Some of the benefits of Return to Invoice coverage in two-wheeled vehicle insurance are as follows:

 

Return to Invoice cover helps in increasing the coverage of your two wheeler insurance policy as it offers better protection for your bicycle against theft or total damage/loss of your vehicle.

It offers you protection against losses that occur if your insured two-wheeler is stolen. This is because as a benefit obtained from RTI coverage, the insurance company will compensate your vehicle according to the value of the last bill, without taking into account depreciation.

If your insured bicycle is damaged to the point where it is impossible to repair, then with the help of Return to Invoice insurance, you can get the same or similar model of bicycle, with the final billing value of the insured vehicle.

Back to the cover Invoice is especially useful for new bikes as it offers owners some much-needed peace of mind that could be disturbed if their bike is stolen or damaged beyond repair.

Who Should Opt Back To Invoice Closing?

Ideally, the Back To Invoice cover should be chosen by all bike owners, however, it is especially important for the following people:

• People who have bought a new two wheeler/bike.
• People who live in areas where bicycle theft is common.
• People who don't have a secure parking space.
• People who travel long distances regularly and are prone to road accidents.
• People who own bicycles, who are not more than three years old.

Return To Invoice Cover (RTI) in Bike Insurance FAQ

Can I choose the Return To Invoice add-on with a third party bicycle insurance plan?

Not. The Invoice Refund (Invoice Protection) add-on is not available with third-party bicycle insurance plans.

Can I add other add-ons as well along with Return To Invoice protection to my bike insurance plan?

Yes, you can add as many add-ons as you want with Return To Invoice protection to a standard comprehensive or standalone bicycle damage insurance plan.

Can I use Return To Invoice protection in case of minor damage?

No, Return To Invoice coverage only applies to total cases, i.e. when repair costs are more than 70% of IDV.

When can I choose a Return To Invoice cover?

You can choose Back To Invoice protection either at the time of policy purchase or renewal.

Will the Return To Invoice protection compensate for the road tax I paid at the time of my bicycle purchase?

Yes, Invoice Refund coverage will provide a compensation amount equivalent to the amount stated in the invoice covering the bike registration fee and applicable taxes.

NCB Two Wheel Vehicle Insurance FAQ

When can I choose an NCB Protect cover?

NCB Protect protection can be selected at the time of policy purchase or policy renewal. Also, there are some insurance companies that allow the addition of additional coverage between policy periods.

Is the NCB Cover add-on available with a third party bicycle insurance plan?

Not. Like all bicycle insurance add-ons, NCB Protect coverage is also available only with a comprehensive and independent self-damage bicycle insurance plan and not with a third party bicycle insurance plan.

How many claims are allowed with NCB Protect protection?

The number of claims allowed with NCB Protect coverage varies from insurer to insurance company. However, generally up to 2 claims are allowed with NCB Protect protection.

Can I add other add-ons as well along with NCB Protect coverage to my bike insurance plan?

Yes, you can add as many add-ons as you want with NCB Protect Cover to your standard comprehensive/self-damaged bicycle insurance policy.

When am I eligible to receive NCB for the self-damage premium from my bicycle insurance policy?

NCB's self-damage premium from your bicycle insurance policy is available to you at the time of policy renewal.

What are the documents required to transfer the No Claims Bonus?

Although, the set of documents can be changed according to different insurance companies. However, the following documents are required for the transfer of existing NCB insurance to a new two wheeler insurance: Seller/Buyer Agreement (Form 30 and Form 29), NCB Transfer Certificate, Photocopy of Delivery Note (if selling an old bicycle), Photocopy of Order Receipt (If buying a new two-wheeled vehicle), Photocopy of Bike Insurance

How to calculate the No Claims Bonus for Bike Insurance?

The calculation of the no-claim bonus is based on the claim-free year. For simplicity, the discount percentage is subject to the number of years free of claims.

What situations can lead to the termination of NCB?

Under the following circumstances, NCB may be terminated: 1. Insurance package renewal must be made within 90 days from the policy expiry date, otherwise the No Claim Bonus may be terminated in its absence. 2. If at the time of the policy term, a claim has been submitted by the policyholder, it leads to the termination of the NCB because the benefits of the bonus cannot be disbursed now.

Is NCB transferable at the time of purchase of a new two wheeler?

NCB can be transferred from your old two wheeler to your new one, if you decide to buy a new vehicle provided you remain a policyholder. There is no claim bonus for policyholders and not for two-wheeled vehicles.

Is it possible to use NCB for multiple two wheelers?

NO, NCB is offered for one insured bike only. Benefits for one policy cannot be used for other policies.