What is RTI in Car Insurance
The maximum amount of claim you can make in a normal car insurance cover is restricted to its IDV. Return To Invoice (RTI) is an additional coverage that an owner can purchase while buying a car insurance policy. RTI is not mandatory by law and the decision to include RTI in a car insurance totally depends on the owner of a car. RTI is known to bridge the gap between the Insured Declared Value (IDV) and the Invoice value of the car. It is very important to understand that RTI is only applicable if your car is highly damaged and becomes unusable. For small damages, RTI is not applicable. RTI also comes into action when a vehicle has been stolen.
Key Benefits of Return To Invoice Cover
1. Safeguards your car Against TheftRTI helps you to recover the entire cost of your car in case your vehicle has been stolen within the first three years of purchase. It is recommended for people who do not have secured parking spaces or are living in theft prone areas, as you can recover the entire cost.
2. Safeguards your car Against Total LossTotal loss is a situation where a car is damaged to such an extent that repairing it would cost more than its resale value. Thus, here it would be better to salvage the car and keep the remaining amount you receive. RTI comes to your rescue in such a situation as it will help you receive the entire value of the car without worrying about damages or repairs.
3. Scope of CoverageReturn to Invoice is an additional coverage that you can buy with your car insurance policy. Add-ons can be customized as per your needs, increasing the scope of coverage.
A lot of time and research goes in while you choose the right vehicle for yourself. But it is equally important to make sure that you opt in for the right motor insurance policy as it can be a real life- saver in multiple situations. We at PINC Insurance are always happy to help you choose the right motor insurance policy!