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What is Return to Invoice Cover (RTI) in Car Insurance?
RTI or Return to Invoice is a cover that enables you to receive compensation when a car is stolen or when it is beyond repair. Earlier, this compensation amount was equivalent to the car's invoice value i.e., the original value of the car when you bought it. Now, we have enhanced the coverage for RTI, wherein the policyholder can claim for the amount as per the value opted by them at the time of add-on purchase. This value could be the original invoice value when the vehicle was purchased or the new invoice value when the insurance was bought or the new invoice value when the vehicle was totally damaged or stolen.
For instance, in the unforeseen circumstance where your car is stolen, and the police are not able to find the car, it might put you in a difficult, dire situation. Apart from this, if your vehicle suffers an accident and gets damaged beyond repair, you are eligible to raise a claim against it. This is when RTI comes into the roleplay. When you have return to invoice insurance, you need not worry as it lets you get the compensation equal to the invoice value of your vehicle.
How Does RTI Cover Work?
The return to invoice car insurance becomes active when your insured car suffers damage beyond repair and can no longer be repaired in a garage. It becomes a waste. To get compensation for the loss, the policyholder can raise a claim.
For insurance claim purposes, the insurance declared value of a car is taken to be the maximum amount you get for your car. However, sometimes, the IDV might be lower than the last invoiced value of your car. This can occur in the case of older cars that see higher rates of depreciation! However, with our enhanced RTI add-on cover, the vehicle owner can receive the original invoice amount of the car or the new invoice value when the car insurance was purchased or the new invoice value when the vehicle was stolen or declared irreparable.
You need to inform your insurer about the incident and raise a claim. Make sure to attach all the relevant documents, photos of the incident (if any) and other details. In case of theft, a copy of the FIR has to be attached as well. The insurance company will do the survey and determine what is needed. Once the vehicle is declared damaged beyond repair or lost, you receive the compensation. Without RTI, you only get the IDV (Insured Declared Value) amount and with RTI, you get the invoice value of the car.
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
Return to invoice cover is an add-on cover that can be purchased with a comprehensive car insurance plan. Here is how you can opt for it:
Active comprehensive plan
No active comprehensive plan
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
• Best suited for new cars: This is based on HDFC ERGO's understanding that new cars need compensation as per the invoiced amount in case of irreversible damage.
• Increases the Scope of Coverage: A plain car insurance policy as per IDV doesn't offer you security as much as a coverage plan with an RTI add-on.
• Better protection from total damage: You get a value that is closest to the value of the car as opted, which is, when it was first purchased or when the insurance policy was bought or when the car got damaged beyond repair.
• Beneficial in case of theft: This gives you both mental peace and an assurance that maximum value can be recovered in terms of compensation.
• For damage beyond repair, get a similar model of the vehicle: You can get a good sum that is as close to the original invoiced amount as possible or the new invoiced value as per revised conditions. However, for TP issues, this isn’t applicable at all.
• Available with Own Damage: The RTI claim coverage is valid only when your own car undergoes damage. It is not applicable for third-party damages.
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 can be a very beneficial cover, when opting for it you need to know about 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
• The RTI cover will be applicable in case your car is stolen and the police are unable to trace it.
• After an accident, if the car is a total loss. This means that the cost of repair of the car is more than its IDV.
• Return to invoice insurance is only applicable to cars below 3 years. This is because after three years, the car depletes its value enormously.
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
If you plan to invest in RTI cover, you must know a few things about it, like:
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 car 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.
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 emergency situations, we cooperate with you to maintain the safety of your family and your car.
Under a zero depreciation add-on, you receive the entire claim without deducting the depreciation on the car’s parts
When you do not put in any claim for a complete year, you get a reward from HDFC Ergo in the form of a discount
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.
A usage-based add-on where you pay per your consumption. Here, you select a slab that denotes the estimated distance that you will be travelling basis 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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