Return to Invoice in car insurance
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What is Return to Invoice Cover (RTI) in car insurance?
Return to Invoice (RTI) cover in car insurance bridges the gap between the insured car's current value and its original invoice price. If the car is stolen or damaged beyond repair, this add-on ensures the policyholder is reimbursed with the full invoice amount, including registration charges and road tax, providing complete financial protection.
How does Return to Invoice (RTI) cover work?
Return to invoice (RTI) cover is an insurance add-on designed to provide an extra layer of financial protection to a car/vehicle in the event of a total loss or theft. While purchasing a new vehicle, one can opt for RTI cover alongside comprehensive car insurance.
In case of any unfortunate incident where the vehicle is stolen or suffers irreparable damage, the regular comprehensive insurance would typically compensate the policyholder based on the Insured declared value (IDV) of the vehicle, which accounts for depreciation.
However, return to invoice (RTI) cover, the insurer reimburses the policyholder for the entire invoice value of the car as stated in the purchase invoice, without any depreciation which means the policyholders receive the same amount of value they initially paid for the car, allowing them to recover the full cost of their investment.
By opting for a return to invoice cover (RTI), vehicle owners can enjoy greater peace of mind knowing that they have financial protection in place that ensures they can recover the original purchase price of their car from this cover.
What are the benefits of RTI cover?
Return to Invoice (RTI) cover is an add-on to your car insurance policy that protects you from major financial loss if your car is stolen or declared a total loss. Below are the key benefits of the RTI add-on cover:
Who should opt for RTI coverage in car insurance?
RTI coverage is ideal for:
New Car Owners:
Ensures the full invoice value of the vehicle, including taxes and registration fees, in case of theft or total loss.
Owners of Expensive or Premium Cars:
Protects against significant financial loss, as the depreciation gap for high-value cars can be substantial.
Owners of Cars Less Than 5 Years Old
RTI is typically available for vehicles within this age range since the depreciation impact is most noticeable during the initial years.
People Living in High-Theft Areas:
Especially beneficial for those in regions where car theft rates are higher.
Loan Borrowers
Ideal for those financing their car through a loan, as RTI ensures the full invoice amount, helping to cover outstanding loan balances in case something happens to the vehicle in the loan term.
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What is covered/not covered in the return to invoice?
Return to Invoice cover offers extra financial protection in specific serious situations. However, like every insurance add-on, it comes with clear inclusions and exclusions. Understanding both is important before choosing this cover.
Total loss of the vehicle
If the car is damaged beyond repair and declared a total loss, RTI helps you receive compensation based on the original invoice value.
Theft of the car
If the vehicle is stolen and not recovered, the settlement is calculated on the invoice price instead of the depreciated value.
Road tax and registration charges
The claim amount may also include road tax and registration fees that were part of the original purchase cost.
Invoice-to-IDV gap coverage
RTI bridges the gap between the Insured Declared Value (IDV) and the actual invoice price, reducing your financial loss.
Partial damage repairs
RTI does not apply if the car can be repaired. It is meant only for total loss or theft cases.
Normal wear and mechanical failure
Damage due to ageing, wear and tear, or mechanical breakdown is not included unless covered in the base policy.
Loss during illegal acts
Claims will not be accepted if the accident occurred during unlawful activities such as drunk driving.
Inactive policy
If the insurance policy has expired at the time of the incident, RTI benefits will not apply.
Unlisted accessories or modifications
Any aftermarket fittings or accessories not mentioned in the original invoice are excluded from the claim.
