Return to Invoice Cover (RTI) in Car Insurance
Return to Invoice is an add-on option that covers the gap between the insured declared value and the invoice value of your car along with the registration and other applicable taxes. RTI helps in fetching the purchase value (on-road price) of the car in case of theft or total loss. When the cost of repair cost is over 75% of the IDV, it is considered a total loss. However, it is applicable if your car is extremely damaged and becomes unusable, but for small damages, this cover is not applicable.
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Standard comprehensive, as well as standalone own-damage plan, provides you insurance coverage for the own-damages sustained by the insured’s car in an unfortunate event including road accidents, natural/man-made calamities, fire, theft, riots, etc. The amount of compensation depends on the Insured Declared Value (IDV) of the insured’s car mentioned in the car insurance policy document.
When the cost of repair of the insured’s car is more than 75% of the IDV, the damage is termed as a total loss. In case of a total loss, the policyholder is entitled to receive the IDV amount as compensation. However, this IDV is lesser than the invoice amount which the policyholder had actually paid at the time of purchasing the car. The invoice price includes registration charges as well as road tax charges in addition to the selling price of the car.
However, by opting for a Return To Invoice (RTI) car insurance add-on cover, the policyholder can bridge the gap between the IDV and the invoice price. Return To Invoice cover, also known as Invoice Protection Cover, helps the policyholder to receive a claim amount equivalent to the cost of your car mentioned in its invoice. With this car insurance add-on cover clubbed with a comprehensive or standalone own-damage car insurance plan, the policyholder can receive an amount equivalent to the on-road price of the car in the case of total loss.
Features of Return To Invoice Cover
- Available with comprehensive car insurance plans and standalone own-damage plans.
- Costs around 10% more than standard comprehensive/standalone own-damage policy but helps the policyholder get registration charges, depreciation amount as well as road tax charges in addition to the selling price of the car in case of total loss.
- It is applicable only if the insured’s car is extremely damaged and is not in a usable condition. It is not applicable in case of minor damages.
Who Should Opt For Return To Invoice Cover?
Ideally, the Return To Invoice cover should be opted by all car owners, however, it is extremely important for the following people:
- People living in areas where car theft is common
- People do not have secure parking spaces
- People who travel for long distances regularly and are vulnerable to road accidents.
Benefits of Return to Invoice Add-On Cover
Some of the benefits of the Return to Invoice add on cover for your car is as follows:
Increases the Coverage
Return to Invoice add-on cover is the extra cover that the policyholder can purchase along with their standard car insurance plan. With this add-on, you can customize your insurance plan and also increase the coverage of the plan. As this cover is not provided free of cost, some policyholders refrain from buying it despite the benefits offered.
Advantageous during Complete Loss
Total loss of a car is a condition, wherein the vehicle is beyond repair, and repairing it would cost more than its resale value. Therefore, it is advisable to not spend money on the repair of the car, which is in total loss condition. Purchasing an RTI cover can act as a boon in such a condition as it would be helpful for the policyholder in getting the entire value for their car without worrying regarding the cost of repair, damage or salvage.
Coverage for New Cars
Generally, individuals are more concerned regarding their new car in comparison to the used car. Also, when the new car gets into any accident and incurs any kind of damages, the owner gets more emotionally drained. However, if an individual has bought Return to Invoice add-on cover along with the standard car insurance plan, the policyholder can get worry-less even if there is any major damage.
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Return to Invoice Cover for Car Insurance FAQ
Can I opt for a Return To Invoice add-on with a third party car insurance plan?
No. Like all other car insurance add-ons, the Return To Invoice add-on is not available with a third party car insurance plan.
When can I opt for the Return To Invoice cover?
You can opt for the Return To Invoice cover either at the time of policy purchase or its renewal.
Can I add other add-ons also along with the Return To Invoice cover to my car insurance plan?
Yes, you can add as many add-ons as you wish with the Return To Invoice cover to your standard comprehensive/standalone own-damage car insurance policy.
Can I use my Return To Invoice cover in case of minor damages?
No, the Return To Invoice cover is applicable only in case of total case i.e. when the cost of repair is more than 75% of the IDV.
Will the Return To Invoice cover compensate for the road tax paid by me at the time of purchase of my car?
Yes, the Return To Invoice cover will provide a compensation amount equivalent to the amount mentioned in the invoice which includes car registration charges and applicable taxes.
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