Replacing Your Lost Keys Can Be Expensive, But Not With This Insurance Add-On Cover

What should you do if you lose your car keys |

Losing your car keys can not only be stressful and inconvenient, but it can also be a huge financial hit as it can be very expensive to replace car keys. A long time ago, losing your car keys was not a big issue. Many people had a spare car key to get you out of trouble. But cars are technologically advanced, especially modern electronic key frequency operated buttons (FOBs), which are much more expensive to replace than traditional car keys. Hence, you need to be prepared for the possibility of losing your car keys.

Usually, any problem with your car is solved through four wheeler insurance. However, replacement of car keys is not covered under the standard policy. There are many other things that are not included in the base car insurance policy. However, some of them can be included in your coverage through add-ons. Replacement of missing keys is one of those things. The add-on you can select for this is Key replacement cover.

What is the key replacement cover? 

Car keys have evolved over the years. They are not just a piece of metal with long grooves to unlock or start the car engine. Advanced and technologically advanced car keys are the new standard, especially electronic keys. These are called frequency operated buttons (FOBs). If they are stolen or lost, replacing them can be very expensive. Insurance companies are evolving with modern times and are covering such car keys through a selection of add-on covers. Your car key coverage is called the key replacement cover in car insurance.

Key replacement cover is an add-on to your comprehensive car insurance policy and not an independent cover. With the additional premium, the key replacement add-on covers the cost of replacing the keys of the insured vehicle. While it does raise car insurance prices, it is an extremely beneficial add-on to have. This can happen if the key is lost, damaged or stolen, or if the lock or key is damaged it can cover the cost of repairing the lock set. * Standard T&C Apply

The benefits of this add-on are: 

  • A First Information Report (FIR) must be filed with the police to support the claim.
  • The replaced key / lock / lockset must be of the same type and nature.
  • The insurance company should not be notified immediately beyond 30 days.
  • There will be key replacement for damaged or broken keys. If it is stolen, the key, lock and complete set of the lockset will be replaced.

* Standard T&C Apply

The exclusions of this add-on are: 

  • Any damage or damage to the keys / lock / lockset due to malicious activity or any intentional or criminal act.
  • Any damage or loss covered under the manufacturer’s warranty.
  • Any claim that does not have valid receipts or challans for payments made.
  • Any damage or loss due to radiation or hazardous symptoms.
  • Any damage or loss to any part of the insured vehicle other than the ignition system, immobilizer, alarm or infra-red handset attached to the keys / lock / lockset and FOB.

* Standard T&C Apply

When purchasing car insurance, you can use a handy tool called a car insurance premium calculator to figure out how much your premium will be. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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