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Learn More About Return To Invoice Add-On Cover To Your Car Insurance


When you buy a car, you spend much more than just the ex-showroom price of the car. It costs approximately 10% more to get the car on the road. So, why should your cover be restricted to the so-called Insured Declared Value. The IDV is even lower than the car price, as it is arrived on after taking depreciation into account. One way you can get insurance for the on-road price of the car is by purchasing return to invoice (RTI) add-on cover.

What is RTI add-on cover?

RTI add-on cover provides coverage for the difference between the IDV and the invoice value of the car. It will fetch you the on-road price of the car in case of a total loss, allowing you to get a replacement without additional costs that you may have to pay out of pocket otherwise. This add-on is available for cars that are under a specific age, defined by your insurer.

Is RTI applicable to you?

Remember that RTI does not come into picture when you are claiming costs resulting from repair bills. It is only useful when your car is either stolen or has been damaged beyond repair and needs to be replaced.

Therefore, you should plan to invest in this add-on if either you live in an area where theft is a risk or if you drive long distance and the chance of meeting an accident is relatively higher. This is especially important for new cars, as the value of even a brand-new car is also depreciated by 5%. RTI cover would bridge the gap between what a regular car insurance will pay for and what you will have to spend to get a replacement.

Age of the car

RTI is only available for new cars. Once your car is more than 3 years old, you can no more get the RTI cover. This is because the depreciation in the car’s value becomes very high after 3 years and is hard to ignore for the insurers. After this point, it is a loss for the insurer to pay the invoice value of the car to the insured in case of a total loss, and therefore they cease to provide this cover once the car is older than 3 years.

In conclusion, invest in a return to invoice add-on cover if your car is new and expensive. Bharti AXA GI provides comprehensive car insurance coverage with several add-ons.

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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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