicable under these circumstances only:

• If your two-wheeler is stolen without trace even beyond 90 days.

• Uncontrollable vehicular damages which make the vehicle unusable

• Complete loss of the vehicle due to unforeseen calamities.

When is the Return to Invoice Cover Not Applicable in Bike Insurance?

It is important to be aware of situations under which you will not be eligible for a claim under RTI cover.

• If the bike is recovered within 90 days of the theft, then it does not count as a complete loss.

• In case you have not lodged a First Information Report or the local police have refused to issue an FIR, then the claim will not be registered.

• In case you are found riding the bike without proper documents like a Driving License, no claim request under RTI can be raised.

• If the damage has been caused due to riding under the influence of alcohol or drugs, it will not be covered by the provider.

• If the Bike is used in any illegal activities or is used for commercial reasons but coverage has been taken for personal use.

Things to Remember when you opt for RTI Cover in Bike Insurance

Before you opt for a return to invoice in bike insurance, there are important points that you need to keep in mind:

• This cover is essentially offered for new bikes. Two-wheelers up to 3 years old are eligible for this cover but it may vary according to insurer.

• It is only available with the comprehensive insurance plan and not third-party standalone plans.

• This is an optional cover and is not included in the base policy.

• The cover needs to be renewed with the base comprehensive policy. But the cost depends on the last invoiced price of the vehicle.

• It relieves your financial stress by securing a complete cover against cases of theft and total damage which renders your two-wheeler completely unusable.

Where is RTI not applicable?

RTI does not cover minor damages or repairs required in your two-wheeler. It is also not available for third-party damages. Without a valid FIR (First Information Report) in case of theft, the RTI claim will not be registered as it will only be applicable if police are unable to trace your vehicle. The total cost of repair in case of damage to your bike needs to be more than its IDV, for RTI to honour the claim.

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Other Bike Insurance Add-on Covers

Add-on covers in an insurance plan are like extra toppings on a pizza. The choice varies with the requirements of the rider. These are options to customise the policy as per your budget and necessity. The various add-ons available with the HDFC ERGO comprehensive plan are zero depreciation cover, NCB protection, Emergency assistance cover, cash allowance cover and EMi protector.

Two Wheeler Insurance Policy Documents

Precaution is better than cure. This is an old adage that can actually save you from unnecessary hassles not just in life but regarding your bike as well. A bike insurance is there to assist you in times of need. To avoid unnecessary damage to your bike and claims, you must take good care of your bike and its engine. Here are some tips on how you can maintain the engine of a two-wheeler:

Regular Inspection

Make sure to perform self-inspection of your bike from time to time. Every time you take out your bike, make sure to clean it and check if the engine seems fine

Regular Servicing

Getting your two-wheeler serviced on time is crucial for it's longevity and optimal performance. Make sure to take your bike to the service centre for thorough cleaning and inspection before the servicing deadline crosses

Change of Lubricants

Lubricants like engine oil must be changed regularly. Overused engine oil may affect the bike's performance and even damage the engine. At the service centre, you will be informed about the next deadline for changing the engine oil.

Pay Heed to the Warning Lights

Nowadays, two-wheelers have warning lights in the steering. There is an engine warning light as well. If your two-wheeler shows a warning light, make sure to get it checked.

Air Filter Replacement/Cleaning

The air filter has to be replaced from time to time. It allows fresh air to circulate in the engine. A damaged or broken air filter can lead to overuse of fuel and reduce the bike's performance. So, get it checked, cleaned, and replaced regularly.

Use of Recommended Parts Only

The viscosity of lubricants is specific to each two-wheeler. So, stick to the recommended lubricants and the viscosity to ensure the best performance of the bike and avoid any unnecessary mishaps.

Do Not Overheat

Overheating the engine cannot be good for your bike. During hot summer days, the engine may get hot even faster. So, try to keep the engine cool by avoiding sunny rides or driving it for too long on hot days.

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