Return on Invoice cover or RTI refers to the add-on cover provided in a comprehensive car insurance plan. You will get full compensation through RTI.
Nowadays, buying a car is relatively easy. With a variety of loan options, people are able to make their dream of owning a vehicle a reality. People are familiar with what is car insurance, its benefits and coverage.
Car insurance will protect you in the event of an unfortunate event. But car insurance is not just about financial protection when there is a liability. It will be helpful if you are aware of the specifics while choosing car insurance.
One such thing is RTI. RTI or Return to Invoice cover is an add-on offered to you by the insurance company. This add-on allows you to get compensation equal to the invoice value of the vehicle. The claim applies when the car is stolen or when it is beyond repair. Here are some important things to know about RTI.
Overview of RTI in Car Insurance
When RTI is concerned, it implies that the insurance company will return the value of the vehicle equal to the value mentioned in the original invoice of the vehicle. Note that this is offered by insurance companies as additional coverage. The decision to include RTI in car insurance rests with the owner of the car. Also, opting for RTI as an add-on is not mandated by law.
Working Mechanism of RTI
In a general insurance cover, the amount you can claim is restricted to the IDV. RTI is an add-on option that helps to cover the difference between the IDV of the car and the invoice value. Here IDV refers to the declared value insured. The best part about RTI is that it gives you the on-road price of your car. In short, there is no depreciation when you opt for RTI as an add-on to your car insurance.
Benefits of choosing RTI as an add-on
Here are some of the benefits you can avail by choosing RTI as an add-on.
Increases your coverage
Since RTI is an add-on, you need to buy it along with the insurance policy of your vehicle. Add-ons can widen the scope of coverage and make it personal. But note that RTI is not a free add-on and hence many people avoid buying it.
Beneficial in case of car theft
Undoubtedly, car theft has been a major problem in India. Many people spend their hard earned money on buying a car. However, opting for RTI will enable you to get the invoice value of the car.
new cars available
If you are planning to buy a new car, always prefer to include RTI as an add-on in your car insurance. In the presence of RTI as an add-on, you will be able to avoid untoward incidents.
But note that there are some cases in which RTI is not applicable. For example, RTI is not applicable in case of any third party policy. Also, you will not be able to opt for RTI for a used car. You are not liable to claim against RTI Add-on for any damages other than theft.
0 notes
So as you can see, there are many beneficial aspects of opting for RTI. Opt for RTI today and secure your new car.
for the latest auto news And ReviewFollow carandbike.com Twitter, Facebook, and subscribe to our youtube Channel.
,