What Is the RTI (Return to invoice ) Add-on For Car insurance?
The RTI is an additional option that covers the difference between the declared value of the insured and the invoiced value of the vehicle. This is an option that allows you to recover the total loss (the public price paid for your car) caused by the loss!
RTI costs about 10% more than the usual complete guidelines.
And it is subjectively provided by a car insurance until the car reaches a certain age.
When Is The RTI Add-on Valid?
Returning to invoice is NOT an option. You can request to compensate for small bumps and repair bills like the last bump in your car or the slit in your windshield! This is not an addition to your repair and minor damage claims.
Back to your RTI
Imagine staying in an area where car theft is extremely serious. Or to say that your workplace is one of those places and you don’t have secure parking.
You could also be the person who travels long distances every day because your job requires it and your car is in an accident that makes it totally unusable. For a car that is right or totally new, it could mean heart failure.
A normal car insurance will not earn you the money you invested in the price on the road when you bought the car.
Also read: Top 5 Car insurance In India 2019
Given the 5% depreciation for the first 6 months from the 0 purchase day and 10% for each year, you could lose a LOT of money, even if your insurance company compensates you! RTI add-ons will help you fill this gap!
RTI add-on is not available when your car is 3 years old!
Simple definition Of RTI is:
- An insured value is the total value of the vehicle agreed by the insurer, which pays in the event of total loss or theft of your car. This value is the value of the vehicle after deducting the depreciation of the original sale price for which it was purchased.
- Amortization is the depreciation of your vehicle due to its wear over time. Yes, as we are afraid, this note is valid even if your car has only a few days (it starts already at 5% for a car purchased a few hours ago!)
Article written by
Swapnil R. Chavan (Digital marketing & SEO Executive )