Key Replacement Cover: What is it?
A few years ago, losing a key wasn’t a huge concern. The backup car keys were quite important back then. But, as technology developed, new electronic keys (FOBs) were produced, which cost more to replace than conventional keys.
Insurance companies offer Key Replacement Insurance, which provides compensation for lost keys. It is a supplementary motor insurance policy that is available for a fee.
Importance Of Replacement Keys Add-On
If you lose your original car keys, a key replacement auto insurance policy can help. The coverage guarantees payment for the expense of replacing the keys. You can avoid paying high replacement fees for automobile keys by just making a little annual payment.
Pros & Advantages Of Key Replacement Automobile Insurance Cover
- A key protection policy often covers lost or stolen keys. Also, it covers the cost of replacing or repairing the key lockset.
- There is a maximum number of claims that can be made under this policy. You must therefore handle your automobile keys with extreme caution. While the policy only pays out once, you can make as many claims as are allowed.
- The claim process is comparable to a typical auto insurance claim, which begins with notifying the insurer and ends with a final payout.
- It comes with an additional price because it is an add-on. It is therefore advised to inquire about the precise payment required to obtain this coverage from the insurer.
Terms & Conditions: Key Replacement Cover
- For a motor insurance key replacement claim, a police FIR is necessary. One of the crucial claim documents is it.
- As soon as a claim is made, you must notify the insurance provider.
- Only for broken or damaged car keys does the insurance company consider a replacement. The complete lock, set of keys, or lock will be replaced in the event of theft.
- The car key, lock, or lockset that is being replaced must be of the same type.
Coverage Amounts for Vehicle Key Replacement Add-on
Take into account the items listed below that are protected by car insurance with key replacement coverage:
- Lost keys: It’s unpleasant to lose your automobile keys. That might result in higher out-of-pocket costs. Key replacement insurance can help by paying back the incurred costs. The insurance provider will cover the price of purchasing a new set of keys from the dealership up to the predetermined maximum.
- Theft from a Car: This policy also covers attempted burglaries, and it will pay for any damage to the lock and keys. Your insurance provider will cover the costs of replacing the lock and key.
- Insurance for the Lockset: The likelihood of the car lockset being damaged in an accident is high. In this situation, you can file an insurance claim and seek reimbursement for the costs incurred to fix or replace the lockset.
A vehicle insurance calculator is a tool you may use online to determine the coverage required based on your needs.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
