What is the full form of RTI in Insurance?
The RTI full form in insurance is Return to Invoice. This is a type of insurance cover that allows the insured to receive compensation when their vehicle is stolen or when it is in a condition that is beyond repair. Previously, this value was equal to the original invoice value of the vehicle. Still, now the policyholder can claim the amount according to the value opted by them at the time of the add-on purchase.
How does RTI work?
The return to invoice in car insurance gets active when the insured car undergoes damage beyond repair and can no longer be repaired in the garage. In order to compensate for his loss, the policyholder can raise his claim. The insured should inform the insurer about the issue and raise his claim by attaching the relevant documents and photos of the incident, along with other details.
Benefits of RTI in insurance:
With the RTI insurance cover, an insurer can secure their expenses completely against the situation when their vehicle becomes irreparable. If the vehicle is stolen, it gives the insurer complete peace of mind. With this insurance cover, it is possible to retrieve the complete value of the car, without having to worry about its repairs and damages.