Introduction

Buying a bike is more than just a purchase—it’s an emotional investment. Whether it’s your first scooter or a premium sports bike, you want to protect it from unexpected losses. While a comprehensive bike insurance policy covers accidents, theft, and natural disasters, it may not fully compensate you in certain cases. That’s where Return to Invoice (RTI) cover comes in.

RTI cover is an add-on in bike insurance that ensures you get the full invoice value of your bike in case of theft or total loss. This means you don’t have to worry about depreciation deductions when making a claim. Let’s break down how it works, why it’s important, and whether you should opt for it.

What is Return to Invoice (RTI) Cover?

Return to Invoice (RTI) cover is an add-on benefit that bridges the gap between the Insured Declared Value (IDV) and the invoice price of your bike.

Normally, when your bike is stolen or suffers a total loss, the insurer pays you the IDV, which is the market value after accounting for depreciation. However, with RTI cover, you can claim the original invoice amount (including road tax and registration charges).

Simply put, RTI ensures you get back the exact amount you paid while buying the bike.

How Does RTI Cover Work in Bike Insurance?

Let’s understand this with an example:

• You purchased a bike for ₹1,50,000 (invoice price).
• After 2 years, its IDV reduces to ₹1,10,000 due to depreciation.
• Unfortunately, your bike gets stolen.
• Without RTI: You get only ₹1,10,000.
• With RTI: You get the full ₹1,50,000 (invoice value).

This way, RTI protects you from financial loss caused by depreciation.

Features of RTI Cover

1. Covers Total Loss or Theft: Applicable when your bike is stolen or completely damaged beyond repair.
2. Invoice Value Compensation: You get back the full purchase value instead of depreciated value.
3. Includes On-Road Costs: Covers ex-showroom price, road tax, and registration charges.
4. Available Only with Comprehensive Policy: Cannot be added to a standalone third-party insurance policy.
5. Time-Limited Benefit: Usually available for bikes up to 3–5 years old.

Benefits of RTI Cover in Bike Insurance

1. Full Protection from Depreciation
   Depreciation reduces the bike’s IDV each year. RTI ensures you don’t lose money in case of total loss.
2. Peace of Mind Against Theft
   With rising cases of bike theft in India, RTI acts as a strong financial safeguard.
3. Best for New and Premium Bikes
   If you own a high-value bike, even small depreciation amounts can cause huge losses. RTI ensures maximum compensation.
4. Covers Financial Liabilities
   If you purchased your bike on loan, RTI helps you settle outstanding EMIs in case of total loss.

Eligibility Criteria for RTI Cover

• Available only for new bikes or bikes up to 3–5 years old.
• Must be purchased with a comprehensive insurance plan.
• Not available with third-party insurance only.
• Applicable only for total loss or theft, not for partial damages.

What RTI Cover Does Not Include

• Minor accidents or partial damage claims.
• Bikes older than the age limit (generally 5 years).
• Claims where repair is possible.
• Standard wear and tear.

Cost of RTI Add-On

• RTI is an optional add-on, so it comes at an extra premium.
• Typically, it increases your bike insurance premium by 10% to 15%.
• Considering the benefit of receiving the full invoice price, this small cost is worthwhile, especially for premium motorcycles.

RTI vs IDV: The Key Difference

IRDAI Guidelines on RTI Cover

• IRDAI allows insurers to offer add-on covers like RTI under comprehensive policies.
• Insurers must clearly mention the scope, limitations, and premium impact of RTI.
• Compensation under RTI should match the invoice price of the bike, including taxes and registration.

Who Should Opt for RTI Cover?

• New Bike Owners: Ideal for those who just purchased a new vehicle.
• Premium Bike Owners: Best for owners of expensive or superbikes.
• High-Theft Areas: If you live in a city with high bike theft cases, RTI is a smart choice.
• Loan Purchasers: Protects you from financial burden if the bike is financed.

Pros and Cons of RTI Cover

 Pros:

• Full invoice value protection.
• Covers theft and total loss.
• Peace of mind for new/premium bike owners.

Cons:

• Higher premium.
• Limited availability (only for bikes under 3–5 years).
• Not applicable for minor damages.

Conclusion

A standard comprehensive bike insurance plan offers good coverage, but it doesn’t always match your purchase value due to depreciation. Return to Invoice (RTI) cover bridges this gap by ensuring you receive the full invoice price in case of theft or total loss.

If you recently bought a bike—especially a premium one—RTI is a must-have add-on. For a small additional cost, you get complete peace of mind, financial protection, and the ability to replace your bike without burning a hole in your pocket.

Recommendation: If your bike is less than 3–5 years old, go for an RTI add-on with your comprehensive insurance policy for maximum protection.

FAQs on Return to Invoice (RTI) Cover in Bike Insurance

1. What is Return to Invoice (RTI) cover in bike insurance?

RTI cover is an add-on to comprehensive bike insurance that allows you to claim the full invoice value of your bike, including road tax and registration, in case of theft or total loss.

2. Is RTI cover available with third-party insurance?

No, RTI is not available with third-party insurance. It can only be purchased with a comprehensive bike insurance policy.

3. Who should buy RTI cover for their bike?

RTI cover is ideal for new bike owners, premium bike owners, people living in high-theft areas, or those who purchased their bike on loan.

4. Can I use RTI cover for minor damages?

No, RTI applies only in cases of total loss or theft. It does not cover partial damages or repairable accidents.

5. How long can I opt for RTI cover after buying my bike?

Most insurers offer RTI cover for bikes up to 3–5 years old. After that, it usually cannot be renewed.

6. Does RTI cover increase the insurance premium?

Yes, RTI is an add-on, so it increases the premium by about 10–15%. However, it provides significant financial protection.

7. Does RTI cover include registration and road tax?

Yes, RTI cover includes ex-showroom price, registration charges, and road tax—ensuring you get back the complete invoice value.

8. Is RTI cover mandatory in India?

No, RTI is optional. However, it is highly recommended for new and high-value bikes to avoid depreciation-related losses.

9. How is RTI different from IDV?

·       IDV (Insured Declared Value): Market value after depreciation.

·       RTI (Return to Invoice): Original invoice value, including taxes and registration.

10. Can RTI cover be renewed every year?

Yes, RTI cover can be renewed along with your comprehensive policy, provided the bike is still within the eligible age limit.