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Key Replacement Cover

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Published on July 27, 2019. EST READ TIME: 5 MIN

Car insurance is an insurance policy purchased by the car owner to alleviate the financial losses which might be incurred in case of an accident involving the car. Car insurance acts as a confidence booster for a driver so that he can drive the car peacefully on the roads. In addition to the coverage against financial losses incurred due to any accidents, car insurance would also help in covering losses to the vehicle caused by theft or vandalism.

It is necessary by law to have a third-party insurance policy for your car before you start using the car. Car insurance will help you in reducing your financial burden by covering claims related to death or any physical injuries during an accident. You do not need to worry about the hefty medical bills incurred due to an accident if you have car insurance. It will also help you by covering the losses in case of any damage caused to the vehicle during an accident.

Types of car insurance and add-ons

Third party car insurance is mandatory to drive a car on the roads of India. Third party insurance will cover the financial losses incurred if there is any death or damage to a third-party person/ property during an accident.

Comprehensive car insurance policy is an insurance policy that protects your car from any natural calamities or manmade calamities like earthquakes, cyclones, riots,thefts, burglary, vandalism, etc. This insurance policy provides personal accident cover as well which provides coverage to the driver of the car in case of an accident.

You can include add-on covers in your comprehensive car insurance policy. These add-on covers are additional coverage which you can benefit from by paying some extra premium for total protection of your car. There are quite a large number of add-on covers available in the insurance market like Zero Depreciation Cover, Key Replacement cover, Engine & Gear Box Protector etc. You can decide which add-on cover to include in your policy according to your needs and requirements.

Key Replacement Cover – all you need to know

In earlier days, when there was a loss or misplacement of a car key then a duplicate key was made by the help of a locksmith. It was a convenient and not so expensive method then. But today, with the advent of encrypted car keys and remote-controlled cars, you need to approach the car’s service center for a new key or even the replacement of the lock,which will definitely be a time consuming and expensive process. So, in order to reduce this hassle in case of a loss or misplacement of your car keys, you can include a key replacement cover in your insurance policy.

With a key replacement cover, you can claim the expenses that have been incurred during the replacement of the locks or the making of new keys. However, since this is an add-on, the cost, inclusions, etc. are different for different insurance providers.In simple terms, the inclusions in a key replacement cover are the costs that are incurred for replacing a lost or a stolen key and if required, the cost of the replaced lock.

Moreover, since this add-on is an additional benefit there will be additional charges for it. You will need to pay an extra premium for including this add-on in your insurance policy. While you are purchasing the insurance policy, you can inquire about the add-on covers and their additional costs. If you are purchasing the policy online, you can compare the premiums on add-on inclusion for different companies on an aggregator and accordingly choose your insurance provider.

However, it is always advisable to be careful about your car keys and keep them safe even if you have included a key replacement cover in your insurance policy as there is a limit to the number of times you can claim your key replacement expenses. Beyond this limit, you will have to bear the expenses of key replacement by yourself.

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 Mr. Mukesh Kumar recommends getting your vehicle insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 7600+ network garages, you can be assured of help in event of any damage to your vehicle

Few other blogs

Understand Roadside Assistance Cover in Car Insurance

Understanding the Add-On’s

Do You Have Enough Coverage for Car Insurance

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