When you purchase a scooter, it’s not just a mode of transportation; it’s an investment. However, accidents, theft, or severe damage can leave you financially vulnerable, as most insurance policies don’t fully cover the loss. This is where Invoice Protection Cover becomes invaluable. It ensures you receive the full value of your scooter, as per its original invoice, rather than its depreciated value. Let’s explore why this add-on is essential for scooter owners.
What Is Invoice Protection Cover?
Invoice Protection Cover, also known as Return to Invoice (RTI) Cover, is an add-on feature in scooter insurance. It bridges the gap between the Insured Declared Value (IDV) and the scooter’s original invoice price. If your scooter is declared a total loss due to theft or irreparable damage, this cover reimburses the full invoice value, including registration fees and road tax.
How Does Invoice Protection Cover Work?
- Purchase as an Add-On:
Add Invoice Protection Cover to your comprehensive scooter insurance policy by paying an additional premium. - Claim Process:
In case of total loss or theft, the insurer compensates you with the invoice value instead of the depreciated IDV. - Coverage Extent:
- Full reimbursement of the scooter’s invoice value.
- Includes on-road costs like road tax and registration charges.
- Applicable for claims involving total loss or irrecoverable theft.
Why Should Scooter Owners Consider This Cover?
1. Protects Against Depreciation
Scooters depreciate quickly, with their value reducing significantly each year. In the event of a loss, your standard insurance only reimburses the IDV, which might be far less than what you originally paid. Invoice Protection ensures you don’t face this financial gap.
2. Ideal for New or High-End Scooters
Owners of newly purchased or premium scooters stand to lose more due to depreciation. Invoice Protection Cover helps recover the full cost, safeguarding your investment.
3. Coverage for Total Loss
In cases of total loss due to natural calamities, accidents, or theft, you receive the scooter’s complete on-road price, eliminating any financial burden.
4. Includes On-Road Costs
The reimbursement isn’t limited to the scooter’s ex-showroom price—it also includes costs like road tax and registration fees, ensuring full compensation.
5. Peace of Mind
Knowing that you’ll be fully compensated in case of a major mishap allows you to ride stress-free.
Who Should Opt for Invoice Protection Cover?
- New Scooter Owners: Protect your initial investment.
- Owners of Premium Scooters: High-end scooters often come with higher repair or replacement costs.
- Residents in High-Theft Areas: This cover is particularly beneficial for those living in areas with a higher risk of scooter theft.
- Frequent Travelers: Riders who frequently commute or travel long distances are more likely to face mishaps.
Limitations of Invoice Protection Cover
While this add-on is highly beneficial, there are some limitations:
- Age of the Scooter:
Usually, this cover is only available for scooters up to 3 years old. - Limited Scope:
Only applicable in cases of total loss or theft. Minor damages or partial losses are not covered. - Slightly Higher Premium:
The additional premium for this add-on might seem expensive but is worth the long-term benefits. - Policy Conditions:
Insurers may require specific documents, such as a copy of the original invoice, for claim approval.
How to Buy Invoice Protection Cover?
- Select a Comprehensive Policy:
Invoice Protection Cover is available as an add-on to comprehensive scooter insurance policies. - Compare Insurers:
Compare premium rates and coverage benefits offered by different insurers. - Understand the Terms:
Read the policy document to ensure you’re aware of inclusions, exclusions, and claim procedures.
Key Benefits at a Glance
- Full reimbursement of the scooter’s original invoice value.
- Covers road tax, registration fees, and ex-showroom price.
- Protects against financial losses due to depreciation.
- Ideal for new and high-value scooters.
- Ensures peace of mind in case of theft or total damage.
Conclusion
Invoice Protection Cover is more than just an add-on; it’s a safeguard for your scooter investment. Whether you own a basic commuter scooter or a premium two-wheeler, this cover ensures you’re financially secure in the event of a major loss.
When purchasing or renewing your scooter insurance, consider opting for this add-on to ride worry-free, knowing that your investment is fully protected.
