Key Replacement Cover In Car Insurance

Car insurance is an efficient tool to cover financial losses due to damage to your car. While mandatory third-party insurance covers third-party liabilities, a comprehensive policy protects your car from theft, vandalism, natural calamity, etc., but none of them covers key replacement.

So, how do you get a key protect cover?

Insurance companies offer add-ons to car insurance which give maximum protection to your car. Among the many add-on options available, a key replacement cover helps reduce your financial liabilities in case of a lost or damaged key. You can buy this rider under a comprehensive or standalone own-damage car insurance policy. But keep in mind that add-ons come at an extra premium, and your car insurance policy may get a little dearer.

• The key replacement cover offers a limited number of claims you can make for lost or damaged keys.
• In case of theft of your car keys, you need a police FIR to claim key replacement costs.
• The replaced keys/lock/lockset must be of a similar nature or model for which you raised a claim.
• Replacement of the car key doesn’t impact the No Claim Bonus (NCB) during policy renewal.
• You must inform the insurance company immediately about the loss, damage or theft within 30 days of the incident.

The key replacement cover under four-wheeler insurance covers the following:

Key Replacement – We will reimburse You for the cost of replacing your vehicle keys which are lost or stolen.

Break-in Protection – We will reimburse you for the cost of replacing your locks and keys if your vehicle is broken into. The covered costs include the labor cost for replacing the lock.

While buying any add-on cover for your car, you must inform yourself about the several exclusions under the policy. This helps in a seamless claim settlement ratio. The exclusions under key replacement cover are as follows:

We will not pay for:

• Costs other than those listed in the “What is Covered” section;
• The cost to replace keys to vehicles that You do not own for personal use;
• Coverage Conditions

For break-in protection claims, you must provide an official police report that confirms the incident happened within the period of insurance.

Usually, a key replacement cover doesn’t cost much. You can avail of it at minimal prices ranging between 5-8 per cent of the car insurance premium. Also, the cost of the key replacement add-on may depend on your car’s model. So, before buying the add-on cover for your car, you must know about the factors affecting the extra premium.

You can buy a key replacement cover while buying or renewing a comprehensive or standalone damage policy online. You need to follow the steps below:

• Visit the insurance company’s website.
• Buy or renew your car insurance and add the key replacement cover.
• The insurance company will send you the policy document via email.

To replace or repair your lost or damaged keys, you can follow the steps below:

• As soon as you know about the lost or damaged key, inform the insurance company immediately by registering a claim.
• Lodge a police FIR if the keys are stolen. The FIR document will come in handy to support your claim.
• After the replacement or repair of your car keys, the next essential step is to raise a claim for reimbursement.
• Submit the claim form and the supporting documents like FIR, repair invoice, etc.
• After verification, the insurance provider reimburses your incurred expenses.

Before filing a claim for lost/damaged keys, you must remember the following things:

• Don’t forget to register an FIR if your keys are stolen.
• Inform the insurance company about key loss or damage within the time limit mentioned in the policy.
• Ensure replacing your key/lock/lockset with the same model and keep the invoices safe.

Losing a car key is a nightmare, especially remote keys or key fobs. Earlier, car key loss was not a big problem as you could replace it easily. But the new keys are expensive to repair or replace. Thus, a car insurance cover with key replacement can be your saviour if you lose your car keys.

While third-party insurance only covers third-party liabilities, standalone own-damage or comprehensive car insurance offers a lot more in terms of protection. So, a comprehensive policy is a must-buy if you own an expensive car to ensure its overall protection from damage.

With Tata AIG, you can also choose from 12 unique riders and enhance your policy’s coverage with some extra premium. So, buy suitable car insurance with Tata AIG today and experience a hassle-free car insurance claim process.