What is KP in Car Insurance?
KP in car insurance refers to the Key Protect add-on cover that youRead more
Why is KP in Car Insurance Important?
The Key Protect add-on cover or KP offers protection when the car keys are damaged or lost due to any unforeseen event like theft or fire. Under this add-on cover, the insurance company pays you the cost of replacing or repairing your car keys if it has been lost, stolen or damaged. By paying a slightly higher premium amount, you can add key protection cover to your comprehensive car insurance or standalone own damage car policy.
What is Covered Under Key Protect Cover?
A key replacement add-on in car insurance offers coverage against the following risks:
- Loss of car keys due to an unexpected contingency on the road
- If somebody stole your car keys
- If your car keys got damaged due to an unforeseen accident
- If the lockset of your car has been damaged
Benefits of Having KP in Car Insurance
The key protect add-on cover is beneficial in many ways. Let's have a look at some of them:
- Under this add-on, a policyholder can get financially covered for the cost of repairing the lost or damaged car keys.
- In case your car keys or lockset have been stolen/damaged due to theft or burglary, your insurer will replace it with a new set of keys.
- The No Claim Bonus reward earned by the policyholder will also not get affected at the time of car policy renewal.
- You can purchase a Key replacement add-on cover online without much hassle. All you need to do is add the cover to your chosen car insurance policy while buying.
Exclusions of Key Protect Cover
The key protect add-on does not cover you under the following circumstances:
- Any damage caused to the car keys due to a deliberate or criminal act
- If the loss or damage to the car keys is covered under the manufacturer's warranty
- Any loss of the car keys due to radiation or hazardous perils
- If the key replacement costs are incurred by cars that are not for personal use
What is the Cost of KP in Car Insurance?
The cost of a key replacement add-on cover is different for different companies. However, this premium is always lower than the actual cost of the replacement of the damaged keys. Besides, the cost of replacing remote car keys or smart car keys is higher than that of traditional car keys.
Thus, by paying some amount as the premium of the KP add-on, you can cover the high replacement cost of the lockset. But, the compensation that you will receive while claiming under this add-on cover will be subject to the IDV or insured declared value of your four-wheeler insurance policy.
How to Buy Key Protect Cover Online?
Purchasing a key protect add-on cover along with your car insurance policy is not a cumbersome task. You can easily purchase it online from Policybazaar.com. Here is the process:
- Select the 'Car Insurance' from the homepage
- Enter your car registration number and proceed to view quotes.
- Provide your previous car policy details.
- Select the desired car plan and choose the 'Key Protect' add-on cover from the 'Add-ons and Accessories' dropdown.
- Now, pay the premium amount to obtain your car insurance policy with the key-protect add-on coverage.
- After successful payment, you will receive the policy document instantly via email, in which you can find details about the key protect add-on cover.
How to Claim Under KP in Car Insurance?
If you have bought a key protect add-on cover, you must be aware of the claim process under your four-wheeler insurance policy. Here is how to do so:
- Inform the Insurer: Firstly, you will be required to inform your insurer about the loss/damage of your car keys. Make sure to tell them how it was lost.
- File an FIR: If the keys were stolen under theft, make sure to file a Police FIR at the nearest police station
- Repairs/ Replacement: Get your car keys repaired or replaced and raise a claim with the insurer
- Submit Documents: Submit the claim form along with Police FIR and other relevant documents
- Receive Compensation: The insurance company will compensate you with the claim amount after the verification process.
Important Conditions Under KP in Car Insurance
Here are some crucial conditions about the key protect cover in car insurance that you should remember:
- In case of theft or burglary, a police FIR is mandatory for claim processing.
- The replaced key, lock, or lockset must be of the same type as the original.
- The sum insured under key protect cover is Rs. 25,000/- and Rs. 50,000 (cost of procuring a new lock set and keys from manufacturers only) for cars with IDV up to Rs. 5 Lacs and Rs. 5 Lacs above, respectively.
- Original bills of services to be submitted.
- If you are locked out, Rs. 250 is applicable for opening the car.
- An excess amount of 25% for key replacement (from the manufacturer only) for protection against the possibility of break-in.
- If the key is broken or damaged, only the key is replaced.
- If the key is stolen, the entire set (key, lock, and lockset) may be replaced as per policy terms.
Wrapping Up!
Key Protect cover is an essential add-on under a car insurance policy as it helps you get fair compensation in case of loss or damage to your car keys. Before you opt for KP in car insurance, it is advised to carefully check claim limits, documentation requirements, and timelines to avoid any surprises at the time of a claim.
