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Return to Invoice in Bike Insurance

Return-to-invoice cover is a crucial add-on that allows you to recover the full on-road price of your insured bike if it is stolen or damaged beyond repair. Both bikes and scooters can be protected with this cover. In simple terms, through RTI coverage, you can secure the original price of your vehicle. Without it, you are compensated based on the IDV, which is calculated after taking depreciation into account.

Many policyholders might not realise that RTI cover in bike insurance can be incredibly useful if something unusual happens, and they may need additional coverage that regular bike insurance plans do not provide. For instance, the State Crime Records Bureau showed that approximately 350 bikes are stolen monthly in Bengaluru, one of India’s largest cities.

In these situations, regular bike insurance won’t fully compensate you, as the value of your bike decreases every year due to depreciation. With an RTI add-on, you can get refunded the original purchase price of your bike if it is ever stolen.

At IndusInd General Insurance, you can purchase a bike insurance policy with the RTI add-ons very easily via our Self-i app or our website. Renewals are also seamless and allow you to add, remove or adjust add-ons and coverage based on your needs.

How Does RTI Work in Bike Insurance?

The return-to-invoice add-on in bike insurance applies only when the vehicle is stolen and not traceable by the police, or when it is damaged beyond repair in an accident. Simply put, you must not be able to recover or salvage your bike for this add-on to apply.

RTI cover is available only if your bike is new and within 3-5 years old*. This add-on helps owners of costly motorcycles protect substantial investments. The RTI add-on also does not cover electrical/non-electrical two-wheeler accessories and imported bike models.

Unlike IDV, RTI-based claims do not take into account depreciation. Therefore, you get full reimbursement of your bike’s on-price if it suffers a total loss. Under our RTI add-on, you also get a refund of your bike registration charges, road tax and insurance costs, making this cover a great addition to your bike insurance policy.

Return-to-Invoice also slightly increases your bike insurance premium since it’s an additional cover you add to your plan. So, you must consider the cost versus the benefits when opting for it.

Benefits of RTI Cover in Bike Insurance

Full Payout of Your Bike’s On-Road Price

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If your bike is stolen or damaged beyond repair, the invoice protection add-on can offer you compensation equal to the vehicle’s on-road price. However, according to IRDAI guidelines, a bike is only deemed a 'total loss' if the projected repair expenses exceed 75% of its IDV.

Covers Other Fees Paid During Purchase

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Return-to-invoice ensures you get back the road tax amount and vehicle registration fees that you paid to the RTO while buying a new bike. It is very useful for new two-wheeler owners as it can help them purchase another bike/ scooter at a similar price range.

Enhanced Coverage Limit

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With this add-on, you automatically secure a more extensive coverage. It safeguards your bike from theft or total damage/loss. Therefore, people who own expensive bike models or lack secure parking spaces may consider obtaining this coverage.

Who Should Buy an RTI Cover?

New Bike Owners

A return-to-invoice add-on cover is highly beneficial for those who have just purchased their new two-wheeler, as it can help safeguard their new investment.

Owners of High-Performance Bikes

High depreciation values for luxury or high-end bikes can cause significant financial loss if it gets stolen or extensively damaged. Hence, RTI can be beneficial.

High-Risk Area Residents

A return to invoice cover is also perfect for individuals who live in areas that are most likely to experience heavy traffic, floods, or vehicle theft.

People With Financed Bikes

If you buy your two-wheeler on an EMI, you can claim the remaining loan amount from your insurance company in case of total loss, provided you have opted for return-to-invoice cover.

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RTI Cover: Inclusions & Exclusions

When is RTI Applicable?

Constructive Total Loss: If your bike is damaged and repair costs exceed 75% of your bike’s IDV, it will be declared a total loss. In these cases, the RTI add-on reimbursement also applies, and you can get compensation for your bike’s original invoice amount.

Coverage Upon Complete Loss Due to Accident: As a bike owner, you can also access RTI coverage if your vehicle is destroyed beyond repair due to an accident or catastrophe.

Coverage Upon Complete Loss Due to Theft: After losing your two-wheeler and filing a complaint, if the police are unable to trace it, you can file an RTI application and request the invoice amount.

When is RTI Not Applicable?

Minor Damages: The add-on only covers the total loss of your bike. So, if your bike sustains minor damage and the repair costs are relatively insignificant compared to the IDV, RTI won’t apply.

Coverage for Old Bikes: The ideal window to opt for the RTI add-on is when your two-wheeler is 3-5 years old from its manufacturing date.

Disclaimer: For the complete list of Inclusions and Exclusions, please refer to the policy wording here

How to Buy RTI Add-On With Bike Insurance?

Go to the form at the top of this page and provide us with your phone number and email address. After this, enter your bike’s registration number.

You can also use our calculator below to estimate your premiums by entering your bike details and choosing the RTI add-on.

