Let�s understand what RTI means and how you can take the advantage of it in case of theft or complete damage to your car.
What Exactly Does Return To Invoice Mean?
Return to invoice (RTI) is an add-on cover that is included in full-fledged car insurance plans. This cover is offered only in comprehensive car insurance plans. RTI coverage in car insurance means that you will be provided with the original purchase value (approximately) of your car by the insurance company in case of major or complete damage or theft.
The cover is not compulsorily included while buying car insurance. You�ll have to pay an extra amount in addition to your car insurance premium if you want to get the advantages of this add-on cover. Ideally, car insurance with RTI add-on coverage costs 10% more than regular car insurance.
Eligibility Criteria for RTI
Not every car owner is eligible for availing RTI coverage. Some certain conditions and criteria apply before you can avail of RTI coverage.
When is RTI Applicable?
Only automobiles that are brand new or are less than three to five years old are eligible for this cover.
When your car gets completely damaged or is not applicable for any repairs.
When you live in an area where safe parking is not available.
When you live in a theft-prone area and your car gets stolen.
When you live in an area that�s prone to natural disasters or calamities like floods or earthquakes.
When is RTI not applicable?
In case of minor damages or small dents, one cannot raise a claim. RTI only covers cases of complete damage or theft.
You�ll need to file an FIR to raise a claim; otherwise, you won�t be able to seek the benefit of RTI.
If you end up damaging your car while driving, it does not qualify for being covered under RTI.
If your car has already reached the specified age limit (3-5 years), you cannot reap the benefits of RTI.
An RTI undoubtedly gives extra coverage against complete damage and theft. It helps you get the closest value to the original value of your car. It can aid you in lowering your financial liabilities. Whether you should buy an RTI cover or not completely depends on your requirements. Although the cover is not for a lifetime, if you wish to go for extra security while purchasing your new car, you can check the box for this add-on cover!
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