Protect Your Car’s Replacement Value with Return to Invoice Cover
Return to Invoice Cover in Car Insurance
Return to Invoice (RTI) in insurance means an add-on cover that provides additional coverage over your car’s IDV when filing a car insurance claim.
Available with standalone own damage and comprehensive plans, the RTI covers the difference between your car’s IDV and the on-road price of a new vehicle of similar make and model. The on-road price includes electronic, electrical, non-electrical accessories and the bi-fuel kit provided by the manufacturer. It also includes the registration fees, road tax, and insurance charges.
The Return to Invoice cover is applicable in the event of a theft, total loss or constructive total loss.
RTI Cover: Quick Summary
The Return to Invoice is an optional car insurance add-on that provides additional coverage in case of theft, total loss, or constructive total loss.
In case of total loss, a standard claim pays the IDV. The RTI add-on helps cover the difference between the IDV and the applicable on-road price of a new similar car.
You can include the Return to Invoice add-on when purchasing an own damage or comprehensive car insurance plan.
The RTI add-on applies to theft and total loss caused by risks, such as accidents, fire and natural disasters. It helps you manage the cost of replacing your car with a similar model, including road tax, registration charges, insurance charges, and accessories.
This add-on is very useful for luxury cars and old cars, in theft-prone or disaster-prone areas and for owners with active vehicle loans.
To file a theft-related claim, file a police report within 48 hours of your theft and submit an FIR copy with your claim request. For total damage, file a claim with documents such as a repair estimate, car RC, driving licence, etc.
Benefits of Adding RTI Cover to Your Car Insurance
| Benefit | Details |
|---|---|
| Additional Coverage | Under the RTI car insurance cover, you receive an amount over and above the standard claim payout for total loss, constructive total loss, or theft claims. |
| Covers a Wide Variety of Expenses | The RTI add-on covers road tax, registration fees and insurance premiums. It also covers the cost of car accessories and bi-fuel kits provided by manufacturers. |
| Support for Replacement | If your car is stolen or declared a total loss, the RTI car insurance add-on can help you cover the replacement cost. |
| Covers Obsolete Cars | If your car model is no longer available, the cover uses the last on-road price listed by the manufacturer or dealer. |
| Covers Imported Cars | If your car is imported, the RTI add-on covers the difference between its IDV and the landed cost of a similar car. |
How Does RTI in Car Insurance Work?
The Return to Invoice add-on activates when your car is stolen or experiences a total irrecoverable loss. Here’s how it works:
| 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|
| Add-On Included | A Severe Loss Happens | Loss Assessment | RTI Benefit is Calculated | Claim Settlement |
| Include the Return to Invoice add-on when purchasing 4-wheeler insurance for an extra cost. | If your car is stolen or irreparably damaged due to an accident, report the incident and file an FIR. | We will assign a surveyor to investigate and evaluate the damage or loss. They will also determine the IDV. | If approved, the difference between your car’s IDV and the applicable on-road price of a new car of similar make and model is determined. | The amount payable under the RTI add-on is added to the standard claim amount and paid. |
When is Return to Invoice Cover Applicable?
The Return to Invoice add-on can be included with own damage and comprehensive car insurance plans. It applies to the following two scenarios:
| Total Loss of Your Car | Theft of Your Car |
|---|---|
| The Return to Invoice cover applies when a total loss or a constructive total loss claim is accepted under the own damage cover. | The Return to Invoice insurance add-on applies if a theft claim is accepted under the own damage cover. |
| A total loss (TL) is when the vehicle is damaged beyond repair. | For a theft claim under RTI, you must file a police complaint and inform us within 48 hours of the incident and submit an FIR copy with your claim request. |
| A constructive total loss (CTL) is when the total cost of retrieval or repair is more than 75% of the sum insured amount. | RTI only covers complete theft and not partial theft of accessories or parts. |
Coverage in TATA AIG RTI Cover - Inclusions and Exclusions
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| Inclusions | Exclusions |
|---|---|
| Covers the difference between the car’s IDV and the applicable on-road price of a new similar car. | RTI cover in insurance does not apply if the total loss, constructive total loss, or theft claim is not valid under the own damage cover. |
| The on-road price includes accessories, bi-fuel kit provided by the manufacturer, registration fees, road tax, and insurance charges. | In case of theft, RTI claims are not covered if you fail to submit an FIR from the police confirming the theft of the vehicle. |
| Insurance charges are limited to the amount calculated using the prevailing own damage rate, IDV, and third-party premium. | RTI claim may not be applicable if the bank or finance company endorsed in the policy does not agree to the claim in writing. |
| Coverage also applies to obsolete and imported cars. |
Please note: These are the key RTI inclusions and exclusions. Other car insurance policy terms and exclusions also apply. Kindly check the policy schedule for more details.
How Much Does Return to Invoice Cost?