On the next page, select your bike make/model, enter your previous policy details, choose your policy type and your bike’s IDV from the given range.

To opt for RTI cover in bike insurance, either go for our comprehensive or own-damage plan. You can also choose from our list of 10+ add-ons* to further customise your plan.

Verify the final price shown according to your choices and proceed to pay online and complete the CKYC with your PAN details to receive your policy.

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How Claim Under the RTI Cover?

Steps to File a Total Loss Claim Under Bike Insurance

Step 1: Inform Us

File your claim for a total loss within 24 hours. You can do so by calling our helpline number at +91-22-48903009. Otherwise, you can install our Self-i app and sign in to your account to initiate a claim instantly.

Step 2: File an FIR

Collect a stamped photocopy of the FIR registered at your local police station if your two-wheeler is stolen. You must also get an FIR copy if your bike was involved in an accident.

Step 3: Go to a Network Garage

For accidental damage leading to total loss, our claim specialist will visit your address to verify the extent of damage.

Step 4: Get Surveyor Report

Collect the declaration of ‘total loss’ from our surveyor. Upload the necessary documents via our online portal or app.

Step 5: Send Documents & Get Reimbursed

After the verification is successful, you will get the total purchase price of your bike, as you have the return-to-invoice cover.

Disclaimer: For precise claim-related information, please refer to our policy documents or get in touch with our customer helpline.

RTI vs Nil Depreciation - What’s the Difference?

Parameters	RTI	Nil Dep
What it Covers	Your entire bike	Specific bike parts like fibreglass, rubber, etc
Applicable When	Bike repairs exceed 75% of IDV and bike theft	Bike parts repair & replacement are needed
Compensation Offered	Full purchase price (bike’s ex-showroom cost + taxes + registration fee) if the owner suffers total loss	Pays the full cost of replacing damaged components without factoring in depreciation (lower value of parts due to age)
Suited for	New/ financed bikes, high-end models, frequent/daily drivers	Expensive repairs/ replacements of new bikes

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Premium starting at	Premium starting at	Premium starting at

Key Takeaways

An RTI cover in bike insurance offers financial protection against theft or extensive damage leading to ‘total loss’. When you combine your plan with this add-on, it ensures complete reimbursement, unlike IDV-based claims. So, you can continue using your new two-wheeler peacefully knowing that it is fully insured.

You can effortlessly buy/renew bike insurance at IndusInd General Insurance, as we provide a completely digital process with minimal paperwork. To enhance the coverage, you can individually pick from our list of 10+ add-ons for petrol-driven and EV two-wheelers.

During claims, if you need any support, you can contact our team anytime over WhatsApp at 7400422200 and seek expert assistance.

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Reliance General Insurance is one of the leading general insurance companies in India. The Company offers a well-rounded and comprehensive bouquet of products including Motor Insurance, Health Insurance, and Travel Insurance, and offers customised solutions to meet the protection needs of each customer.

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Frequently Asked Questions

Can I buy the RTI cover for a bike older than 5 years?

No, RTI coverage in bike insurance is not generally provided for models that are older than 5 years. This is because, after 5 years, the market value of a bike depreciates significantly, and therefore, covering the original invoice value would result in a loss for the insurance provider.

Which is better RTI or IDV?

The RTI is a voluntary cover for comprehensive motor insurance owners for extensive protection. Meanwhile, the Insured Declared Value (IDV) represents the current market value, which an insurance company assumes after considering depreciation. If you do not purchase RTI and have comprehensive bike insurance, your insurer will pay you the IDV if your bike is damaged beyond repair or stolen.

Therefore, taking RTI can be advantageous for new or expensive bike owners, as it offers an additional layer of protection.

How to check RTI in an insurance policy?

To check if your existing bike insurance plan has Return-to-invoice coverage, carefully review the policy document. Also note that RTI has to be purchased separately and does not usually come with a regular two-wheeler insurance plan.

What is the cost of RTI premium in bike insurance?

The cost of a return-to-invoice cover is decided based on your bike’s manufacturing date, model and brand. Normally, it can cost you approximately 10% of the premium of your comprehensive insurance plan. You can always use our calculator tool above to get a quick quote.

Is RTI cover available for second-hand bikes?

No, most insurance companies will not offer RTI cover for a second-hand or used two-wheeler. This add-on is specifically for new bikes, and is normally offered for vehicles up to a specific age. The age limit can vary depending on the insurer.

What documents are needed to claim RTI coverage?

While claiming return-to-invoice coverage, you will have to provide your valid insurance policy document, bike’s original purchase invoice, a copy of FIR, RTO-cancelled registration certificate (RC) and a duly-filled claim form. Additionally, your insurance company may ask for photographs of the damages and a garage estimate for repair costs to confirm total loss.

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 (RTI) add-on reimburses the original road tax amount that you initially paid while buying your bike. They also compensate the vehicle’s registration charges, which contributed to its on-road price.