In Malaysia, owning a motor vehicle comes with a lot of responsibilities. Not only do you have to take care of your automobile and ensure that it is in perfect working condition, but you also have to make sure that you have insurance on your vehicle. Broadly speaking, there are three different types of insurance available to vehicle owners in the country. There is the Third Party, Third Party, Fire and Theft and the Comprehensive package. According to the law, you need to have at least the Third-Party Coverage, if you want to put your vehicle on the road freely and without inhibition.
However, if you really want the best and most extensive coverage for your automobile, then you want to get Comprehensive policy coverage. One great thing about taking out a Comprehensive coverage policy on your vehicle is that it affords you the opportunity of taking on several add-on policies that can help you further protect your vehicle. One of such add-ons is the Return To Invoice (RTI). What exactly is the RTI, and why might it be a great addition to your Comprehensive Insurance policy? Let’s find out.
What Is RTI (Return To Invoice) Exactly?
Essentially, a Return To Invoice add-on coverage is a special policy that your insurance provider may extend to you. What makes this add-on potentially valuable to you is that it helps you cover the monetary disparity between the insured value of your car from the invoice value of the automobile. The benefit of an RTI is that with it, you can get a full payout for the complete cost of the vehicle if it gets damaged, lost or even stolen.
Things To Take Note About RTI (Return To Invoice)
The RTI is a special package, even among add-ons. To that end, there are a few things worthy of mentioning. Some of which include:
Price and Duration of Viability
The first thing you need to know about RTI is that you cannot get it on just any vehicle. First, the vehicle you want to get RTI for must be brand new. Second, the viability of the add-on lapses after three years at the most. Also, in terms of price, RTI can be a bit expensive as it costs roughly 10% more than you would pay for a Comprehensive basic package.
Car Theft Protection
If you live in an area with an increased rate or theft, or you do not park your vehicle in secure locations, RTI can be very good for you. Should your new car get stolen, you would be reimbursed for the full price of the automobile.
Added Protection Against Accidents
As was mentioned earlier, RTI can also provide you with some added insurance coverage if your vehicle is damaged beyond repair. What RTI does is that it complements your comprehensive insurance package to help you get full reimbursement for your car. Perhaps the biggest benefit of getting RTI for your automobile is the fact that it gives you that complete assurance that your vehicle is fully covered. As such, getting it can go a long way in helping you ensure that your precious vehicle is safe, even in the face of any eventuality.
However, you must bear in mind that this benefit only lasts the first three years of buying and owning your car.