Key Replacement Add-On Cover in Two-Wheeler Insurance

Understanding Bike Key Add-on Cover

A bike key replacement add-on cover is an optional protection that can be added to your two-wheeler insurance policy. It covers the cost of replacing a lost, stolen, misplaced, or key or lockset of the insured bike. This add-on is not available with third-party bike insurance coverage.

Even if you have comprehensive bike insurance, it will not provide you with cover for key replacement, and you will have to purchase this add-on cover separately by paying an extra amount in your premium.

Why is Key Replacement Add-On Important for Bike Owners?

Bike keys are no longer simple pieces of metal; they are now considered advanced security systems. Replacing a modern two-wheeler key or lockset can be costly and time-consuming.

Here are reasons why this add-on cover is important for bike owners:

• It covers the cost of replacing lost/stolen/damaged bike keys.
• It includes lockset replacement, if needed.
• It does not affect your No Claim Bonus (NCB) even if you make a claim.
• It minimises financial stress during emergencies.
• It enhances overall coverage with minimal additional premium.

How to Buy a Key Replacement Add-On Online?

To renew or buy a key replacement add-on online for your bike from Policybazaar.com, you can follow the steps below:

• Visit the official website of Policybazaar Insurance Brokers Private Limited.
• Navigate to 'Two-Wheeler Insurance or Bike Insurance' and enter all the required vehicle details.
• Click on 'View Prices' and compare bike insurance quotes from different insurers.
• Now click on the desired add-on, such as a key replacement add-on cover.
• Once the add-on is added, pay online using UPI, credit/debit card, and net banking.
• Once the payment is made, the insurer will send the receipt to your registered mobile number and email address.

How to Raise a Claim Under the Key Replacement Add-on?

In case your bike key is lost, stolen, or damaged, you can follow the steps given below to raise the claim online at Policybazaar.com:

• Inform the insurer when you realise you have lost your key.
• Provide all the details required and fill in the form correctly.
• Submit the required documents along with the claim form.
• The insurer will get your key replaced or provide you with a new key through the nearby service centre, from where you have to collect it.
• Once you get the key, the insurer will pay on your behalf, or you will get reimbursement

*Pro Tip: Always inform the insurer at the earliest for loss or damage.

Documents Required for Key Replacement Claim Under Bike Insurance

Here are the documents required for raising a key replacement claim under bike insurance:

• Policy copy
• FIR (in case of theft)
• Invoice for key or lockset replacement
• Valid ID proof
• Duly filled claim form

Special Conditions under Bike Key Cover

You can buy a key protection cover with your comprehensive or standalone own-damage two-wheeler policy. However, there are some special conditions under your key protection add-on cover that you must fulfil:

• Claims raised under the key protect cover will not affect your No Claim Bonus (NCB) discount.
• Submit the First Information Report (FIR) and other documents asked by your insurer if the claims are made under theft/burglary of keys.
• The new lockset or key replaced under the claims should be the same as the damaged/lost key or lockset.
• Inform your insurance company within a dedicated time period if the lockset or key is lost or damaged.

Benefits of Buying a Key Cover for a Bike

Your bike key cover is essential coverage that offers protection for the lost keys or damaged lockset of your two-wheeler. Here are some benefits of your key protection coverage:

• Covers the cost of replacing the key or lockset if lost, damaged, or stolen.
• The add-on cover will replace the entire key and the lockset if the key is stolen.
• Raising a claim for key replacement will not affect the accumulated NCB during policy renewal.
• Purchasing a key cover for your bike will give you peace of mind.

Exclusions of Key Protect Add-on Cover

Here are the exclusions of key cover for your bike for which your claims are not entertained:

• Loss or damage due to intentional or criminal activities.
• Loss or damage due to radiation, corrosive & toxic material, hazardous substances or explosive properties.
• Loss or damage caused to the components of the key or lockset, such as the ignition system of your two-wheeler, immobiliser, or warning alarm.
• Loss or damage caused due to improper handling.
• Loss or damage to the lockset or key covered by the two-wheeler manufacturer's warranty.
• No coverage if the insured cannot provide or present the original invoice or receipts.

Add-ons for your two wheeler insurance

Personal Accident Cover

Roadside Assistance

Passenger Cover

Return To Invoice Cover (RTI)

NCB Protection Cover

Engine Protection Add-On In Two-Wheeler Insurance

Accessories Coverage