KEY REPLACEMENT COVER IN CAR INSURANCE

What is Key Protect in Car Insurance?

In today’s automotive world, modern cars come equipped with advanced locking systems and high-tech electronic keys, such as Frequency-Operated Buttons (FOBs). These systems are designed not only for convenience but also for enhanced security. However, this sophistication brings complexity, especially if your car keys are lost, stolen, or damaged.

This is where the "Key Protect" add-on cover in car insurance proves invaluable. It covers the cost of replacing or repairing lost, stolen, or damaged keys, which are not typically covered under a standard car insurance policy.

Considering the high cost and technical complexity of modern car key systems, this add-on ensures financial protection in what could otherwise be a highly stressful and costly situation.

Let's delve into details of key replacement cover benefits, what it covers, and the claim process to make an informed decision about adding this valuable add on cover to your car insurance.

 

Features of Key Protect Add-On in Car Insurance

Following is the bifurcation of Key Protect add-on features-

1. Coverage for Lost Keys

If you lose or forget your keys, you can get the replacement cost under the add-on. You won't have to pay the expense from your budget.

2. Coverage for Stolen Keys

Insurers perform reimbursement if your car keys get stolen. Your key replacement cost would be covered under the add-on

3. Coverage for Damaged Keys

Car keys are also tangible items. It could be damaged for any reason. Its repair cost would be reimbursed by the insurers.

 4. Coverage for Damage to Lockset

The car's lockset could also get damaged sometimes. The add-on covers its repairing cost. You won't have to spend money on repairing it.

 

Benefits of Key Replacement Cover in Car Insurance

Let's acknowledge the Key Replacement Cover benefits-

• Substitution for the car key, car lock, and lockset of similar type if it gets damaged or stolen. It saves you elbow expenses.
• Key substitution in case of theft, accidental damage, or burglary. It won't let you bear the replacement cost. 
• Key replacement add-on reimburses the cost of replacing the entire lockset if it gets damaged. Also covers the cost of replacement in case of theft.
• The endeavor to break a car's lock system is not new. In case of theft, the cost of repairing the broken locking system is covered under add-on.
• Uncomplicated cashless process to repair and replace at network garages. It lessens the hassle and burden on policyholders.

 

Who Should Opt for Key Protect Add On with Car Insurance?

People who park their cars in an open parking area must opt to have the Key Protect add-on. In open parking, thieves may attempt to steal or damage cars. In any case, your car keys get stolen or vandalized.

Anyone who drives, whether it's conventional or advanced, must buy the key replacement add-on. Traditional cars come with manual keys. So, there are a lot of chances of losing keys. As a result, anyone can misuse it. Advanced locks have security codes to unlock. Getting coverage would be beneficial if it's broken.

 

Inclusions of Car Insurance Key Protect Cover

Let’s comprehend the factors that are included in the Key protect cover-

1. Repairing Cost

In an attempt to steal the car, the keyhole may get damaged. Its repairing cost gets covered under the key protection add-on.

2. Towing Assistance

When your car keys get lost or damaged, you won't be able to access it. In such a situation, towing assistance would be provided to you by the insurer.

3. Cost of High Tech Key Replacement

Owing to advanced mechanisms, high-tech car key replacement costs a lot if it's misplaced. Reprogramming such e-Keys gets covered under the key replacement add-on.

4. Provision to Submit Multiple Claims

Keys are items that may be misplaced many times. To save the cost to regain it, policyholders can claim multiple times per year of the policy, if it is mentioned in the policy document of the respective insurance company.

5. Replacement of Lockset

No one can compromise the security risk if the whole lockset gets damaged. The key replacement add-on covers the expenses to substitute the entire lockset on its damage.

 

Exclusions of Car Insurance Key Protect Cover

Let’s understand the circumstances that aren't covered under the law in car insurance.

• Your claims get rejected if the insurer finds the key damage was intentional. Plus, if the providers find it a malicious or criminal act, you won't get any benefit on key damage.
• The insurer refuses to accept a claim if its key damage expenses are covered under the manufacturing warranty.
• You must show the bill/invoice/receipt for repairing or replacement of car keys to the insurer. On failing to do so, you would not get any coverage.
• Damage due to radiation or any explosive attack would not get covered in add-on. Additionally, providers do not benefit from the keys that are damaged due to corrosion.
• Insurers reject the claim if they find that the damaged key does not belong to the insured car,

 

Documents Required to Claim Key Replacement Cover

The following documents are mandatory to raise a claim for car key replacement

• First Information Report (FIR)- In case of theft
• Invoice or Bills- In case of damage repair.

If your car keys get stolen, the first thing you need to do is FIR. Filing an FIR is an essential part of insurance coverage. If your car keys are damaged and you repaired it, you need to keep its bill safe. Without these documents, you won't be eligible to raise a claim.

 

How to Claim Key Replacement Cover

Below is the step-by-step process to raise a claim for key replacement cover

Step 1: Connect and inform the insurance provider about the theft/loss/damage to your car keys.

Step 2: Fill out an FIR against the damage/loss/theft of keys at the nearest police station. Get its copy to you.

Step 3: Go to the garage and fix your key damage. Take its bill or invoice.

Step 4: Apply for the claim by submitting the necessary documents.

If the provider finds your claim true and justified, then it will proceed with its settlement soon.

 

Final Thought

The revolution in technology has come with multiple advantages. But it does come with complexities, too. Modern expensive cars have smart locking systems. So, it needs to operate with smart keys. Smart keys take time, effort, and cost to get repaired and replaced. The Key Protect Cover is like a boon. It won't let anyone suffer from financial stress if the keys get damaged or lost. In brief, purchasing this add-on is worth it. It saves expenses on key substitution, lockset repair, or reprogramming the electronic keys.

 

FAQs

1. Is Key Protect Cover Included in Comprehensive Car Insurance?

No, it is not included in comprehensive car insurance, but you can buy it as an add-on with comprehensive insurance.

2. Does Key Protect Cover Theft of Car Keys?

Yes, Key Protect Cover provides benefits to the car keys on getting stolen. Stolen keys can be replaced, and insurers provide the replacement cost.  

3. Does Key Protect Add-on Cover Key Replacement for All Types of Cars?

Yes, the add-on provides replacement costs for all kinds of car keys. One can feel financially protected if one's keys get stolen or damaged.

4. How Much Does the Key Protect Add-on Cost?

Generally, the Key protect add-on cover costs between Rs. 400 to Rs. 1000, but it may vary as per the car model. Also, it depends on the insurance providers.

5. Does Key Protect Cover Include the Cost of Reprogramming Electronic Car Keys?

Yes, a Key Protect Cover includes the cost to reprogram the electronic car keys. You would get the costs of substitution and repairing of damaged e-Keys as well.