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Return to Invoice
in Car Insurance
Why Return to Invoice in Car Insurance?
Indian roads are unpredictable and can sometimes be dangerous when it comes to driving. No matter how safely you drive your car, you cannot complete overrule the possibility of meeting with an accident. Buying a car is an expensive investment from the start. On top of this, if in the event of an accident your car is damaged beyond repair, buying a new car can prove to be financially burdensome. This is where Return to Invoice car insurance add-on can prove to be extremely helpful and alleviate your financial woes.
What is a Return to Invoice Car Insurance Add-On?
Return to invoice (RTI) in car insurance is an add-on coverage offered by SBI General Insurance. Opting for this add-on can help you close the gap between the insured declared value of the car insurance and the value of the purchase invoice paid by you. This is an option that can help you get the full amount of loss (including government taxes paid) in case of any mishaps.
- The declared value of the insurance is the total value of your car agreed upon by the insurance company. If your car is completely damaged or stolen, the insurance company will pay for the loss. This value will correspond to the value of the car after depreciation is deducted from the original price of your purchase.
- Depreciation is the decline in the value of your car as it wears out over time.
When is the Return to Invoice Applicable to You?
Return to Invoice (RTI) in car insurance is not an option where you can claim compensation for small dents and repair. It is not a supplement to your repair and minor damage claims. RTI coverage in car insurance can help you recover the financial loss in case your car is stolen or damaged beyond repair.
What are the Benefits of Return to Invoice Car Insurance?
Return to Invoice cover in car insurance can benefit you in many ways. When needed, good financial help can turn out and people don't have to jeopardize their savings to buy a new car again. The following is a list of advantages of RTI in car insurance:
Increased Coverage
Car insurance policies are of two types: the first is basic liability insurance, and the second is a comprehensive insurance policy that provides own damage cover along with add-on options. The Return to Invoice add-on applies to a comprehensive auto insurance policy. Therefore, you can increase the benefits provided by the comprehensive policy with the help of RTI.
Applicable to New Cars
Some people love to maintain new cars more than old cars. Therefore, if your new car has any type of accident and is damaged, it can be a matter of huge concern. However, if you purchase an RTI coverage in car insurance, you don’t have to worry in the event of major damage.
Benefits in Total Loss
Total loss refers to the situation where the car is seriously damaged and the repair cost exceeds more than 75% of its Insured declared value. In this case, RTI may be a blessing. It will help you get the full value (Your invoice cost) of the car without worrying about damage, repair, or recovery.
Private Car Insurance Policy - Package (UIN: IRDAN144RP0005V03201112)
Return to Invoice- (UIN: IRDAN144RP0005V03201112/A0009V01201718)
Disclaimer: The above information is indicative in nature, for more details on complete coverage and terms and conditions, please contact our nearest office and also read the policy document and sales brochure carefully before concluding a sale.
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