Return To Invoice Cover or RTI is an add-on cover offered by the insurers today in India. This optional rider, when availed, covers the gap between the vehicle’s insured declared value (IDV) and the original cost of the car at the time of purchase. The premium for RTI is 10% more than the comprehensive insurance cover.
Return to Invoice comes into play when your car has been damaged beyond repair as a result of mishap. Under this cover, you will receive the complete compensation that equals to the vehicle's original invoice value, thus protecting you from the financial loss if your car gets stolen or is deemed as a total loss.
Regular wear and tear of the vehicle, small dents or cracks, etc. are not covered under this rider.
In case you have an expensive car, you can avail this add-on cover to enhance your motor insurance and protect yourself against unforeseen liabilities due to total loss of the vehicle. This add-on cover is a boon for those who have recently purchased a new car.
The Return to Invoice cover is generally not offered to vehicles that are older than 3 years. This is due to the fact that vehicles over 3 years old would have high percentage of wear and tear that would impact the claim settlement where the insurers would lose money.
The RTI add-on cover comes with the following benefits: