Key Replacement Add-on Cover in Car Insurance

The Key Replacement Cover is an add-on which provides coverage for the cost of replacement of the insured car’s key if the key is lost, damaged, or stolen. The lost key add-on also provides compensation for the cost incurred in repairing the lock-set if the car lock gets damaged. The key replacement add-on is available for purchase with both a comprehensive car insurance policy and standalone own damage policy.

What is Covered Under Key Protection Add-on?

Coverage for the following is provided under a key protection add-on:

1. Lost key
2. Stolen key
3. Damaged key
4. Damaged lockset

What is Not Covered Under Key Protection Add-on?

A key loss protection add-on does not cover damage in the following situations:

1. Loss of car keys due to negligence or carelessness of the policyholder.
2. Loss of keys when they are under warranty.
3. Damage to the key lock due to radiation, wear and tear, rust, etc.
4. Damage or breakage of locks due to system failure.

Benefits of Key Replacement Add-On Cover

Some of the benefits of Key protection Add-On Cover are listed below:

1. This add-on cover aids the policyholder with the replacement of the car key/ lockset or lock that got stolen or damaged.
2. It helps the policyholder in replacing the key if there are any cases of burglary or theft and replacement of lockset if there are cases of damage or theft.
3. No claim bonus eligibility of the policyholder will not get affected during the time of policy renewal.

What is the Cost of Car key Replacement Add-on?

The premium that is paid against Key replacement add-on cover is lesser in comparison to the actual incurred cost that is needed to replace the damaged lockset. While the keyless FOB and remote keys are a bit expensive to replace. Paying some amount for purchasing a key replacement add-on cover along with a comprehensive car insurance plan will save you in the future from paying a higher replacement cost for key in future. However, the amount that you would receive as compensation is dependent upon the maximum sum insured that you have chosen.

How to Buy a Key Protect Claim Add-on Cover?

Most comprehensive car insurance policies cover key loss, however, if you do not own one, a key protection cover can be purchased as an add-on policy. To do so,

1. Browse online through different key-protect cover add-ons to understand their features and offerings. Compare their premium rates and decide on an insurer.
2. If you already own a third-party insurance cover or a standalone insurance policy, contact your insurer or visit their website for more information about the policy and premium payment for a key-protect add-on cover.
3. Once you decide to buy the add-on, contact your insurer, fill and submit relevant forms and make premium payments securely.
4. If you are unsure about the online process, you can visit your insurer’s office and buy the key protect add-on there.

Steps To Claim Car Insurance for Key Protection

When your key is lost or damaged due to an accident or theft, here are the steps to claim your insurance.

1. Check your policy coverage.
2. Call and inform your insurance company within 24 hours about the incident that led to the key loss or permanently damaged your car keys.
3. File an FIR in case of thefts and accidents. Get copies made for future use.
4. Gather relevant evidence and documents required. The following details come in handy:

1. Date and time of the incident
2. How the key was lost or damaged
3. FIR copy (if applicable)
4. Dealer invoice for replacement

1. Submit the claim with all the necessary documents.
2. The insurer verifies the claim and may send a surveyor to inspect the vehicle if required.
3. Upon approval, they will either reimburse the cost or directly pay the dealer, depending on the claim settlement method chosen by you.

Things To Keep in Mind While Filing a Claim

Filing a claim is no simple task. Numerous factors ensure that your claim is processed accurately and at the right time. Here are a few things to remember when you submit your claim.

1. Read your policy document carefully. Understand the policy inclusions as well as exclusions before proceeding to submit your claim.
2. Inform your insurer within 24 to 48 hours, especially if your keys are damaged in an accident or stolen.
3. For accidents and theft, an FIR is necessary. The FIR is the first official record of the incident that caused key loss or damage. Hence, insurers use it to verify the genuineness of your claims.
4. Document evidence. When an accident or theft occurs, document the evidence in the form of videos and save any solid proof from the site to support your claim.
5. Maintain clear records of all documents, receipts, service centre reports and repair bills to present to insurers when they ask.