Key Protect Cover In Bike Insurance

An add-on cover in bike insurance is an enhancement to your insurance policy for bikes that can increase your financial coverage and extend the required support during specific scenarios. For example, suppose you have purchased the Consumables Expenses add-on. In that case, it will reimburse the cost of replacing, repairing, or replenishing the consumables, such as brake oil, engine oil, grease, distilled water, etc., if an accident leads to damage to these consumables.

The add-on cover is available at an additional cost to your bike insurance policy. However, it is undoubtedly worth the investment to realise its benefits.

The key cover add-on is an optional cover with motor insurance that covers the costs incurred towards managing the expenses related to the loss of your keys or damage to your key lockset. Therefore, it can cover the expenses involved in repairing or replacing the keys.

There were days when you could easily get duplicate keys for your bike at any time from a locksmith. However, with the advancement in technology and increased security requirements, the modern lock and key structure have been designed so that it is difficult to replicate.

Therefore, if you have lost your keys, you might have to visit the nearest branch or service centre for the bike to replace the key. And if it is stolen, you will have to replace the entire lock set, considering safety reasons.

Bike manufacturers offer different types of keys based on the type of bike purchased.

1.Traditional key - It is one of the basic types of bike keys that can be replicated by the locksmith. There are no security features concerned with these traditional keys.

2. Remote key- It has advanced features, including the transponder. The transponder will emit radio or infrared waves, and it will help you lock or unlock the bike from a certain distance. However, remote keys are expensive compared to traditional keys considering the advanced features.

3. Flip key - It is a type of key that can be folded, and the metal part will flip over with the press of a button. You can lock and unlock the bike remotely using the flip key. Repairing or replacing the flip key is the most expensive considering its mechanism.

A bike key replacement add-on can be included as a part of the comprehensive bike insurance policy. It can also be purchased with the stand-alone bike insurance policy based on the insurance provider’s policy terms and conditions.

Here is a possible scenario that can help you understand how the add-on can be beneficial.

Consider a scenario wherein you have planned to go to a public gathering. There can be situations where you have misplaced it, or somebody has stolen it. It can create great havoc because you may not be able to move the bike and take it to your place.

In such a scenario, you can contact your insurance provider, inform them about the loss of your key and proceed with the claim for key replacement. They can provide the necessary financial assistance by making the required arrangements with an authorised service centre. You can replace your bike's key, and your insurance provider will take care of the expenses.

The key replacement add-on in bike insurance is an extra layer of protection to safeguard your bike from possible damage that can incur to your bike at any time.

Here are a few key features of the key replacement in two-wheeler insurance:

1. Replacing or repairing your bike key - If you have lost your bike key, it becomes difficult to manage the situation and take your bike back to your place. Also, you may have to bear the expenses related to replacing the bike key or the lockset based on the issue. With the key replacement add-on, you can get your bike key replaced or repaired.

2. Replacing the entire lockset if the key is stolen - If your key is stolen, for security reasons, the entire lockset may have to be replaced. With the key replacement add-on, the insurance provider can replace the entire lockset.

**3. Applicable with comprehensive bike insurance policy **- A comprehensive bike insurance plan will cover the third-party liabilities and the own damages. The key protect add-on is available only with a comprehensive bike insurance policy to enhance the coverage.

4. Limit on the number of claims - There might be a set limit on the number of claims registered for the key replacement add-on benefit. It is important to know this limit to avoid unnecessary claim rejections.

The key replacement in bike insurance is a beneficial feature that can help you in difficult scenarios and manage a financial emergency.

**1. Does not affect 'No Claim Bonus' - **The claims made under the key cover add-on will not affect the 'No Claim Bonus' benefit. Therefore, if you claim for key replacement, you will be eligible for the 'No Claim Bonus' benefit the following year.

**2. Available and affordable online - **You can buy the key replacement add-on online after reading through the inclusions and exclusions and considering the premium. Therefore, buying the key replacement add-on can be affordable and convenient online.

