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 this cover to your comprehensive car insurance or standalone own damage car policy.
When you buy car insurance online, you have the option to add a key replacement cover to your basic cover. A key replacement add-on cover offers coverage against the following risks:
A key protect additional cover is beneficial in many ways. Let’s have a look at some of them:
A key protect add-on does not cover you under the following circumstances:
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.
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.
Simply navigate to the ‘Car Insurance Page’ from the homepage, enter your car number and proceed with car insurance quotes. Enter the required details of your previous car policy. Choose the desired car plan and select the ‘Key Protect’ add-on cover from the ‘Add-ons and Accessories' dropdown.
Now, pay the premium amount and the key protect add-on cover will be added to your motor insurance plan. You will receive the policy document instantly at your email address. You can find details of the key protect add-on cover in your policy documents.
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:
Key Protect cover is an essential add-on under a car insurance policy as it can help you get fair compensation in case of loss or damage to your car keys. Moreover, you will also not be required to pay a higher amount for replacing the original lockset, if you damage the original one. Thus, it will always be a wise decision to have a KP cover added to your car insurance policy.
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