Benefits of Key replacement cover

Posted on: Mar 16, 2020 | | Written by:

Benefits of Key replacement cover

Published on March 9, 2020. EST READ TIME: 3 MIN

CAR INSURANCE helps in protecting your car from unprecedented risks. When you buy a comprehensive car insurance policy, you can customise it by buying different add-on covers like NCB PROTECTOR COVER, ZERO DEPRECIATION COVER, Emergency Assistance Cover, etc.One such amazing add on cover is key replacement cover. In this article, we will speak about benefits of key replacement cover.

Benefits of Key Replacement Add On Cover

Key Replacement Cover is an add-on cover available with your comprehensive car insurance policy and not a standalone cover. With an additional premium, the Key Replacement Add-on will provide coverage for the cost arising due to replacement of the insured vehicle's key. Let's take a look at some benefits of having a key replacement cover.

Benefits of Key Replacement Add On Cover

• Coverage For Loss of Insured Vehicle's Key

Key replacement add on cover enables the insurer to get compensation for the cost incurred as part of the lost key cover of the vehicle's key in case of theft or accidental loss during the policy period. However, the policyholder shall report the theft immediately or within three days of the incident. The insured person should also lodge an FIR with the police to obtain a crime reference and lost property report.

• Coverage for Installation of New Lockset

If the lockset of the insured person vehicle needs to be replaced, the insurer will borne the cost incurred for the installation of the new lockset. The insurance company will do so if there is a security risk arising out of incidence of lost keys for the vehicle.

• Insurer Provide Coverage For Key and Lock Repairing Cost

If the insured vehicle is damaged, the insurer will compensate for the expenses incurred for repairing the lockset.

Conclusion

Losing your car keys can be expensive and an authorised service centre will charge anywhere from Rs 1000 to Rs 4000, which will depend on your car's brand. The cost in the case of remote-controlled cars would be even higher. So, it is wiser to obtain a key replacement cover that will make the process hassle-free and help you save a considerable amount of money.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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