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What is Return to Invoice Cover (RTI) in Car Insurance?
Return to Invoice (RTI) is an add-on cover in car insurance available with own damage or comprehensive car insurance. It provides compensation equal to your car’s invoice value in case of total loss, when your car is stolen or damaged beyond repair. With HDFC ERGO’s enhanced RTI cover, you can choose the value at the time of purchase, whether it’s the original invoice value or the latest invoice value when the claim occurs.
For example, if your car is stolen and cannot be recovered, or if it suffers irreparable damage in an accident, RTI ensures you get the full invoice value instead of the depreciated amount. This add-on helps you avoid financial loss and makes replacing your car easier.
How Does RTI Cover Work?
Before you decide to purchase the return to invoice cover, it is crucial to understand how it works. Know that when your insured vehicle is damaged beyond repair or stolen, your insurance company offers compensation based on the insured declared value (IDV). This IDV can be lower than the actual amount you paid at the time of purchasing your vehicle.
The RTI in car insurance protects you from suffering a loss in such situations. If you have opted for RTI cover on your existing car insurance, your insurer offers compensation that is the same as the invoice amount of your vehicle.
What Do You Need to Do?
1. Inform your car insurance provider at the earliest possible instance if your vehicle has been stolen or damaged beyond repair.
2. Submit all the relevant documents along with policy details showing you have RTI in car insurance.
3. Wait for verification and approval.
4. Receive compensation that is the same amount you paid at the time of purchasing your vehicle.
RTI Bridges the gap between insured declared value and the original invoice cost.
Benefits of Return to Invoice
Here are some benefits of Return to Invoice add on cover
| Benefit | Feature |
| Enhances the Scope of Coverage | With RTI add-on cover, you secure your expenses completely against situation where your vehicle is irreparable or untraceable. |
| You Can Buy With New Cars | Buying a new vehicle involves lots of money. With RTI add on cover you can have peace of mind as your losses will be covered if your vehicle is untraceable or stolen. |
| Beneficial In Case of Theft | Car theft is a common thing these days. It is wise to have RTI add-on cover to get coverage of full invoice value if the vehicle is stolen and untraceable. |
| Beneficial in Case of Total Loss | Here, you get the entire value of the car without worrying about damage and repairs of the vehicle. Say, if your vehicle has entirely burned due to fire, insurer will pay amount equivalent to car’s invoice value as opted by them. |
What is Covered/Not Covered in Return to Invoice (RTI)
Suppose you buy a car and park it somewhere on the road beside your home. Next, you file an FIR, but the police are not able to find the car after the investigation. This is when the RTI Cover can be applicable.
Living in a theft-prone area
Get an RTI cover if you stay in a place where car thefts are common.
Non-availability of secured parking
This often happens in bigger cities and with HDFC ERGO's RTI top-up, you can sleep peacefully without any care!
Financial burden
Forget the worry of having to pay high bills in case of irreversible damage to your car or loss via theft!
Natural calamity prone area
Living on a hillside or an area where floods occur often could expose the car to the risk of high-end damages, getting an RTI from HDFC ERGO offers you a viable solution against further financial drain!
Some of the situations cannot be covered under the RTI insurance. These are:
Small Dents or minor damages
Minor dents and grazing on the car body do not fall under the category of irreparable damage. Thus, the RTI add-on doesn't apply.
Third-party (TP) Liability Policy
In case you cause damage to a car while driving around—RTI cannot be tapped as part of third-party policy cover.
Age of car
You can avail RTI add-on for cars within 3 years from the time of buying. HDFC ERGO specifies the same for buyers looking at buying an RTI add-on.
Lack of FIR
A copy of the FIR must be submitted for HDFC ERGO to process the RTI claim. We confirm this with the concerned authorities
How is RTI Calculated?
HDFC ERGO sanctions an RTI claim figure after it compares two values as per the following-
1. The value selected by the policyholder which might be – the original car invoice value, including ex-showroom price, road tax paid and purchase registration or new car invoice value at the time of insurance purchase or new car invoice value when the car got damaged or stolen.
2. The car replacement price is based on the ex-showroom price point, registration costs and road taxes payable.
3. The lower figure between these two is sanctioned as the claim amount for cars with RTI add-on.
How Much Does Return To Invoice Cost?
RTI add-on prices vary according to the car model and age. HDFC ERGO offers easy calculators for you to understand the value. RTI premium is mostly 10 per cent higher than the premium for comprehensive coverage without RTI.
