Key Replacement Add-On in Two Wheeler Insurance
A Key Protect cover under a two-wheeler insurance plan is an add-on that offers coverage for the expenses involved in the replacement or repair of the insured bike’s keys. By paying a slightly higher premium amount, a policyholder can purchase a key replacement cover with a standalone own damage or comprehensive bike insurance plan.
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While purchasing a bike, have you ever wondered what will happen if your bike keys are lost or get misplaced? Well, it is obviously a very stressful and tedious situation. It consumes a lot of time as you have to wait for a longer time till your bike maker delivers you the replaced keys.
Moreover, replacing a bike key is more expensive nowadays. Therefore, to overcome this, you should opt for Key Replacement Add-on with your two-wheeler insurance policy. It is also known as Lost Key Add-on. This bike insurance add-on can be opted for along with the comprehensive as well as standalone own-damage two-wheeler insurance policy. By paying an additional premium, the lost key add-on will cover your expenses incurred due to the replacement of your bike’s key.
How To Buy Key Replacement Add-On in Two Wheeler Insurance Policy Cover?
You can buy a Lost Key add-on by paying an additional premium amount with your comprehensive bike insurance policy as well as with a standalone own-damage bike insurance plan. Following are the steps of buying Lost Key add-on:
Step1: Visit InsuranceDekho
Step2: Buy a standalone own-damage or a comprehensive bike insurance policy and include the add-on cover before making the payment of the policy. You can also purchase the Key Protect Cover at the time of renewal of your bike insurance policy.
Step3: You will receive the policy document via email.
Features of Lost Key Cover Add-on
The following are the features of the Lost Key Add-on:
1. Does Not Affect NCB
2. Availability With Comprehensive and Standalone OD Plan
It can be purchased by an additional payment of premium with standalone own-damage as well as comprehensive bike insurance cover.
3. Limit on Number of Claims
There is a limit on how many times you can claim your key replacement cover. This limit is specified at the time of availing of the add-on.
Importance of Lost Key Cover Add-on Cover
It is important that you must opt for a lost key cover add-on as the cost of replacing the key by your authorised dealer or bike maker could be very expensive. To keep yourself protected from the financial burden of lost, stolen, misplaced keys, it is suggested to buy this add-on. It compensates you for the expenses incurred at the time of replacement of keys. Thereby providing you with additional service during your stressful times.
How to Claim Two-Wheeler Insurance for Key Replacement?
Filing for a claim in order to repair/replace the keys or lockset is quite simple and works similar to any other two-wheeler insurance claim. Highlighted below are a few easy steps that you can follow to file a claim for a key replacement add-on cover:
Step 1: Inform your respective bike insurance company regarding the damage or loss to the keys or lockset. Also, make sure that you are providing them with all the available details regarding the damage.
Step 2: Then, the insurance provider will assess the loss incurred in order to further process the claim settlement procedure.
Step 3: After the insurance company is done with the entire assessment, you can either choose to repair the keys or entirely replace it. The insurance company will later reimburse the replacement or repair cost of the keys to you.
Bike Insurance for Popular Bike Models
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- Bajaj Allianz
- Future Generali
- Hdfc Ergo
- Icici Lombard
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- New India
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- Royal Sundaram
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- United India
- Universal Sompo
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
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Key Replacement Add-On Cover in Bike Insurance FAQ
What should be done if my car keys are stolen?
The first and foremost step you need to take in this case is to file an FIR with the police. After the FIR is filed, you can get your bike keys replaced and then can make a claim for receiving the compensation by submitting the claim documents.
What are the advantages of Lost Key Cover Add-on?
There are various benefits of availing this add-on. These are as follows:
- The cost of replacing the bike key is much more expensive than opting for this add-on cover.
- The burden of paying huge costs to your bike-maker is reduced.
- By paying an additional premium for this add-on, an all-round security is offered to your bike.
Can I opt for this add-on cover along with my standalone bike insurance policy?
Yes, you can opt for Key Lost cover with your standalone bike insurance policy.
While raising a claim on my lost bike keys, will there be any change in NCB status?
No, at the time of renewal, if a claim is made regarding the replacement/repair of your bike keys, No Claim Bonus (NCB) will not be affected.
What is the cost of the Lost Key add-on cover?
The cost of lost key add-on cover is based on the sum insured and the insurance company. You will have to check with the respective insurance provider regarding the details about the cost of this add-on cover.
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