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A Return to Invoice cover, also known as RTI, is an add-on that can be purchased when you have a comprehensive car insurance policy. This add-on saves the insured from a financial burn when the vehicle has undergone severe damage or is stolen.
When you choose an RTI add-on, your compensation will be the same as the invoice price of the car.
To understand, let’s look at an example. Rahul recently purchased a Maruti Suzuki Swift Dzire with an on-road price of INR.6,74,370. So did Akhilesh. The two live in a small town that’s prone to regular thefts, and both their cars got stolen. Rahul only received compensation from his insurance company based on the IDV of his car, while Akhilesh got the entire invoice amount back. This is because Akhilesh had purchased the RTI cover.
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Standard policy exclusions are as follows –
Other exclusionary clauses are -
It goes without saying that the choice of purchasing this cover is entirely dependent on the requirements of the policyholder. However, experts suggest that the following individuals must consider the purchase of such an add-on cover for a car insurance policy -
To raise a car insurance claim, you need to:
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The claim amount will be equal to the amount that is present on the invoice that was given at the time of the car purchase. But this amount will be dependent on the terms and conditions of the car insurance policy, so it is best to refer to that once.
This additional coverage comes at a 10% increase in the premium. Weighed in monetary terms, this increase in premium is negligible as the sum that one will get at the time of the claim will be significantly high.
The cover is valid for a period of one year after which it needs to be renewed.
A return to invoice cover is used when there is total or constructive loss or theft of the vehicle. A zero depreciation cover is used in case of partial repairs to the vehicle. The purpose of both the covers is different and complementary to one another.