Key Replacement Cover in Car Insurance

Key replacement cover in car insurance provides coverage to the policyholder in case the key of the policyholder's car is lost, stolen or even if the lockset gets damaged somehow.

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What is a Key Replacement Cover in Car Insurance?

The key replacement cover is an add-on to a comprehensive car insurance policy. You can purchase the key replacement add-on by paying an extra premium to cover the cost of replacing your car's keys or repairing the lockset..

Benefits of Key Replacement Car Insurance Cover

By filing a lost car key insurance claim, you can get those expenses reimbursed, which are incurred for repairing or replacing the car key. The key replacement cover comes with the following features and benefits:

• Majorly, a key protection policy offers coverage for replacement or stolen keys. Also, it covers the repair or replacement expenses of the key lockset.
• Since key replacement cover can be availed as an add-on, an additional premium is attached. Hence, it is recommended to ask the insurer the exact amount to be paid to avail of this cover.
• A key protection policy comes with an upper limit on how many times you can make claims. So, you'll have to be very careful about your car keys. As the policy will compensate up to the permissible number of times you can claim.
• The key lost insurance claim process is quite similar to the normal car insurance claim that starts from intimating the insurer to final settlement.

Scope of Coverage Under Car Key Replacement Insurance

Here are the inclusions under car insurance with key replacement cover:

• Lost Keys: Losing car keys is unfortunate. It can add to additional out-of-pocket expenses. In such a case, a key replacement cover comes in handy where the insurance company reimburses the incurred expenses. The cost of buying a new set of keys from the showroom is paid by the insurance company up to the specified limit.
• Break-in of the Car: The key replacement cover also offers coverage for attempted burglary that cause damage to lock and keys. The expenses incurred for replacing the lock & key will be compensated by your insurance company.
• Coverage for Lockset: In case of an accident, the chances of the car lockset getting damaged are high. In such a case, you can file a key lost insurance claim asking for reimbursement of the incurred amount for repair or replacing the lockset.

Importance of Key Replacement Add-on in Car Insurance

A key replacement cover in car insurance comes in handy if you misplace your original car keys. The policy ensures the reimbursement of the key replacement costs. By just paying a minimal amount annually, you can be protected against expensive car keys replacement costs.

Key replacement cover can be bought along with the basic comprehensive car insurance. This cover comes into action if the car key is misplaced, lost, damaged or stolen. It also covers the repair costs of the lock set in case of damage. Nevertheless, an upper limit is applicable as per the terms and conditions mentioned in the policy document.

Who Should Buy Key Replacement Car Insurance in India?

While anyone can buy key protection cover it is recommended mostly under these scenarios:

• If you park your car in an open area, where the chances of theft or attempt to theft are high. This will help you cover the repair or replacement expenses in case the lockset or key is stolen/damaged.
• Replacing or repairing a car key will be expensive if you own a high-end car. Even the costs will be at the higher side in the case of mid-range cars. Key protection cover comes in handy here by covering the replacement amount.
• Anyone with a car where the lock is being operated with a remote key or if the car is with advanced technology should consider buying this cover.

Who Should Buy Key Replacement Car Insurance in India?

While anyone can buy key protect cover in car insurance it is recommended mostly under these scenarios:

• If you park your car in an open area, where the chances of theft or attempt to theft are high, key replacement insurance will help you cover the repair or replacement expenses in case the lockset or key is stolen/damaged.
• Replacing or repairing a car key will be expensive if you own a high-end car. Even the costs will be at the higher side in the case of mid-range cars. Key protect cover comes in handy here by covering the replacement amount.
• Anyone with a car where the lock is being operated with a remote key or if the car is with advanced technology should consider buying car key insurance protection cover.

Cost of Key Replacement Cover

Since key replacement cover is an add-on, the premium asked by the insurance companies is minimal. It could range somewhere between 5-8% of the total car insurance premium. However, depending on the car's model or the insurance provider, key replacement car insurance premiums may vary.

How to Claim Key Replacement Cover?

You can easily raise a lost car key insurance claim with the key protect cover by following this hassle-free process:

• Contact your insurance company and register your key replacement insurance claim.
• In case of theft, a Police FIR is necessary to register the claim.
• Get your car keys replaced or repaired andask your insurer for the compensation.
• Submit the claim form along with the required documents to yourinsurance company, which will verify the same and settle it by reimbursing the expenses.
• In case of a cashless claim, the settlement is done directly with the garage by the insurance company.

Key Replacement Cover: Terms & Conditions

Key protect cover in car insurance is subject to certain terms and conditions. Let us know:

• A police FIR is required to claim car insurance for key replacement cover. It is one of the important claim documents.
• The replaced car key, lock or lockset should be of the same nature.
• The insurance company considers replacement only for damaged or broken car keys. In case of theft, the entire lock set will be changed.