Return to Invoice (RTI) VS Zero Depreciation Cover
Aspect | Return to Invoice (RTI) | Zero Depreciation Cover |
Purpose | Covers the full invoice value of the car (including taxes and registration) in case of total loss or theft. | Covers the cost of car repairs without factoring in depreciation of parts. |
Coverage Type | Applicable in case of total loss, theft, or irreparable damage. | Applicable for partial damages due to accidents. |
Depreciation Factor | Does not consider depreciation; reimburses the original invoice value. | Covers the depreciation on replaced parts (e.g., plastic, rubber, etc.). |
Claim Settlement | Reimburses the original car invoice value minus deductibles. | Covers the repair costs without factoring depreciation on parts replaced. |
Eligibility | Typically, available for cars up to 5 years old. | Available for both new and slightly older cars, depending on the insurer. |
Premium Cost | Higher than zero depreciation due to broader coverage. | Lower than RTI as it applies only to repair costs. |
Ideal For | New car owners, loan borrowers, and high-value cars. | Car owners looking to minimize repair costs in accidents. |
Exclusions | Does not cover partial damages or repair costs. | Does not cover theft or total loss. |
Return to invoice (RTI) Vs Insured Declared Value
Aspect | Return to Invoice (RTI) | Insured Declared Value (IDV) |
Definition | Return to Invoice (RTI) is an insurance add-on that reimburses the full invoice value of a vehicle, including registration and road tax, in case of total loss or theft. | The current market value of the car, calculated after depreciation. |
Coverage Type | Applicable in cases of total loss, theft, or irreparable damage. | Acts as the maximum claim amount for any type of damage covered by the policy. |
Depreciation Factor | Does not consider depreciation; reimburses the full invoice value. | Depreciation decreases the value of a car over time, which in turn reduces the claim amount. |
Compensation Amount | Provides the original invoice value of the car, including taxes and registration fees. | Provides the current market value of the car after deducting depreciation. |
Eligibility | Typically, available for cars up to 5 years old. | Applicable to all comprehensive car insurance policies, regardless of the car’s age. |
Premium Cost | Requires additional premium as it is an add-on cover. | Included in the basic car insurance premium without extra cost. |
Ideal For | New car owners, high-value vehicles, or those concerned about theft or total loss. | All car owners, as it reflects the car’s insured value for regular coverage. |
Exclusions | Does not apply to partial damages or repair costs. | Depreciation limits the claim amount for repairs or replacement. |
Advantages of RTI add-on cover
Return to Invoice add-on cover strengthens your car insurance by offering better financial support in case of major loss. It helps reduce the gap between your car’s original price and its depreciated value at the time of claim. Below are the key advantage
Higher claim amount in total loss
RTI allows you to receive compensation closer to the original purchase price instead of the reduced market value.
Covers depreciation impact
Since cars lose value quickly, this add-on helps manage the financial difference caused by depreciation.
Useful for new vehicles
RTI is most beneficial in the initial years of ownership when the drop in value is higher.
Better financial planning
The higher payout makes it easier to replace the car without major financial stress.
How to buy return to invoice car insurance online from Zurich Kotak General Insurance?
Insurance is so easy; it’s practically a pit stop!
Shield your precious ride in just a few clicks. At Zurich Kotak General Insurance, we’ve turned the boring into brilliant—because your time is as valuable as your car.
Click on the "Get a Car Insurance Quote" button on the Zurich Kotak Car Insurance Page
Fill in your car details such as registration number, model, make etc.
Fill in you personal details and make the payment online.
How to get an online quote for Return to Invoice in car insurance
See how simple it is to get a return to invoice in car insurance quote with us
Visit Zurich Kotak General Insurance website
Log in to your Zurich Kotak General Insurance profile using the OTP sent to your mobile number
Fill in your details such as car registration number, mobile number and email id (optional).
Click on the "Get A Quick Quote" button on the Zurich Kotak Car Insurance Page and review coverage
How is Return to Invoice (RTI) Calculated?
RTI provides compensation equal to the original invoice value of your car in case of theft or total loss. Here's how it works:
Invoice Value:
The settlement amount is based on the car's original invoice value, including:
Ex-showroom price
Registration charges
Road tax
Depreciation: Unlike standard insurance, RTI does not factor in depreciation. You receive the full invoice value even if the car's market value (IDV) is lower due to depreciation.
Deductibles: Any applicable deductibles or unpaid premiums under your base policy are subtracted from the final claim amount.
Add-On Premium: The RTI add-on requires paying an additional premium, usually calculated as a small percentage of your car's IDV. The premium cost depends on:
Car's age (RTI is typically available for vehicles under 5 years old)
Policy terms of the insurer
Example:
· Invoice Value: ₹10,00,000
· IDV (After Depreciation): ₹7,00,000
· RTI Claim: You receive ₹10,00,000 minus any deductibles, instead of ₹7,00,000 under standard insurance.
RTI ensures financial protection by bridging the gap between the depreciated IDV and the car’s original cost.
Cost of RTI premium in car insurance
Return to Invoice cover is an optional add-on in car insurance, so it comes at an extra cost over your standard comprehensive premium. The price of the RTI premium generally depends on factors such as the age, make, and model of your car. Newer and higher-value vehicles usually attract a slightly higher RTI cost because the potential claim amount is greater. The city of registration and overall risk profile may also affect the premium. In most cases, the RTI cost is calculated as a small percentage of the base premium, making it an affordable option for stronger financial protection.
Impact of RTI on car insurance
Return to Invoice add-on cover enhances your car insurance by offering higher compensation if your vehicle is declared a total loss or is stolen. Here is how RTI impacts your car insurance:
How to renew return to invoice car insurance policy online?
Renew Your Return to Invoice Policy in No Time!
