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Car key insurance add-on saves you from being stranded on the road

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Published on December 10, 2020. EST READ TIME: 4 MIN

Car keys are easily the most important part of the car. The main concern about car keys is that people tend to misplace or lose them all the time. The older model cars had simple keys that were easily duplicated. Modern cars come with complicated locks and keys that use very precise barrels and springs and some of them even use RFID chips to unlock the cars. So how can you avoid a situation of being stranded because of loss of keys? There is a way out and that is by getting the car key insurance add-on as part of your comprehensive car insurance policy.

Read on to know more.

Key replacement cover to the rescue:

Replacing the car keys can run into thousands of rupees, especially if you have a newer model, whose keys come built with advanced tech. To protect this instrument, car insurance companies provide a key replacement add-on. To add the same to your existing policy, you would have to bear small additional charges.

Once you have this cover in your policy, if you lose your car keys and need replacements; the insurance company will cover the cost. If the key is lost or stolen, the insurer will pay for replacing the entire lock-set, but if the key is damaged, they will only pay for the key replacement cost.

The importance of car key insurance:

Key protection add-on cover insurance  is important because it provides you with both financial support for replacing the lost or damaged key and also saves you from the risks of any further damage or theft from and off your car.

It may seem like an unnecessary addition to your car insurance policy but will prove to be important as chances of losing the car keys is quite common.

The inclusions in car key insurance:

Immediate key support: When you have lost your car key, the first thing is to ensure that you are able to enter your car and drive it to a safe place where the car is not vulnerable to any kind of theft or damage. Car key insurance will provide you support for this by either getting a replacement key made or collected from your home, or in the worst case, towing the car to the service station.

Cost of key replacement:  Replacing your car keys can be a costly affair and this is just when you have damaged your original key, rendering it useless. With the key insurance add-on, you will be able to get the key remade or replaced without incurring the heavy charges.

Protection from risk of car theft: If you have lost your car key, there may be a possibility that someone else found it. The finder may even use the key to steal the car. This creates an unwanted risk, but the key replacement cover protects you from such risk by getting the entire lock-set replaced.

The process of claiming car key insurance:

If you have lost or damaged the keys of your car, you will need to take the following steps for claiming the key replacement insurance:

• The moment you realise that your car keys are lost or stolen, you will have to reach out to the nearest police station to file an FIR about the same. FIR is not needed if the key is damaged or is rendered useless for any reason, but you have its physical possession.

• Next, you need to call the insurance company and inform them about the lost or damaged car lock and keys. The company will either send someone to support you or inform you about the claim process.

• Following this, you have to call the service centre for getting the replacement delivered or you will have to take the car to the service centre to get the lock replaced.

• Once you have the replacements done, collect all original documents and follow the usual process for filing the claims of single year comprehensive car insurance plan.

Things to be careful about:

• If your keys are stolen or lost, mandatorily file an FIR and get its copy

• Inform the car insurance company before starting any work on the car lock or key

• Keep track of all original invoices and submit them with claim papers

• All claims are to be made within 30 days

• You have to ensure that car keys and locks are replaced with the same parts.

Conclusion

Car keys are very important as without it your vehicle is rendered useless and hence must be protected at all costs. Car key add-on in your car insurance policy is a cheap and great way to ensure this.

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

This blog has been written by

S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry

A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.

Mr. S.Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process."

Few other articles:

• Benefits of Key replacement cover

• Key Replacement Cover

• Return To Invoice Cover In Brief

• New Car Registration Process of 2022

• Factors that Affect Your Car Insurance Premium

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