Why Key Replacement Cover is Important in Car Insurance?
Misplacing or losing your car keys is stressful and frustrating, and can also be quite costly to replace or repair. You might have a spare car key but as cars have advanced technologically, particularly modern electronic key FOBs (Frequency Operated Buttons), they are a lot more costly to replace compared to the traditional car key.
Modern luxury cars are furnished with a remote key lock system or keyless FOB (Frequency Operated Button). With the FOB, you do not need a key car to open the lock or begin the car’s engine, it is controlled electronically, and with a button push, you can begin or end the car’s engine. With advanced technology such as FOB, top-class car keys are costly to replace. While maximum insurance companies provide cover for lost keys, they do not provide protection against car lock. But, you can consult with your insurance company to know if they offer both lock and key replacement cover and select the correct plan for your car and its key.
Understanding Key Replacement Cover In Car Insurance
Car keys have changed over the years. They are not just metal pieces with grooves to unlock or begin the car engine. Stylish and technically advanced car keys are the latest standard, particularly the electronic keys. They are called Frequency Operated Buttons (FOBs). If they are misplaced or lost, replacing them is quite costly. Insurance companies are changing along with modern times and are covering car keys through the option of add-on covers. The key replacement cover is the coverage for your car keys in car insurance.
Benefits Of Key Protection Add-on Cover
Listed below are the advantages of the key protection add-on cover:
- Replacement of the car lock/key/lockset of the same type if it is stolen, lost, or damaged.
- Key replacement in case of burglary or theft and the lockset will be replaced in case of damage or theft.
- Simple online experience.
- Will not have an effect on the policyholder’s eligibility for a No Claim Bonus at the time of renewal.
Things That Car Key Cover Include
Car key cover is an add-on to the comprehensive car insurance policy. The insurance company will repay the policyholder, up to the amount mentioned in the insurance plan for the reason of replacing the key in case the key is:
- Stolen
- Lost
- Damaged
- Key replacement only in case the key is damaged or broken.
- Repairing of the lockset if the lockset or the key is damaged.
- In case of burglary, the lock, key, and lockset will be replaced.
How To Claim Car Insurance For Key Protection?
If you misplace, lose, or damage your car keys, the add-on cover will repay the cost to replace or repair the key lock. They are protected in the lost car key insurance, which is referred to as Key Protect Add-on. Following are the points to file a claim for car keys replacement and repair:
- Inform your insurance firm regarding the loss of car keys and mention how it was lost.
- If the keys were stolen, file a First Information Report (FIR) at the local police station.
- Get your car keys either replaced or repaired and then raise a claim with the insurance company.
- Submit the necessary documents with your insurance provider.
Conclusion
The misplacement of car keys can be a very costly thing. But you can save a considerable cost and avoid needless issues if you buy a key replacement cover from the insurance company.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
