Insurance sector is full of promises whether it comes to keeping your health or vehicle or travel plan safe and sound. Vehicle or motor insurance policies are absolutely in demand and are known for keeping your pricey possessions protected.
In our country, it is legally mandatory to get an insurance policy before you start driving your car on the road.
At the time of buying your car, you are provided with a lot of options of insurance companies and their policies to choose from. You can simply learn about a good car insurance policy plan and get it done immediately on the spot.
In case, you have a specific company in mind then you must call its agent or professional at the time you finally buy a new car so that all the required formalities are done and you get a new comprehensive car insurance policy.
A comprehensive car insurance policy is meant to keep you and your vehicle safe from all types of injuries and damages. Right from third party coverage to the personal loss coverage is provided under it. You even get various maintenance and other add-ons under it.
It is suggested that before you buy a new car insurance policy, you must go through terms and conditions mentioned against it. You must know about IDV, premium and discount applicable on it. You can even get various add-ons in nominal value that proves useful in the future.
What is RTI add-on?
RTI or Return to invoice car insurance add-on is basically gap value between your IDV (Insured Declared Value) and total invoice value of your vehicle. This gap or loss in insurance value is filled with the help of RTI.
IDV (Insured Declared Value) is the actual value that is insured by the company by subtracting depreciation from the authorized dealer’s sale value of the car.
What benefits RTI option provide you?
You can choose to pay RTI or Return to invoice car insurance add-on which will bring a lot of benefits to you in the future.
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In case, your vehicle gets stolen and found in a damaged condition then RTI option saves you from the headache of financial crisis in correcting those damages.
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If your car meets with an accident on a long journey, then all the expenses shall be paid by the company.
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This add-on ensures discount on various invoice cover such as on-road price of your car, registration charges, dealer-handling costs, road tax on your new car etc.
You simply cannot lose the amount that has been calculated as depreciation on your vehicle.
When can you avail RTI (Return to invoice car insurance add-on)?
At the time of you purchase your car and its insurance policy and if your company offers you this add-on, we recommend you to take it as soon as possible. It will help you in saving the road amount plus will offer you several benefits in future.
After your car is 3 years old, you cannot get this add-on in your insurance benefits list.