What is Key Loss Cover In Bike Insurance

What is Key Loss Cover In Bike Insurance?

In the past, it was easy to get a new key from a locksmith. But now, with new technology and better security, it’s harder to make a copy of modern keys.

So, if you lose your keys, you might need to visit a bike service center to get a new one. If your key is stolen, you may need to replace the whole lock for safety reasons.

However, you can reduce this risk by adding key loss cover in your bike insurance. The key cover add-on is an extra option you can add to your bike insurance. It helps pay for the cost of replacing or fixing your keys or locks. If you lose your keys or the lock gets damaged, this cover will take care of the expenses.

Benefits of Key Replacement Bike Insurance Cover

With a key replacement cover, you can get the cost of repairing or replacing your bike key paid back to you. This add-on comes with some great features and benefits:

• It mainly covers the cost of replacing lost or stolen keys, as well as repairing or replacing the key lockset.
• Since this is an extra add-on, you will need to pay a little more. It’s a good idea to ask your insurance company how much extra it will cost.
• This cover has a limit on how many times you can make a claim. So, you need to be careful with your bike keys. The insurance will cover the cost up to the allowed number of claims.
• The process to claim is similar to a normal bike insurance claim. It starts with telling the insurer and ends with the final payment.

Types Of Two Wheeler Keys

Bike makers offer different kinds of keys depending on the type of bike you buy:

1. Traditional Key

This is the most basic type of bike key. A locksmith can easily make a copy of it, but it doesn’t have any special security features.

2. Remote Key

This key comes with advanced features, including a transponder. The transponder deploys radio and/or infrared signals, allowing the locking and unlocking of your bike at some distance. The process for remote keys is relatively costlier than regular keys because of these special features.

3. Flip Key

This key can fold, and the metal part flips out when you press a button. You can lock and unlock the bike remotely with this key. Flip keys are the most expensive to fix or replace due to their special mechanism.

Terms and Conditions to Follow for Key Replacement Cover Claim

There are some rules to follow when claiming key replacement cover:

• You need to file a police FIR to claim insurance for replacing your bike key. This is an important document for the claim.
• You should inform your insurance company as soon as you need to make a claim
• The new bike key, lock, or lockset must be the same type as the original.
• The insurance will cover replacing damaged or broken keys. If the keys are stolen, the whole set of keys and the lock will be replaced.

Conclusion

In the past, it was cheap and easy to replace lost bike keys. But now, if you have a mid or high-range bike with advanced features, those old methods won’t work. So, it’s a good idea to get a key replacement cover along with your regular bike insurance.