Return to Invoice in Car Insurance

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What is Return to Invoice Cover?

Return to invoice or RTI refers to a specific type of add-on cover that ensures the policyholder will receive the original invoice price of their car if it is stolen or deemed a total loss in an accident. This car insurance add-on cover is designed to bridge the gap between the market value of the vehicle at the time of loss and the original purchase price.

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How does Return to Invoice 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 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, 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.

Advantages of Return to Invoice

There are several advantages of having return to invoice add-on cover in car insurance:

  • With this return to invoice add-on, if your vehicle is declared a total loss or is stolen and not recovered, you will be reimbursed the full purchase price of the vehicle.

  • Standard car insurance policies typically provide reimbursement based on the depreciated value of the vehicle. However, with a return to invoice cover, you receive the original purchase price of the vehicle, which helps mitigate the impact of depreciation.

  • Return to invoice eliminates the worry of having to bear a significant financial burden in the event of a total loss or theft of your vehicle. Knowing that you are covered for the full purchase price of your vehicle can provide peace of mind.

  • In case of a total loss or theft, having a return to invoice add-on cover simplifies the process of replacing your vehicle. You can use the reimbursement received to purchase a new vehicle without having to compromise on its value or features.

  • You are protected from any unexpected financial setbacks that may occur when your vehicle is damaged beyond repair or stolen by receiving the original purchase price of the vehicle.

Steps to buy car insurance online from Kotak

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Get All-round protection for your precious vehicle in a few steps. We at Kotak General Insurance understand the value of your time and have simplified the car insurance buying process to a few simple steps.

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Click on the "Get a Car Insurance Quote" button on the Kotak Car Insurance Page

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Fill in your car details such as registration number, model, make etc.

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Fill in you personal details and make the payment online.

How to get an online quote for car insurance

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Visit kotak general insurance website

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Log in to your Kotak general insurance profile using the OTP sent to your mobile number

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Fill in your details such as car registration number, mobile number and email id (optional).

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Click on the "Get A Quick Quote" button on the Kotak Car Insurance Page and review coverage

How to buy insurance for a new car

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Click on the "Get a Car Insurance Quote" button on the Kotak Car Insurance Page

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Fill in the required details such as registration number, model, make, etc.

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Fill in you personal details and make the payment online.

Steps to renew car insurance policy online from Kotak

Follow these quick steps to renew your car insurance policy and keep your car protected alwaysimage

Your car insurance is just a click away. Visit the Kotak Car insurance page to get your car insurance quote.

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Visit https:www.kotakgeneral.com/renewal and choose the car insurance policy that you want to renew

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Enter your policy number and mobile number and click on ‘Submit’.

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Your policy number will be verified and you will be able to check the details of your existing policy. You can continue to renew renew the existing policy or make changes.Your policy number will be verified and you will be able to check the details of you

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Pay the renewal premium and your policy will be done instantly!

How to file a car insurance claim at Kotak

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Call us on 1800 266 4545 (8 a.m. – 8 p.m.) and intimate us about your claim with the details of your policy.

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Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.

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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.

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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.

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On cashless facility confirmation, the vehicle can be repaired at a preferred network garage, on payment made directly to the garage.

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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.

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Call us on 1800 266 4545 (8 a.m. – 8 p.m.) and intimate us about your claim with the details of your policy.

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Once your claim is registered, our customer support executive will provide you with a Claim Reference Number.

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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.

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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.

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The vehicle can then be repaired by the insurer followed by the payment for the same by the insurer.

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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

List of documents required for filing a car insurance claim

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Documents required for car insurance claim

To raise a motor insurance claim under different situations mentioned above, you will require the following documents.

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Registration Certificate (RC) Copy

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Policy Copy

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Policy holder's valid ID proof

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Drivers Driving license

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FIR Copy (In case of theft and TP claim)

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Duly filled Claim form

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Any further requirements will be conveyed basis inspection

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How to download Your policy copy

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Losing your 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.

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Enter your policy number

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Enter your registered mobile number Or your registered email Id

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Click on Get OTP

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Type the OTP and click on download car insurance policy document

Kotak General Insurance cashless network garages

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Buying a car insurance gives access to cashless network garages which provides convenience and hassle-free car repairs covered by Kotak General Insurance without the need for upfront payment.

RTO- Regional Transport Office

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RTO stands for Regional Transport Office and is a government body responsible for vehicle registration and issuance of driver’s licenses. Also, the RTO in each state is responsible for maintaining the database of its drivers and vehicles.

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FAQs for Return to invoice cover

Return to invoice 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.

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