Benefits of key Replacement Add-on Cover in Car Insurance
Car insurance is essential for every vehicle owner. It offers financial protection against damages, theft, and accidents. However, while everybody focuses on the core coverage of his/her car insurance policy, there are various add-ons that may be attached to them to provide extra protection and peace of mind. One such add-on is the key replacement add-on cover in car insurance.
In this blog, let’s discuss the advantages of getting key replacement in car insurance, its features, what it covers, and why you should include it in your policy.
What is the Key Replacement Cover in Car Insurance?
The Key Replacement Cover is an add-on available in car insurance, which covers the cost of the replacement of lost, stolen, or damaged car keys. As we all know modern car keys can be very expensive to replace because they are made with advanced technology and security features. This key protection add-on cover ensures that you won't be left out of pocket if something happens to your car keys.
Benefits of Key Replacement Add-on Cover
There are lots of benefits of key replacement add-on cover in car insurance. Some of them are:
- Financial Help: Modern car keys, like smart keys, are very costly to replace. This add-on cover reduces the financial burden of replacing or repairing car keys.
- Convenience: With the help of key protection cover in car insurance, you don't need to worry about arranging and making payments for key replacements or lockset repairs. The insurance company does it all for you.
- Total Protection: This add-on not only covers the key itself but also extends to the car's lockset if there is damage due to theft or otherwise.
What is Covered Under the Key Protection Add-on?
Key protection add-on cover usually covers the following cases:
1. Lost Key
In case you misplace the car keys, the key protection cover under car insurance will compensate for the new pair of keys. This also includes the charges of cutting keys and programming them if needed.
2. Stolen Key
This add-on provides a replacement in case the car keys get stolen, without having to bear the entire cost by yourself. The add-on also repays the owner for reprogramming or changing locks so that no other unauthorized person can unlock the car.
3. Damaged Key
Key replacement add-on cover also covers the expenses of repairing or replacing the key, if your car key is damaged due to an accident or wear and tear.
4. Damaged Lockset
Sometimes, it's not just the key that gets damaged, but the lockset too, especially at the time of thefts. This add-on covers the cost of repairing or replacing the car's lockset as well.
Types of Car Keys
Before you purchase a key protection add-on cover, it is quite important that one should know that there are different types of keys available and the cost and complexity of replacing them would vary. Here are three types of car keys:
1. Traditional Car Key
This is the simplest type of key, mostly made of steel, and does not have advanced security features. A locksmith could easily duplicate this key. However, even in its simplicity, replacement costs may rise up, especially if the chip is embedded into the key.
2. Remote Car Key
A remote car key includes some of the basic features of security, like a transponder chip to lock and unlock your car. It makes replacing a remote key more expensive than the traditional one because there is so much more technology in it.
3. Smart Car Keys
Smart keys are the most advanced type of car keys. With the help of these keys, you unlock your car doors automatically without touching anything. Replacing a smart key can be very expensive, so having the key protection add-on cover is especially helpful in this type.
Plans That Offer Key Protection Add-on
You can purchase the key protection add-on cover with the following types of car insurance plans:
- Comprehensive Car Insurance Plan
- Standalone Own-Damage Car Insurance Plan
Who Should Buy Key Replacement Car Insurance in India?
Anyone can purchase this cover based on their needs, but it is mainly recommended in the following conditions:
- Parking in Open Areas: If you usually park your car in an open space, where the risk of theft or attempted theft is higher, this cover can help you manage the costs of repairing or replacing the locks or key if they are stolen or damaged.
- High-End or Mid-Range Cars: If you have a high-end car, or even a mid-range car, replacing or repairing the car key can be expensive. The key protection cover helps by covering these replacement costs.
- Advanced Technology Cars: If your car uses a remote key or has advanced technology features, it’s smart to consider this cover to protect against the higher costs of key replacement.
Key Replacement Cover: Terms and Conditions
Before buying the key replacement add-on cover in car insurance, it’s important to understand the terms and conditions. Some of them are:
- Claim Limits: Some policies may have a limit on the number of claims you can make in a policy period.
- Deductibles: There may be a deductible amount that you need to pay out of pocket before the insurance covers the remaining costs.
- Exclusions: Not all situations may be covered. For example, if the key loss occurs due to negligence, the claim might be rejected.
- Documentation: To make a claim, you may need to provide proof of loss or damage, such as a police report in case of theft.
Conclusion
The key replacement add-on cover in car insurance is a valuable addition to your car insurance policy. It provides financial relief and peace of mind in case your car keys are lost, stolen, or damaged. Given the increasing complexity and cost of modern car keys, having a key protection cover in car insurance ensures that you are not left out of pocket in an emergency.
What is a key replacement add-on cover in car insurance?
This add-on cover helps you pay for the cost of replacing your car keys if they are lost, stolen, or damaged. It can also cover the cost of repairing or replacing the car’s lockset if needed.
Is the key replacement add-on cover worth it?
Yes, it is worth it, especially if you have a car with expensive keys, such as smart keys or remote keys. It saves you from paying a high cost out of pocket if your keys are lost or damaged.
Which car insurance plans include the key replacement add-on cover?
The key replacement add-on cover is available with comprehensive car insurance plans and standalone own-damage car insurance plans.
Does the key replacement add-on cover include replacement for all types of car keys?
Yes, this add-on covers the replacement of different types of car keys, including traditional keys, remote keys, and smart keys.
What happens if I lose my car keys more than once? Can I still make a claim?
Most policies allow multiple claims, but there may be a limit on the number of claims you can make in a year. Check your policy details for specific terms and conditions.