Key Replacement Cover in car insurance provides protection for lost, stolen, or damaged car keys. Understand its benefits, what it covers, and the claim process to make an informed decision about adding this valuable coverage to your policy.
Nowadays, Car Insurance is very important to protect your car from unforeseen incidents, theft, or accidents. With the introduction of new age & hi-tech model cars, these days the keys to these cars are also digital, i.e. remote car keys, to ease the lock or unlock of your car without physical touch. However, the problem occurs when these keys are lost, stolen, or forgotten somewhere. Such digital car keys have in-built security features that protect your vehicle from theft, which makes their replacement quite expensive.
Thus, it becomes important to get a Key Replacement Add-on Cover in your Car Insurance to protect your car keys against any manual loss or theft.
What is a Key Replacement Add-on Cover in Car Insurance?
Many Car Insurance companies these days are offering a Key Replacement Add-on Cover along with a Car Insurance policy, which specifically protects your car key loss and provides a replacement for the car keys. An individual can get this Key Replacement Add-on Cover, just by paying an extra amount in the insurance premium, and only if he/she has already enrolled into a comprehensive Car Insurance Policy.
What is the Scope of Coverage in Key Replacement Add-on Cover?
In any Car Insurance policy, the Key Replacement Add-on Cover is crucial, to protect your expensive car keys in different circumstances, further providing a replacement for the same.
Here are some of the key points that define the scope of the Key Replacement Add-on Cover.
- Break-in situation: In an attempt to steal your car, if any damage occurs to your car keys or lock, then under the Key Replacement Add-on Cover, the insured person will be compensated for the expenses incurred in replacing the keys and lock of the car.
- Car keys are lost: Losing your car keys can be stressful, and getting a new set of keys from the showroom can put a lot of burden on your pocket. In such a situation, a Key Replacement Add-on Cover can be useful as it helps in reimbursing the incurred expenses in buying a new set of keys.
- Lockset coverage: The Key Replacement Add-on Cover also protects the lockset of your car in case of an accident or damage to it. The policyholder can easily get the money reimbursed for the insurance company, which was spent on repairing or replacing the car lockset.
Become a Motor Insurance PoS Agent
What are the exclusions of key replacement cover?
- Failure to provide payment receipts for the replacement of the insured vehicle's lost car key will result in claim rejection.
- Damage resulting from wear and tear, mechanical or electrical failure, gradual deterioration, cleaning, repairing, restoring, or any similar occurrences for vehicle keys or locksets.
- Repairs that are not conducted at an insurer-authorized or manufacturer-authorized dealership will not be reimbursed.
- Claims made on behalf of the police authority after three days from the incident.
- Intentional damage to the insured vehicle's key, lock, or lockset is excluded from coverage.
- Costs associated with replacing only the individual components of the key/lockset for the insured vehicle are not covered.
- Pre-existing damage of any nature
- Damage or loss covered by the manufacturer's warranty is not included.
- Claims for key duplication of the relevant vehicle are not covered.
Here is the streamlined process for claiming your Key Replacement Cover:
Step 1:
Repair or replace your car lockset from an authorized OEM or a standard car workshop.
Step 2:
Submit the invoice or bill for the replaced remote-lock system to your insurance provider for reimbursement.
Step 3:
Upon evaluation and subject to the maximum sum insured, your claim will be settled promptly, ensuring you are back on the road hassle-free.
What is the premium for the Key Replacement Add-on Cover?
The premium for the Key Replacement Add-on Cover is not much and quite affordable for the car owner to pay alongside the Car Insurance premium. This Add-on Cover can approximately cost you between 5% to 8% of the total Car Insurance Premium. However, it is important to note that the premium for Key Replacement Add-on Cover, may depend upon the model of the car and the Car Insurance Company as well.
Wrapping up!
In a world full of uncertainties, the Key Replacement Add-on Cover offers robust protection for your car keys from theft, damage, or losing them. By just paying some additional premium along with the comprehensive Car Insurance premium, an individual can access convenience and mobility all at the same time. As such, it is a worthy consideration for anyone looking to safeguard their automotive investment, just do your research thoroughly, check out different Key Replacement Add-on Covers available in the market, and get the best and most affordable add-on cover for your car keys.
Benefits of Buying Car Insurance from a PoSP Insurance Agent
Personalized Service: PoSP agents provide personalized assistance tailored to your specific needs and preferences.
Convenience: You can easily purchase car insurance through a PoSP agent, often in a streamlined and hassle-free manner.
Expert Advice: PoSP agents are knowledgeable about insurance products and can offer valuable advice to help you choose the right coverage for your vehicle.
Competitive Pricing: PoSP agents may offer competitive pricing options, helping you find affordable car insurance that meets your budget.
Accessibility: PoSP insurance agents are often accessible and available to assist you with any queries or concerns you may have throughout the insurance process.
Overall, buying car insurance from a PoSP insurance agent can provide you with personalized service, expert advice, and convenience, ensuring that you get the coverage you need for your vehicle.
Frequently Asked Questions (FAQs):
Que: Is there any limitation to the Key Replacement Add-on Cover?
Ans: Yes, there may be some limitations to the Key Replacement Add-on Cover, which may include policy maximums, deductibles, and exclusions like keys left in unattended vehicles, etc.
Que: How can an individual add the Key Replacement Add-on Cover to his/her Car Insurance Policy?
Ans: Just by contacting the insurance company, an individual can easily add a Key Replacement Add-on Cover to the existing car insurance policy.
Que: Is it possible to purchase a Key Replacement Add-on Cover, separately from the Car Insurance policy?
Ans: Generally, the Key Replacement Add-on Cover comes as an additional feature with the Car Insurance policy and is not often available separately.
Que: Does the Key Replacement Add-on Cover offer coverage for different types of vehicles?
Ans: Yes, the Key Replacement Add-on Cover provides coverage for several vehicles including cars, motorcycles, and commercial vehicles. It also depends upon the Car Insurance provider, for which vehicles it is offering the add-on cover.
Que: Does the Key Replacement Add-on Cover affect the existing car insurance premium?
Ans: Since it is additional coverage to the car insurance, the Key Replacement Add-on Cover does slightly increase the existing car insurance premium but it is minimal.
Que: If the keys are damaged in an accident, in that case, does the Key Replacement Add-on Cover provide coverage for the same?
Ans: Yes, the Key Replacement Add-on Cover provides coverage for the keys damaged in an accident, however, intentional damage to the keys may not be covered under it.
Que: If a person has a Key Replacement Add-on Cover, and loses his keys, what should he do?
Ans: Under the Key Replacement Add-on Cover, he should immediately contact his Car Insurance provider to initiate the key replacement process.
Que: How many claims can an individual make for the key replacement under the Key Replacement Add-on Cover?
Ans: It varies on your Car Insurance policy and the insurance providers. Some insurance providers may limit the number of claims for key replacements. It is important to check the details of your policy and add-on cover thoroughly.
Become an Insurance agent with PBPartners and take your career to new heights.
