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Return to Invoice Add-on Cover in Commercial Vehicles
Return to Invoice cover in commercial vehicle is an add-on and is available under passenger-carrying commercial vehicle. The cover ensures that the insurance company compensates you in the event of the insured vehicle being a total loss or constructive total loss or total theft. Availing add-ons makes sure that you get comprehensive coverage for the insured vehicle.
Note: Return to Invoice add-on cover in passenger carrying commercial vehicles has been filed as Digit Commercial Vehicle Package Policy (Passenger Carrying Vehicle) – Return to Invoice with Insurance Regulatory and Development Authority of India (IRDAI) with UIN number IRDAN158RP0002V01201819/A0046V01201920.
What’s Covered under Return to Invoice Add-on Cover in Passenger-carrying Commercial Vehicle
When it comes to coverages, the Return to Invoice add-on cover offers the following:
The insurer will bear the cost of the new vehicle i.e., prevailing Ex – Showroom or the near make, model, features, and specification to the insured vehicle. In case the same make, model, variant is discontinued by the manufacturer then the liability will be limited to last available ex-showroom price.
The cost of any accessories (which are not part of the factory fitted accessories) specifically insured under Section 1 – Own Damage of the vehicle insurance policy will be borne by the insurance company.
What’s not covered
For passenger carrying commercial vehicles, the add-on cover of Return to Invoice comes with the below listed exclusions. This are in addition to the general exclusions listed under the base vehicle insurance policy:
The insurance company is not liable to pay for any claim in the event of total loss/constructive total loss/total theft of the insured vehicle if it is not admissible under Section I – Own Damage of the vehicle insurance policy.
The cost of any accessories including bi-fuel kit which were not specifically insured under Section I – Own Damage of the vehicle insurance policy or which is not part of the Original Equipment Manufacturer (OEM) fitment.
Any claim which does not qualify as Total loss/constructive total loss as per the vehicle insurance policy.
The claim won’t be entertained if the bank/finance company whose interest is endorsed in the insurance policy does not agree to it in writing.
In the case of non-submission of final investigation report and non-traceable report issued by the police authorities, the claim will not be registered.
Disclaimer - The article is for informational purposes, collected across the internet and with respect to Digit’s Policy Wordings document. For detailed coverage, exclusions, and conditions about Digit Commercial Vehicle Package Policy (Passenger Carrying Vehicle) – Return to Invoice (UIN: IRDAN158RP0002V01201819/A0046V01201920), go through your policy document carefully.
FAQs on Return to Invoice Add-on Cover in Passenger Carrying Commercial Vehicles
Will depreciation be applied to assess the loss in case of total loss or constructive total loss?
No, depreciation will not be applied to assess the loss in the event of loss total loss or constructive total loss.
Will I need to bear the co-payment percentage of the admissible claim amount under the add-on cover?
Yes, you need to bear the co-payment percentage as mentioned in Policy Schedule of the admissible claim amount under the return to invoice cover of passenger-carrying commercial vehicles.
Is the compensation paid by the insurer under this add-on cover the full settlement of their liability?
Yes, the liability of the insurer ends with the full and final settlement of the claim.