The RTI premium in car insurance increases the base policy premium by a relatively small amount. It is based on various factors, such as:
The make and model of the car
The car’s registration location
Age and condition of the car
Insured Declared Value of the car
Other factors, such as policy type
How to Claim Against RTI in Car Insurance?
| Claim Process for Total Loss |
|---|
- File a police report for major damage and inform TATA AIG by calling our customer support helpline (022-6489-8282).
|
| Claim Process for Car Theft |
|---|
- Report the theft to the police and inform us within 48 hours of the theft. Ensure you get an FIR or a written acknowledgement of the vehicle theft from the police.
|
RTI vs IDV vs Zero Depreciation — What's the Difference?
| Point of Differentiation | Return to Invoice Cover | Insured Declared Value | Zero Depreciation Cover |
|---|---|---|---|
| How It Works | It’s an add-on that covers the difference between the vehicle’s IDV and the on-road price of a new similar vehicle in case of theft, total loss, or constructive total loss claims. | It’s the current market value of a car covered by the base insurance policy. | It’s an add-on cover that covers the depreciation for replaced parts under own damage claims. |
| Depreciation Coverage | Reduces the impact of depreciation by covering the IDV-to-on-road price difference. | The IDV is reduced based on the applicable depreciation rates. | Covers the depreciation amount on applicable replaced parts. |
| Additional Premium Requirements | Yes, an additional premium is charged. | No, IDV forms part of the base car insurance policy. | Yes, an additional premium is charged. |
| Applicability | Applicable to valid total loss, constructive total loss or theft claims. | Applicable to any valid own damage claim. | Applicable to a valid own damage claim that involves replacement of parts. |
| Effects on Coverage with Time | Provides additional coverage over the vehicle’s IDV for applicable claims. | IDV decreases with age and reduces the total claim amount. | Increases the base policy coverage for replaced parts by reducing depreciation deductions. |
Who Should Buy Return to Invoice?
Who Should Buy Return to Invoice?
| Luxury Car Owners | Old Car Owners | Owners in Theft-Prone Areas | Owners with Active Car Loans |
|---|---|---|---|
| Luxury cars experience high depreciation and have expensive accessories, making RTI a useful add-on. | TATA AIG’s RTI cover in car insurance can also apply to obsolete models. | RTI is suitable when living in risky areas, like theft-prone cities or places with a high risk of natural disasters like floods and hurricanes. | Car insurance with RTI can provide additional coverage in case of theft or total loss when you have an active car loan. |
Who Is Eligible to Buy Return to Invoice?
| For Certain Policies | Available As an Add-On | Need to be the Owner |
|---|---|---|
| To purchase Return to Invoice with car insurance, you need to have either an own damage or a comprehensive plan. | The Return to Invoice cover can be included while buying or renewing your car insurance plan. | To purchase this add-on, you need to be the owner of the insured car. |
How to Add RTI Cover to Your TATA AIG Car Insurance
Enter Registration Number: Scroll to the top of this page. Enter your car’s registration number and click on ‘Check Price’.
Provide a Few Details: Input a few necessary details, including car make and model, purchase date and your mobile number.
Choose Your Plan: Pick from the available plans. Then, modify the coverage terms and include the Return to Invoice cover and other add-ons as needed.
Pay the Premium: Check the premium quote and, if acceptable, complete the payment to buy car insurance with return to invoice cover.
Other TATA AIG Car Insurance Add-ons to Consider
| Zero Depreciation Cover | No Claim Bonus Protection |
|---|---|
| This add-on covers the depreciation amount for car parts replaced under an own damage claim. | The NCB protector lets you make a single own damage claim while protecting your accumulated No Claim Bonus. |
| Roadside Assistance | Engine Secure |
| It provides emergency assistance and breakdown services such as flat tyre and towing services. | This add-on covers repair and replacement for the engine, gearbox and transmission due to water ingress or oil leakage. |
| Consumables Expenses | |
| It covers consumables, such as nuts, bolts, engine oil, washers, lubricants, etc. |
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.
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Frequently Asked Questions About RTI Cover<
Can the Return to Invoice in car insurance be added after purchase?
The Return to Invoice is a car insurance add-on that you can include with own damage and comprehensive plans at the time of purchase or renewal. If you haven’t added it to your current plan, you can do so when renewing it. However, you cannot add it in the mid-policy period.
Does the RTI add-on cover cars older than three years?
Yes, TATA AIG’s Return to Invoice add-on is available for cars up to 5 years of age. It also covers obsolete cars that are currently out of production, considering the last on-road price listed by the manufacturer or dealer in the case of claims. Payouts are offered even in the case of imported cars not available in India.
What is the main difference between Return to Invoice and zero depreciation covers?
The Return to Invoice add-on covers the difference between your car’s IDV and the applicable on-road price of a similar vehicle. This can include road tax, registration charges, insurance charges and accessories.
On the other hand, the zero depreciation cover pays for depreciation on parts replaced in an own damage claim.
RTI applies only to total loss, constructive total loss, and theft claims, while zero depreciation applies to valid own damage claims involving part replacement.
Does RTI cover accessories fitted after purchase?
No, the Return to Invoice add-on only covers manufacturer and dealer-provided accessories that are fitted before purchase. This includes electronic and non-electrical accessories and bi-fuel kits. Accessories installed by third parties, aftermarket accessories and post-purchase modifications are not covered.
Is the Return to Invoice cover worth it?
The RTI add-on is absolutely worth it, especially if you buy a mid-range or luxury car, live in high-risk areas or have bought expensive original accessories. It gives you additional coverage over your car’s IDV in case of theft or total loss.
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