July 19, 2024

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What Is Return To Invoice In Car Insurance?

Things to Know about Return to Invoice Cover (RTI) in Car Insurance

Return to invoice (RTI) is a feature in comprehensive car insurance. It pays you the original car’s invoice value if it’s beyond repair or stolen, providing peace of mind in challenging situations. 

How Do You Use RTI Coverage?

The maximum amount you receive for your car is considered the insured      declared value to file a Bajaj Allianz comprehensive car insurance claim. The IDV, however, may occasionally be less than your car’s most recent invoiced value. This may happen if your car is older and depreciates more quickly!

Another simple way to put this is this: if your car is stolen or sustains irreparable damage, you get reimbursed for its on-road value. When it comes to understanding Return To Invoice in car insurance, one of the most important car insurance renewal tips is to review and update your policy regularly. Claims are subject to terms and conditions set forth under the motor insurance policy.

What Does The Return To Invoice (RTI) Cover Applicable Include And What Does It Not?

If your parked car is stolen and the police can’t find it, RTI Cover may help. You may need the original car invoice to file a claim.

  • Reside In An Area Where Theft Is Common

If you reside in an area where vehicle thefts are frequent, get an RTI coverage.

  • Natural Disaster-Prone Region

Obtaining an RTI provides a workable solution to prevent further financial strain if you live on a hillside or in a region where floods frequently occur.

  • Lack Of Access To Safe Parking

You can sleep soundly and worry-free knowing that RTI top-up takes care of this, which frequently occurs in larger cities.

How Is The RTI Determined?

An RTI claim figure is approved following a comparison of two values according to the following:

  • The car’s invoice price includes the purchase registration, road tax, and ex-showroom price.
  • The cost of replacing a car, considering the ex-showroom price, registration fees, and applicable road taxes.
  • For cars with an RTI add-on, the lower of these two amounts is approved as the claim amount.

What Is The Cost Of A Return To Invoice?

The cost of RTI add-ons varies depending on the make and model of the car; you can use simple calculators to help you figure it out. 

Benefits Of RTI Add-On Coverage: 

  • Ideal For New Cars: In the event of irreversible damage, new cars must be compensated according to the invoiced amount.
  • Helpful In The Event Of Theft: You’ll have peace of mind and the knowledge that you’ll get the most money back in compensation.
  • Expands The Scope Of Coverage: An IDV-compliant basic car insurance policy won’t provide you with the same level of security as one that includes an RTI add-on.
  • Greater Protection Against Total Damage: You receive a value similar to the car’s original purchase price.
  • If The Damage Is Beyond Repair, Purchase A Comparable Model Of The Car: With the RTI plan, you can obtain a respectable amount that is as near to the original invoiced amount as feasible. However, this is entirely irrelevant to tired party issues.
  • Available With Own Damage: The RTI claim coverage only applies if damage occurs to your vehicle. It does not apply to damages incurred by third parties. *

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*Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.