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Lock & Key Replacement Motor Insurance Add-On Explained

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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