Every
vehicle owner elucidates the importance of a motor insurance plan. It is a
financial cover against the hassles of repairs at times of damages and
accidents. But it is not limited to those times. There are instances where you
lose your key. A key being small in size, it is plausible for it to get
misplaced. At such times, an add-on cover that reimburses the cost of
replacement would come in handy, won’t it?
So when
can one avail these add-on covers?
When you
buy comprehensive motor insurance, you can opt for these types of add-on
covers. While some insurance policies include the damages to your locking
system, most insurance companies have add-on plans that take care of such
issues.
Which
type of add-on can you include in your comprehensive insurance policy?
Loading
your insurance policy with suitable add-ons has become easier than before. Just
select the additional coverage type you want at the time of buying motor insurance online. Lock and Key
replacement is the perfect add-on for forgetful individuals. Not only for these
people, a lock and key replacement add-on insures you against the damage to your
key.
Modern-day
keys have electronic codes embedded that match with the lock of your car.
Earlier, this was not the case. You would approach a locksmith to prepare a
duplicate key, and it would do the job. These hacks work for the traditional
keys. For a remote-based key, a transponder interacts between the car and your
key. A remote-based key is standard for most cars. While some high-end luxury
cars sport Smart Keys or also known as Keyless Frequency Operated Button (FOB)
technology. In these advanced key types, your car sensors recognise the key in
its vicinity and gets unlocked. You can also turn on or turn off the ignition.
Now
imagine losing these tech-integrated keys; they aren’t easily affordable. You
surely will feel the pinch in your bank account. A key replacement add-on can
be useful when you avail vehicle insurance online. You can be safe from the various perils of theft, damage,
repairs. If in case a burglar attempts to break-in your car but ends up
damaging the locking system, then a key replacement cover will reimburse the
cost of your repairs.
The key
replacement cover is subject to the following exclusions to your insurance plan
which are as follows -
● Damage caused due to the deliberate act of the insured is
outside the ambit of your insurance cover.
● Damages which are covered by the warranty offered by the
manufacturer.
● Reimbursement is not honoured in case of absence of a valid
receipt for payment.
● Damages caused by radiation or hazardous elements.
Keep in
mind the above exclusions when you file a claim in three simple steps using a
lock and key replacement add-on.
Step 1 -
Fix your lock or get a replacement for your existing key.
Step 2 -
Submit a copy of the invoice for the replaced or repaired key to your insurer.
Step 3 -
Your insurance company will reimburse the amount for replacement or repairs.
This amount is subject to the maximum sum insured as per your insurance policy.
To conclude,
a lost car key can run into no less than a couple of thousand rupees. So
be wise and avail a key replacement insurance add-on at your next two wheeler
or car insurance renewal.
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