When buying comprehensive bike insurance, you will be offered a selection of add-ons by the insurer. One such add-on is the ‘return-to-invoice’ cover. Wondering what this add-on is and how it can help you? Read on to discover all about this fabulous add-on and how it can add real value to your bike insurance plan.
What is the return-to invoice cover?
The return-to-invoice cover is an add-on that ensures that you get paid the original invoice value of your two wheeler in case of total damage / theft. Without this add-on, you will simply get paid the insured declared value (IDV) of your vehicle. With the return-to-invoice add-on, you get paid the on-road cost of your vehicle. That can truly be a huge financial compensation.
IDV vs. return-to-invoice cover
The IDV is the total amount that you will get paid by your two wheeler insurance coverage in case your bike is stolen or damaged beyond repair. The IDV is generally based on the vehicle manufacturer’s selling price (market value) of your bike. This IDV undergoes depreciation each year as your bike ages. Moreover, even if your bike is new, the IDV will not equal the on-road price as it does not include other costs like road tax.
On the other hand, a return-to-invoice cover goes above and beyond to ensure that you get back the invoice value of your two wheeler in case of total loss. With the help of this compensation, you can once again go ahead and buy a vehicle of your choice with no compromise on the budget.
The return-to-invoice add-on can prove helpful if you live in an area where there are frequent robberies of bikes. If you do not have your own sheltered parking, your vehicle is at risk of getting stolen. Also, you can benefit from this add-on if your vehicle undergoes damages due to calamities like fires or floods. Do speak to your insurer for a full list of the situations in which they will cover you.
A few things to keep in mind
Here are a few pointers to note on the return-to-invoice cover –
- You can only purchase this add-on with comprehensive bike insurance
- The return-to-invoice cover is only available up to a certain number of years; when your bike’s depreciation becomes too much, you usually will not get the option of this add-on
- Small damages that do not lead to total loss will not qualify you to make a claim for the return-to-invoice cover
- Your bike insurance premium might increase by around 10% if you opt for this add-on
As we can see, the return-to-invoice add-on can prove immensely helpful for new bike owners. So, go ahead and opt in for this add-on for better protection in your comprehensive bike insurance plan. Remember that you can easily buy online bike insurance these days. So, no matter how busy you are, getting coverage is always within reach. Keep your bike insurance renewed and active and ride safely!
