Key And Lock Replacement Cover

It is a busy Monday morning and you have to rush to your office. Just when you dash for your car, you realize you cannot find the keys. You search everywhere and eventually conclude that the keys have been misplaced. Now, this is a really frustrating and stressful situation to be in, considering keys nowadays are highly sophisticated and can be made or duplicated only by the manufacturer.

As cars have become technologically advanced, their keys have become more expensive and difficult to replace. However, with a Key and Lock Replacement cover, this Monday morning emergency can be averted.
 

What is a Key And Lock Replacement Cover?

It is an add-on cover, which bears the cost arising out of the replacement of the insured car’s key. It covers the replacement cost if the key gets lost, damaged, or stolen. It also covers the cost incurred in repairing the lock-set, in case the car lock gets damaged.

The Key replacement add-on cover can be opted with a basic comprehensive policy or a standalone own-damage policy, by paying an additional premium amount.
 

Benefits of Key And Lock Replacement Cover

• It aids in the replacement of the car keys if they are stolen or misplaced, and the lock-set, if it is damaged.

• It covers the costs of replacement of the key or lock-set, in cases of loss, burglary, or damage.

• A claim under this add on will not affect your No Claim Bonus eligibility at the time of policy renewal.
   

What is Covered Under The Key And Lock Replacement Add-On?

The add-on protects you against the following:

• Damaged Key
• Stolen Key
• Lost key
• Damaged Lockset
   

Exclusions Under Key And Lock Replacement Cover

Although the add-on protects your car key against almost all-important situations, the following are excluded:

• If the terms and conditions mentioned in the policy document are not followed.
• If the insured vehicle has been used for any criminal activity or unlawful act.
• If damage is covered under the manufacturer’s warranty.
• If damage is caused due to radiation, radioactive contamination, or hazardous properties of any explosive, corrosive, invasive, or toxic substance or material.
• If the car is outside the registered geographical location.
• If any damage happens to the insured car besides its keys and lock-set.
   

The Claim Process For Key And Lock Replacement Cover

In case you lose, misplace, or damage your car keys or lock-set, this cover will reimburse the replacement costs. All you need to do is go through the following process:

• In case the keys are stolen, the first thing you need to do is file a First Information Report (FIR) at the local police station.
• Then, duly inform the insurer about what happened to your car key or lock-set, by contacting them via mail or call them.
• Get the car key or lock-set repaired or replaced, and then raise a claim from the insurance company.
• Provide the invoice or the bill of repair/replacement to the insurer, along with any other required documents, as asked by them.
• Post verifying all the documents, the insurer will reimburse the amount as per the invoice, which will be subject to the limits mentioned in the policy.
   

Important Things to Keep in Mind While Filing A Claim

Although the add-on protects your car key against almost all-important situations, the following are excluded:

• In case of theft, an FIR needs to be filed at the nearest police station.
• The replaced/repaired key, lock or lockset should be of the same specifications as the ones for which the claim is being raised.
• Damage to the keys and the cause should be informed to the insurance company immediately, or at the latest within 30 days of the incident.
• If a key is damaged, the insurance company will bear the expenses incurred by you while replacing it.
• The entire lock set will be replaced or repaired only in case of theft or burglary.
• Ensure you submit the invoice or the bill for the repair/replacement to the insurance company, because without all the required documents, your claim will not get approved.

With the conventional Motor Insurance Policy, there is no particular clause that protects the keys of your car. So, in case you lose them or the lock system gets damaged, you will have to bear a huge expense, besides the enormous stress. This is where a Key and Lock Replacement coverage saves your day. It helps you get recompensed for the value of lost/damaged/stolen keys as well as the lock, in case it needs to be changed. So, for that additional layer of security, go for it!