Example of RTI In Car Insurance
To understand what is return to invoice in car insurance, here is an example:
Rajiv purchased a brand new compact SUV of ₹17 lakhs. Rajiv lives in a flood-prone area. It's just been 1.5 years since he purchased the car, and in a flood mishap, his car got washed away. Even after all the efforts, the car couldn't be spotted.
Case 1
Case 2
With the aforementioned example and cases, you can see the difference that RTI cover makes. With RTI insurance, you need not shell any amount from your pocket.
How to Opt for RTI Cover?
Now that you know what is RTI in car insurance is, take a look at how you can opt for it. Purchasing return to invoice in car insurance becomes simpler and quicker with HDFC ERGO’s website or mobile app. Here’s what you need to know before opting for RTI cover in motor insurance:
When Buying a New Car
When Renewing Your Car Insurance Policy
Pro Tip: You can also switch to a new insurer before your current policy lapses without losing the accumulated benefits, like no claim bonus.
Validity of The Invoice Protection Cover
The validity of the return to invoice in car insurance is for 1 year. Depending on the plan chosen and the insurer, you may increase the validity of the plan. This add-on cover goes along with the comprehensive car insurance plan. So, when you renew the comprehensive plan, the RTI cover also has to be renewed.
Advantages of RTI Add-On Cover
Purchasing return to invoice cover in car insurance has helped many vehicle owners get complete compensation in case of a total loss of their vehicle. While your existing policy offers comprehensive coverage, adding RTI extends coverage for unforeseen circumstances.
Let’s take a look at some of the advantages of return to invoice car insurance cover:
Get Complete Compensation
Purchase a New Vehicle
Suitable Option for New Cars
Who Can Opt for RTI Coverage in Car Insurance
If you own a new car, opt for RTI cover as the depreciation of the car increases year after year which can poorly affect your claim settlement in case of theft or complete damage. If you live in a theft-prone locality or even you are based in a natural disaster-inclined area, you must opt for a return to invoice (RTI) cover. RTI in car insurance ensures that you receive the entire value of the amount as per the coverage selected on the original invoice value or new invoice values in case of theft or complete damage.
When is RTI Applicable?
While return to invoice cover in car insurance can be a very beneficial option, when opting for it, you need to be aware of its applicability. Keep in mind that you won't be able to claim for the minimal damage and repair of your vehicle, but only in the following situations:
Vehicle Gets Stolen
RTI cover is applicable when the insured vehicle has been stolen and is untraceable by the police.
Vehicle is Declared “Total Loss”
RTI cover is applicable for vehicles that have been declared a “total loss” by the insurance company.
Did You Know that insurance companies usually declare a vehicle a total loss when the repair cost exceeds 75% of the vehicle's insured declared value?
Vehicle is Eligible
Documents for RTI Claim
To ensure that your claims under the RTI are settled seamlessly, make sure to keep these documents handy:
1. Insurance policy documents showing that you have purchased the RTI add-on cover.
2. Registration certificate of your vehicle and a valid driving license.
3. The original invoice document of your vehicle.
4. And identification proof that is issued by the government of India, like an Aadhaar card or PAN card.
5. Duly filled claim form.
Note: This list of documents is for your reference purposes only. Kindly check with your insurer for a detailed and specific list of documents required.
How a Claim Against RTI is Settled?
Here's a step-by-step guide to settling your car insurance claim against Return to Invoice
• Get a stamped copy of FIR in case of theft, stating that the car is untraceable
• In case your car gets damaged due to a fire, you can get feedback from an authorised garage to prove that your car is beyond repair from damages.
• Submit the document by uploading it to the HDFC ERGO portal for customers. While uploading documents, you will also have to enter or upload other important insurance-related details.
How is RTI Different From IDV?