Insurance for 2 wheeler can be customised by including the necessary add-ons and purchasing them online. You can utilise the bike insurance premium calculator online to determine the cost and choose a suitable product.

Here are a few steps that can help you purchase the key replacement add-on with the 2-wheeler insurance online:

• Visit the official website of your insurance provider. Navigate to purchasing the Bike Insurance plan online.

• Provide the required details, personal information and bike details as prompted by the screen.

• Based on your requirements and affordability, choose the coverage for your applicable bike insurance for 2 wheeler.

• Further, choose the bike key replacement add-on from the available list of add-on cover options. You can also choose other add-ons based on your requirements. The add-on will also be applicable during the renewal process.

• Once all the information is provided, the system will provide the total applicable premium.

If you feel the premium is affordable, you can pay the premium using any of the applicable digital payment methods.

Claiming the coverage of the key replacement add-on is similar to the procedure for claiming the bike insurance plan benefits.

Here are a few steps that can help.

1. Inform the insurance provider regarding the loss of your keys.

2. Initiate the claim online. Provide the necessary details and fill out the claim request form. You can also claim offline by visiting the nearest branch and completing the necessary claim form.

3. Based on the claim, provide evidence for self-inspection, such as photos or videos.

4. A surveyor might come and inspect your two-wheeler to assess in specific scenarios.

5. Choose between the cashless and the reimbursement benefit options.

6. Provide the supporting documents and submit the claim request form.

Key things to keep in mind:

1. Inform the insurer within the time provided by them for a claim intimation.

2. Submit all the necessary documents and evidence. You will have to provide the FIR in case a bike theft is involved.

3. If it is a reimbursement option, provide all the necessary receipts or invoices as applicable.

The key replacement in bike insurance may not cover the damages in specific cases. Therefore, read through the policy document before purchasing the bike insurance plan and the add-on. It will help you understand the inclusions and exclusions corresponding to the bike key replacement add-on.
Some of the common exclusions are:

1. Damage or loss caused due to a deliberate act or with a criminal intention that leads to the loss of the keys.

2. The loss or damage caused due to radiation, toxic substances, immobilise, warning alarm, etc.,

3. The loss or damage is covered as a warranty or a service warranty by the manufacturer.

4. The loss or damage may only be covered if you provide the applicable receipts or the original invoices.

At Tata AIG, we offer 8 different add-on covers with the comprehensive bike insurance policy, including the key replacement add-on. You can read through the features, evaluate the benefits and choose the most appropriate add-on covers for your bike insurance plan. The bike key replacement add-on can be purchased with the [comprehensive bike insurance]https://www.tataaig.com/motor-insurance/two-wheeler-insurance/comprehensive-bike-insurance) policy.

We have detailed the plan features, and the add-on covers online. So you can compare and purchase them online at your convenient space and time.

1. Can I register a claim in bike insurance if I have lost my bike keys?

You can register for a claim if you have lost your bike keys if you have purchased the key replacement add-on cover with your comprehensive bike insurance policy.

2. Can the key replacement add-on be purchased with third-party liability insurance?

No, the key replacement add-on cover cannot be purchased with third-party liability insurance. And it can be purchased with a stand-alone or comprehensive bike insurance policy based on the insurer's terms and conditions.

3. Can I get the lockset replaced by registering a claim under the key replacement add-on?

Yes, the key replacement add-on will cover replacing the entire lockset if it is a requirement, such as when the key is stolen.

4. What should I do if my bike lockset is damaged?

If you have purchased the key replacement rider, you can get the damaged lockset replaced and get the expenses covered under your bike insurance plan. You can get it replaced in an authorised service centre and submit the necessary receipts to get the cost reimbursed.

5. Should I provide the spare key of my bike when I raise a key protect claim?

Yes, you may have to provide the spare key of your bike if you have registered a key replacement claim.