When you buy bike insurance, a crucial add-on to consider is RTI, or Return to Invoice Cover. RTI cover is a helpful option for bike owners, especially if you’ve bought a new or high-value bike and want the peace of mind that comes from knowing you’d be fully compensated in case of theft or a total loss.
Let’s go over what RTI coverage is, why it’s important, and how to add it to your bike insurance.
What is RTI (Return to Invoice) Cover?
RTI (Return to Invoice) cover is an add-on option in bike insurance that offers you full compensation equivalent to your bike’s original purchase price in case of total loss or theft. Generally, a regular insurance policy provides only the Insured Declared Value (IDV), which is the market value of your bike minus depreciation. With RTI cover, however, you get the full invoice value of your bike, which is what you originally paid for it. This coverage can also include other costs like registration fees and road taxes, depending on the insurance provider.
Why is RTI Cover Important?
RTI cover is beneficial if you own a relatively new bike, as it helps you cover the gap between the depreciated value and the original purchase cost. This feature is particularly valuable for:
- Expensive Bikes: Owners of high-value bikes can avoid substantial financial loss by getting RTI coverage.
- Peace of Mind: RTI offers extra protection and peace of mind in case of theft or irreparable damage.
- High-Theft Areas: If you live in a location where bike theft is more common, RTI cover can help you avoid a big financial setback.
Steps to Get RTI Cover for Your Bike Insurance
Adding RTI cover is a simple process when you buy bike insurance online or renew an existing policy. Here’s a step-by-step guide to getting RTI cover:
- Choose a Comprehensive Bike Insurance Policy
RTI coverage is only available with comprehensive bike insurance plans and not with third-party liability policies. If you currently have only third-party insurance, you’ll need to upgrade to comprehensive coverage to be eligible for RTI. Comprehensive coverage will also protect you against accidental damages, theft, and third-party liability, making it an essential upgrade if you want all-around protection.
- Confirm RTI Eligibility
While RTI is useful, it is generally offered only for bikes that are up to 3–5 years old. This limit is in place because older bikes experience higher depreciation and may not benefit as much from this add-on. Confirm with your insurance provider if your bike qualifies for RTI.
- Compare Different Insurers and Plans
Many insurance companies offer RTI coverage, but the terms, premium costs, and benefits can vary. It’s a good idea to research and compare policies online to find the best option for you. Using websites that allow you to buy bike insurance online, you can easily compare different policies, add-ons, and prices from various providers to get the best deal.
- Add RTI Cover at Purchase or Renewal
You can add RTI coverage either when purchasing a new insurance policy or renewing an existing one. If you are purchasing bike insurance online for the first time, select RTI cover as an add-on while choosing your policy. If you already have comprehensive bike insurance, simply request RTI coverage during your next renewal. Adding RTI from the start can help keep your premium more stable and provide uninterrupted protection.
- Review Policy Terms and Conditions
Each insurance provider may have different terms and conditions for RTI coverage, so it’s essential to read them carefully. For example, some insurers may only offer RTI for specific bike models or have usage restrictions. Also, check for exclusions, which are specific situations where the coverage might not apply. Understanding these details can help you avoid surprises during claim settlement.
- Ensure Proper Documentation
In case you need to claim RTI cover, having your documents in order will speed up the process. Keep essential documents handy, such as the original purchase invoice, registration papers, and a copy of your current insurance policy. Digital copies stored in a safe place can make the process faster and simpler.
Things to Keep in Mind
RTI cover is an excellent choice for new or high-value bikes, but there are a few key things to consider:
- Additional Cost: RTI is an add-on, so it will slightly increase your premium. However, the additional cost is often worth it given the peace of mind it provides.
- Coverage Duration: RTI is generally available for bikes up to 5 years old. After this, the benefit is reduced due to higher depreciation on older vehicles.
- Claim Process: If you need to claim RTI, it’s helpful to know the exact steps, which usually involve submitting your claim, providing the required documents, and awaiting the insurer’s decision.
Frequently Asked Questions
- Can I add RTI cover to any bike insurance policy?
No, RTI coverage is only available with comprehensive bike insurance policies, not with third-party liability insurance.
- Does the RTI cover include extra accessories on my bike?
RTI generally covers only the original invoice value, which includes the bike’s base price, road tax, and registration fees. Accessories added later are not typically covered under RTI unless specified in your policy.
- Is RTI coverage mandatory for all bike insurance policies?
No, RTI is an optional add-on. However, it’s a smart choice if you own a new bike and want full protection against total loss or theft.
Conclusion
RTI cover is a valuable addition to your bike insurance policy if you’re looking for extra financial security. By following these steps, you can easily get RTI coverage, whether you’re buying bike insurance online for the first time or renewing an existing policy. RTI ensures that, in the unfortunate event of total damage or theft, you receive the full purchase price of your bike, helping you recover financially without hassle.
Always remember to compare different insurance options, review terms and conditions, and keep your documents ready to enjoy seamless RTI coverage. Adding this cover is a small investment for the significant financial safety it brings.
