What is Key Replacement Cover in Car Insurance?
Published On May 13, 2021, Updated On Sep 07, 2021
This article will provide detailed information on key replacement cover in car insurance. Read on to know what it is and why it is necessary.
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Losing your car keys can be frustrating and disturbing. It is common to lose your car keys when you are in a hurry or busy caught up in some other work. With the advancement of technology, normal lock keys have been replaced with FOBs (Frequency Operated Buttons). These are a lot more expensive to replace when compared to traditional keys. Thus, having key replacement cover in car insurance that helps you in this frustrating situation is important.
Benefits of Key Replacement Cover In Car Insurance
Car keys are not just any piece of metal, but a smart technology that is used to give you access to drive your prized possession. Losing your car key may put you in a lot of distress apart from the burdening expenses. Insurance companies are updating along with time and offer policies to cover your car keys through an add-on option known as the Key replacement cover in car insurance.
The Key replacement cover is an add-on available with comprehensive car insurance plans as well as standalone own damage car insurance plans. Add-ons can be purchased by paying an additional nominal premium, but due to their coverage benefit, they are totally worth the purchase. A lost key cover will insure you against the cost that arises to replace the lost, damaged, or stolen key of your car.
How To Purchase Key Replacement Cover for Car Insurance
Key Replacement is a car insurance add-on cover. You can purchase it at the time of buying the car insurance policy or while renewing the standard comprehensive or standalone own damage car insurance policy. The key replacement cover can be purchased online by following these steps
- Visit your insurance company’s official website or app
- Purchase a standard comprehensive car insurance policy and add the Key replacement cover add-on to your car insurance. You can do this even at the time of renewal.
- The policy document will reach your email immediately.
Steps To Claim Key Replacement Cover For Car Insurance
The best part of claiming the key replacement cover for car insurance is that your no-claim bonus will not be affected. In case of any damage or loss of the key, the policyholder must adhere to the following general guidelines to claim the insurance-
- File an FIR with the police and take a copy of the same to support the claim.
- Inform the insurance provider/company of the loss or damage of the key within 30 days.
- The key replacement will be only for damaged or broken keys. If the key is stolen, the entire set of lock, key, and lockset of the car will be replaced.
Exclusions From the Key Replacement Cover In Car Insurance
The terms and conditions of the key replacement cover for car insurance vary from policy to policy. The following are a few common exclusions-
- The insurance company will not insure the amount that is covered under the manufacturer’s warranty.
- The claims with no valid receipts or invoices for the payments will be rejected.
- The insurance cover will not provide compensation for any damage or loss to any part of the insured vehicle other than the keys, lock, lockset, and parts associated with it.
- The Claim will be rejected if the insurance company finds that the damage caused is a result of malicious activity or any deliberate criminal act.
Having basic car insurance is barely sufficient to satisfy the goal of protecting yourself from financial liabilities. Therefore, you must select the appropriate policy along with the add-ons you think will be fruitful depending on what you use your car for. Pick your insurance carefully and don’t forget your car keys!
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.