The return to invoice car insurance is different from the insured declared value (IDV). Here are some of the differences given in the table below:
| Return to invoice | Insured Declared Value |
| RTI is an add-on cover and not covered in the base plan of car insurance | IDV is included in the base plan of a car insurance policy |
| You need to pay an additional premium to purchase RTI cover | IDV does not require any additional premium payment |
| With RTI, the policyholder can receive the
original invoice amount of the car if selected or the new invoice value of the vehicle when the policy was purchased or the revised invoice value of the car at the time of theft or total damage. | IDV is the agreed amount between the policyholder and the insurer. The amount is decided at the time of purchasing the policy and it may not always be the original invoice amount of the vehicle |
| RTI coverage needs to be renewed along with the comprehensive car insurance plan | IDV gets renewed automatically when the car insurance plan is renewed |
Which of The Add-on Covers Is Better? ZERO Depreciation or RTI
| Parameter | Zero Dep Cover | RTI Add-on |
| Meaning | Zero depreciation is an add on cover where the insurer settles the claim amount without considering the depreciation on various parts of the vehicle | This add-on cover applies when the damages to your car are beyond repair or if your car is stolen. |
| How Does it Work? | With this add-on, the policyholder gets the claim without deducting the vehicle's depreciation value. | It helps fill the gap between the IDV and the car's invoice value during claim settlement. |
| Premium | Here you will have to pay about 15%-20% higher on your standard premium amount. | TRTI premium is mostly 10% higher than premium for comprehensive coverage |
| Example | Mr. A’s car met with an accident and required repairs. Since he had zero dep cover, he got the total claim amount as the depreciation of car parts was not considered. | Mr. Y's car was stolen and was declared untraceable. However, since he has the RTI add-on, he got the amount closest to the value of the car which is equivalent to the original or the new invoice value as opted. |
Things to Remember About RTI Cover
Before you finalise RTI as an add-on cover on your existing car insurance policy, here are a few things that you must bear in mind:
Available only for new cars
Cars up to three years old can avail the RTI add-on benefit from HDFC ERGO.
RTI is an additional cover
RTI insurance is an add-on cover. It is not covered under the basic plan of the vehicle insurance. You need to top up the base plan with RTI cover.
Comprehensive car insurance plan
In order to purchase a return to invoice, you need to have a comprehensive car insurance plan. This add-on is not available with a third party insurance policy.
Cost and validity
The renewal needs to be initiated every year along with the comprehensive premium renewal at HDFC ERGO. The cost depends on the car’s last or latest invoiced value.
Complete reimbursement vs IDV
IDV allows you to get a claim amount based on the market value of the car as per make and model as well as age. Taking depreciation in account, the claim you receive will be lesser than the car’s value during the time of buying, but for RTI you get the total amount as per invoice.
Covers total loss and theft only-
RTI does not apply for damage via accidents or minor dents and small damages.
How to Buy/Renew RTI Cover Online?
Buying or renewing RTI cover online becomes quick and hassle-free if you choose HDFC ERGO’s portal. Here’s how you can buy or renew RTI cover online:
Go to the Website
Visit our home page or open the mobile app. Go to the car insurance
Fill in Your Policy Number
Here, you have to fill in the policy number of the base policy or enter your vehicle registration number
Explore Add-On Options
Select a comprehensive policy. Now you will be able to see the add-on options you are eligible for. From the list of add-ons, select “Return to Invoice.
Get a Premium Quote
Get a quote on the additional premium you have to pay for purchasing the RTI cover.
Place the Order
Fill in the application form and make the payment to place an order.
Receive the Policy
HDFC ERGO quickly verifies the documents submitted. Upon approval, you will receive policy details at your registered email address or on WhatsApp.
Pro Tip: You can use HDFC ERGO’s online premium calculator to get an estimated premium impact for purchasing RTI or any other add-on cover.
HDFC ERGO Car Insurance Add-ons
When it comes to car insurance, spending a small amount more for car insurance add-on coverage can prove to be the best choice because it completely protects your family and your precious car. HDFC ERGO provides you with the most comprehensive insurance policies with appealing features and budget-friendly pricing. In all emergencies, we cooperate with you to maintain the safety of your family and your car.
Under a zero depreciation car insurance add-on, you receive the entire claim without deducting the depreciation on the car’s parts.
When you do not claim for a complete year, you get a reward from HDFC Ergo in the form of a discount under no claim bonus.
In case your car broke in the middle of your journey, emergency help covered by HDFC Ergo helps you with mechanical support, towing, keys replacement, tire replacement, refuelling, etc.
Pay as you drive is a usage-based add-on where you pay for your consumption. Here, you select a slab that denotes the estimated distance that you will be travelling, based on which the premium is calculated on your invoice.
Return to invoice insurance means, your insurance provider will compensate you the original invoice value or the new invoice values of car as opted, in the event of theft or total damage.
Your insurance policy would not cover consumable items such as nuts, bolts, grease, AC gas, battery water, lubricants, etc. However, the consumables cover would help you in saving significant out-of-pocket expenses
The downtime protection cover will help bear the expenses you spend on cabs for your daily commute while your car is getting repaired.
This add on covers loss of your personal belonging such as cloths, laptop, mobile, vehicle documents like Registration Certificate, Driving License etc.
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