Keep your car protected effortlessly—just follow these simple steps. Visit the Zurich Kotak Car Insurance page, get an instant quote, and renew your return to invoice policy with a click.
Visit https:www.zurichkotak.com/renewal and choose the car insurance policy that you want to renew.
Enter your policy number and mobile number and click on ‘Submit’.
Your policy number will be verified, and you will be able to check the details of your existing policy. You can continue to renew the existing policy or make changes.
Pay the renewal premium and your policy will be done instantly.
Return to invoice car insurance claim settlement at Zurich Kotak General Insurance
Filing a claim has never been this easy – we made sure of it.
Call us on 1800-2120 (8 a.m. – 8 p.m.) and inform us about your claim with the details of your policy.
Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.
You will be required to submit the relevant documents, which may include your Driving License, RC Copy, and Policy FIR Copy, in accordance with the Policy terms and conditions.
An arrangement will be made by us for an inspection, it will be conducted within 24 hours if a claim is reported on a working day, or the next working day if the claim is reported on a Sunday or a public holiday.
On cashless facility confirmation, the vehicle can be repaired at a preferred network garage, on payment made directly to the garage.
You will only be required to pay the deductible as mentioned in the policy, and the depreciation value, salvage, etc., as informed by the surveyor.
Call us on 1800-2120 (8 a.m. – 8 p.m.) and inform us about your claim with the details of your policy.
Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.
You will be required to submit the relevant documents, which may include your Driving License, RC Copy, and Policy FIR Copy, in accordance with the Policy terms and conditions.
An arrangement will be made by us for an inspection, it will be conducted within 24 hours if a claim is reported on a working day, or the next working day if the claim is reported on a Sunday or a public holiday.
The vehicle can then be repaired by the insurer followed by the payment for the same by the insurer.
Submit all bills, payment receipt along with your policy details to us, and we will make the payment within 7 working days of completion of the documentation.
Documents required to file return to invoice car insurance claim
Get familiar with the documents needed for speedy claim process
Documents required for car insurance claim
To raise a motor insurance claim under different situations mentioned above, you will require the following documents.
Registration Certificate (RC) Copy
Policy Copy
Policy holder's valid ID proof
Drivers Driving license
FIR Copy (In case of theft and TP claim)
Duly filled Claim form
Any further requirements will be conveyed basis inspection
How to download return to invoice car insurance policy?
Here is your step-by-step guide to access your return to invoice car insurance policy copy
Losing your return to invoice car insurance policy may lead you to pay heavy fines, although you have one. But now, you can immediately download your car insurance policy copy from our website.
Enter your policy number
Enter your registered mobile number Or your registered email Id
Click on Get OTP
Type the OTP and click on download car insurance policy document
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FAQs Return to invoice (RTI) cover
Return to invoice (RTI) cover is an additional feature that can be added to a car insurance policy. It ensures that you are reimbursed the original purchase price of your vehicle in the event of a total loss or theft, rather than the depreciated value.
If your insured vehicle is declared a total loss or is stolen and not recovered, you will be paid the original purchase price of the vehicle as stated on the invoice. This helps you to replace the vehicle without suffering a financial loss due to depreciation.
Return to invoice add-on cover is usually available for new or recently purchased vehicles.
The time limit is typically available within a certain period from the vehicle's purchase date, usually ranging from 1 to 6 months. It is best to add this cover at the time of purchasing the insurance policy.
Yes, there may be certain conditions and limitations with return to invoice add-on cover. These can include exclusions for certain types of losses or damages, requirements for the vehicle to be insured for its full invoice price and restrictions on the age or condition of the insured vehicle. It's important to thoroughly read and understand the terms and conditions of the policy.
Yes, return to invoice add-on cover typically increases the premium cost of your car insurance policy. However, the added financial protection and peace of mind in case of a total loss or theft can outweigh the higher premium cost.
Zurich Kotak General Insurance offers a seamless RTI claim process, and extensive coverage, ensuring customers get the full invoice value with added peace of mind.
Zurich Kotak General Insurance provides tailored insurance solutions, a transparent claims process, and a robust customer support team to address all your queries efficiently.
With Zurich Kotak General Insurance, you get a simplified claim process, quick settlements, and expert assistance at every step, backed by our extensive network of partner garages and customer care services.
RTI is available as an add-on for Zurich Kotak motor insurance policies, subject to eligibility criteria like vehicle age and policy terms.
Zurich Kotak General Insurance’s RTI cover includes reimbursement of road tax, registration charges, and invoice value, along with value-added customer support and guidance throughout the claim process.
You can add RTI cover when purchasing or renewing your motor insurance policy online or by contacting Zurich Kotak General Insurance’s customer care.
