Damaged Or Lost Your Keys? Here’s How Your Car Insurance Policy Can Come Handy

The importance of having car insurance is elucidated by many car owners. It comes handy to tackle all kinds of problems you might face with your car. Repairs, accidents, damages, theft, and much more. But apart from those mentioned, does a car insurance policy include the damages or loss of car keys? Definitely, it does!

Present-day cars are equipped with high-end technology that helps in increasing safety for you. Among these tech features, there are electronic keys too. Keys are embedded with codes that match your car’s lock. A transponder interacts between the remote-based key and its lock. It emits radio waves or infrared that are used to engage or disengage the lock. A more advanced technology used in some cars are Frequency Operated Buttons (FOB) or popularly known as keyless ignitions. Your car’s sensor recognises the key within a specified range of the car and it automatically unlocks the door. On the contrary, traditional locks or keys if damaged can be opened using a duplicate key from a locksmith.

For fixing these hi-tech keys, it certainly can be heavy on your wallet. The replacement does not cost under the four-figure mark. At such times, a key replacement cover add-on comes handy.

The benefits of availing key replacement cover

• The replacement cost is borne covered under your car insurance policy.
• Any cost of replacing the lock or that is damaged is also included in this add-on cover.
• Since it is an additional cover that is optional it is available for an additional premium. Although when comparing how much savings in terms of cost, it is nominally priced. You can use a car insurance calculator to assess its impact on the overall insurance premium.
• The cost of repairing the lockset is also included under the policy coverage.
• There is a limit which is predefined in your policy’s terms for how many times it can be replaced.

The exclusions under key replacement cover

• Any damage that is intentionally caused to damage either the lock or the key is excluded from the ambit of this cover.
• Any damages for which the manufacturer provides coverage is excluded from the policy cover.
• Damages due to radiation or hazardous elements.
• If there is no valid receipt of payment, no reimbursement is made.

The process to make an insurance claim using key replacement cover

• Akin to ordinary claims, here you, the policyholder, must get the key or the lock replaced.
• Next, submit the invoice or bill to the insurance company.
• Subject to the ceiling amount of sum assured, your claim will be settled by the insurer.

Things to remember when filing a claim

Modern-day insurers have the facility to file online general insurance claims for motor vehicles. Here are some tips to remember when filing a claim for key cover –

• If the key was lost, make sure to file a First Information Report (FIR) for the same.
• Ensure your application to the insurance company is within the prescribed time frame.
• If the entire lockset needs to be replaced, it shall be done only in cases where the service technician prescribes or it was damaged due to burglary or theft.
• Maintain a copy of the invoices for the payments made.

To protect yourself from expensive repairs, opting for car insurance with a key replacement cover is handy. Opt for a key replacement add-on and stay worry-free for any cost of damages or repairs to your key!