Understanding the nuances of coverage can make a significant difference when you face unfortunate events like theft or damage to your vehicle. One such valuable addition to comprehensive car insurance plans is the Invoice Price Cover, also known as the Return to Invoice (RTI) cover.
So, if you are wondering what is invoice price cover in car insurance, we will explain it to you. Invoice Price Cover, or RTI, is an add-on feature in comprehensive car insurance policies. It serves as a financial safeguard that ensures you receive compensation equal to the original invoice value of your car when you initially purchased it. This coverage becomes exceptionally valuable when your vehicle gets stolen or becomes irreparable due to a severe accident.
Imagine the distressing situation where your car gets stolen, and despite the best efforts of law enforcement authorities, it remains untraceable. This is where RTI cover steps in and gives you peace of mind with the guarantee that you will receive the entire invoice amount as compensation.
Invoice price cover in car insurance is not only about financial security; it’s also about protecting your investment. In cases where your car undergoes significant damage beyond repair, this cover ensures you get the entire invoiced amount. It can prevent you from bearing a substantial financial burden and experiencing a loss in the event of unforeseen accidents or theft.
Benefit of invoice price cover in car insurance
Invoice Price Cover offers several benefits in a car insurance policy.
- Full Financial Protection: RTI cover guarantees that you receive compensation equivalent to the original invoice value of your car when you purchased it. It means you won’t face a financial loss in case of theft or severe damage.
- Ideal for New Cars: It’s precious for new car owners as it shields against rapid depreciation. Unlike standard policies that factor in depreciation (Insured Declared Value or IDV), RTI cover ensures you receive the total amount you paid.
- Peace of Mind: With RTI cover, you can enjoy peace of mind, knowing your investment remains safeguarded. You won’t bear a substantial financial burden if your car gets stolen or involved in a severe accident.
- Higher Compensation: RTI cover offers higher compensation compared to regular insurance policies. This makes it an excellent choice for protecting your vehicle’s original value.
- Theft-Prone Areas: If you live in an area with a high risk of car theft, RTI cover provides essential protection, ensuring you receive the entire invoiced amount if your car gets stolen.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.