Owning a car comes with the responsibility to protect it from unforeseeable events when on the roads or even otherwise. You, as a car owner, can imagine the financial burden that occurs in case of every car theft or road accident in India. Most of the people believe they have chosen the right motor insurance coverage until some unexpected, unbearable event occurs.

Understand it with an example:

Ram Sharma’s car, which he bought a year ago, was stolen from the market area he visited for grocery shopping. To report the incident, he reached the nearest police station, filed an FIR, and even called his insurer. Luckily, his claim got accepted, and he was expecting to receive the claim amount equal to the car’s full value under his comprehensive insurance policy. But he was shocked to see that the insurer could only pay an amount equal to the car’s IDV, not full value.

This can happen to any individual in India who owns a car. People expect more than they should from their insurers without knowing certain subtle niceties related to the insurance claim settlement process. Still, there is one way they can follow to ensure they get the entire amount of loss. It is by opting for Return to Invoice (RTI) add-on.

Let’s dig deeper to know about what this add-on includes:

What Does RTI Motor Insurance Add-on Covers?

RTI is an add-on cover you can choose at the time of buying a comprehensive car insurance policy. It is meant to decrease the difference between the insured declared value and the invoice value of your car. With the help of this add-on, the claim settlement amount in case of a severe car accident or theft becomes equal to the on-road price you paid for your car.

Since this add-on gives significant monetary benefit, it is usually costlier than your comprehensive motor insurance policy.

However, certain conditions are prerequisite before you get the benefits of this add-on.

What More Do You Need to Know about RTI Add-on?

About the all-inclusive features of RTI, you should know that it is not something that covers or compensates any claim made for small damages and repairs. You can claim it only in case of total car damage or theft to retrieve from the loss happened in such an event.

This add-on is highly advantageous for you in case you live in a theft-prone locality or do not have a secure parking spot for your vehicle.

It would be best if you opt for this add-on for your new car till it becomes three years old. Otherwise, you can lose a considerable amount of money on getting it stolen or damaged beyond repair. You cannot get its benefits once your car reaches this age.

It All Comes Down to Choosing the Right Insurer

RTI cover does play a crucial role in helping you save considerable depreciation amount and get the invoice value of your car as the claim amount. However, it is imperative to choose a renowned insurer to buy a comprehensive insurance policy. Along with the range of add-on covers an insurer offers, he should also have a good reputation in the market and offers maximum benefits at a minimum premium to its policyholders.

The motor insurance policy from the leading motor insurers includes coverage for the loss of or damage to the vehicle insured, third party liability, personal accident cover and much else.

One of the best ways to ensure you are buying the most suitable car insurance policy is to compare the plans offered by different insurers based on their inclusive features, coverage, premium amount, add-ons available, and similar other parameters.