Your car is like a child to you. If you decide to keep it, you want to take care of it, safeguard it from any threats, and nurture it. Even with all the security and protection, road accidents will still occur. You will be happy to have a reliable car insurance policy to back you up for all these unanticipated situations.
Having said that, what would you do if your beloved car was stolen or irreparably damaged?
Keep your chin up because, fortunately, you have an add-on cover called Return of Invoice, or RTI. [1]
A Bajaj Allianz comprehensive car insurance plan can allow you to opt for the RTI add-on. Only new or less than five-year-old vehicles are eligible for this. The insured customer can pursue total compensation if the car is stolen or sustains irreparable damage. This will only apply to the final total invoice value of the vehicle, though.
Claims are subject to terms and conditions set forth under motor insurance policy.
What Sets RTI Apart From IDV?
Under normal circumstances, your claim’s maximum amount is typically limited to the vehicle’s IDV. RTI, on the other hand, is a top-up choice that can be utilised to pay the discrepancy between the vehicle’s invoice value and the insured declared value.
To put things in perspective, IDV will never equal the invoice value of your vehicle because of the annual depreciation of cars. You can obtain the current on-road price if you have an RTI option. That implies that you are not affected by depreciation, even if it has occurred.
Claims are subject to terms and conditions set forth under motor insurance policy.
When Does RTI Apply?
The RTI option in a Bajaj Allianz car insurance plan is a wise investment to protect your interests, particularly when facing significant financial obligations. By filling in the difference between the vehicle’s Insured Declared Value and the Actual Invoice Value, you can receive a refund for the entire “On-road” price you paid for the car.
RTI can increase the premium of a comprehensive car insurance policy. Remember that RTI is an optional feature insurance companies provide for cars until a predetermined age limit. Only some situations call for the Return to Invoice option. Therefore, you do not need to rely on RTI for compensation if your car has a dent or needs to be repaired or if your windshield has a crack. Own Damage Cover or add-ons like Zero Depreciation can cover these partial losses. *
Only significant financial losses caused by irreparable car damage or cases of theft where the vehicle is no longer recoverable should be covered by RTI.
Claims are subject to terms and conditions set forth under motor insurance policy.
Return to Invoice (RTI) cover in car insurance online is a valuable add-on that provides financial protection by reimbursing the policyholder the original invoice price of their vehicle in the event of total loss or theft. This cover bridges the gap between the insured declared value and the actual amount paid by the policyholder for the car, ensuring they are not left with a significant financial loss. Car owners can enjoy added peace of mind and safeguard their investment against unforeseen circumstances by opting for the Return to Invoice cover. Claims are subject to terms and conditions set forth under motor insurance policy.
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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.
