Do you know that you can cover your car keys under a car insurance policy? Yes, it’s true! Read on to know what Key Replacement Cover is and how you can avail it!
Losing a key was not a big deal a few years back. The spare car keys used to play a big role then. But with the advancement in technology, modern electronic keys (FOBs) are introduced, which are more expensive to replace as compared to the traditional ones. This assuredly indicates a considerable chunk of out-of-pocket expenses.
What if your car insurance policy comes to your rescue?
Yes, insurance companies compensate for the loss of keys under Key Replacement Cover. It is an add-on insurance cover, which can be availed at an additional premium.
A key replacement car insurance cover 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.
This cover can be bought along with the basic comprehensive car insurance. This policy comes into action if the car key is misplaced, lost, damaged or stolen. The policy also covers the repair costs of lock-set in case it is damaged. Nevertheless, an upper limit is applicable as per the term and conditions of the insurance company.
By claiming a key replacement cover, you can get those expenses reimbursed, which are incurred for repairing or replacing a new car key. This policy comes with some amazing features and benefits:
Key protection car insurance cover is subject to certain terms and conditions. Let us know:
Consider the below-listed things covered under car insurance with key replacement cover:
When anyone can buy this cover as per the requirement, however, this cover is mostly recommended if:
As it is an add-on cover, 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 model of the car or the insurance provider, key replacement car insurance premiums may vary.
A claim may arise if you loss or misplace your car keys. The claim process is hassle-free if proper claim steps are followed. Here you go:
Gone are the days when economical ways were being used to get a solution for lost car keys. Sadly, these are of no use if you own a mid or high-range car with an advanced model. So, it is wise to opt for a key replacement cover, along with the basic car insurance policy.
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