KP in Car Insurance

KP in car insurance refers to the Key Protect add-on cover that you can purchase along with your motor insurance policy. This add-on cover is useful as it can help you to financially cover your car keys in case of a mishap, such as theft. Let us understand this add-on in detail.

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Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

What is KP in Car Insurance?

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.

What is Covered Under Key Protect Cover?

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:

  • 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

A key protect additional 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

A 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

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. 

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.

Claiming 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.

Wrapping Up!

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.

Written By: PolicyBazaar - Updated: 15 June 2022
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