How to Get the Best Car Key Replacement Insurance?

While buying a car insurance policy in India is mandatory and enforced by the law to drive one’s vehicle on the road, key insurance is not a popular coverage option. It is because of car owners’ pre-dominants beliefs that its replacement cost may not be expensive. Moreover, earlier, losing a car key was not a worrisome issue as owners could use their spare keys for emergencies.

However, due to the evolution of automobile technologies, nowadays, most mid to high-end car keys are electronic, computer coded or embedded with Frequency Operated Buttons. The replacement cost of these encrypted keys for remote locking cars can be significantly high.

Thus, individuals with these luxurious, feature-rich locking system vehicles should consider buying a car key replacement insurance plan to cover several unpredictable financial losses arising out of its loss. Moreover, these insurance policies also come with some add-on benefits. Thus, when availing such an insurance plan, you must look for specific benefits that maximise their utility.

Benefits of a key replacement cover to look for

• High coverage value

The primary advantage of purchasing a key replacement cover is that one can avail various financial benefits of up to Rs.60,000 at an attractive annual premium under the best plans. Furthermore, the coverage also includes key replacement cost of up to Rs.20,000 under the complimentary insurance plan.

• Convenient payment methods

Reputed insurance aggregator Bajaj Finserv facilitates the purchase of Key Safeguard plans under their Pocket Insurance & Subscriptions in a hassle-free manner. Individuals need to submit a duly filled-in application form, and can pay via debit or credit cards, UPI, mobile wallet, or net banking, whichever is convenient.

• Card blocking assistance

The best lost key insurance coverage also allows insured individuals to block their credit or debit cards with one phone call in case it is lost or stolen. During such emergencies, this add-on benefit can serve as a rescuer to protect the financial accounts from being misused or duped.

Furthermore, for better coverage against fraudulence, individuals can look for options like a card protection plan. This insurance plan offers protection up to Rs.1-2 lakh against any card fraud.

• Financial assistance during travel emergencies

When travelling, individuals can also get stranded anywhere between the trip. Moreover, there could be instances like shortage of cash, unavailability of ATMs, etc. when travellers are stranded amidst a trip. An advance facility of up to Rs.20-40 thousand can be availed through a car key replacement insurance policy so that the insured individuals can receive sufficient cash assistance to counter such an unpredictable situation.

• Roadside support

Losing car keys during a trip can be more frustrating than anything as owners may not carry a spare key. Individuals can also experience a car breakdown and need roadside assistance like battery jumpstart, towing, etc. The best key insurance policy not only covers the cost of key replacement but also provides emergency support during roadside vehicle breakdown across the country.

• Device protection

One of the most attractive add-on features of key replacement insurance plans is the device and online security program. When financially covering an important and expensive accessory like car key, this insurance policy also enables protection to essential devices like desktop or computer from various internet threats. Virus, malware, data security, etc., are guaranteed with the best coverage plan.

When it comes to the security of any electronic device and financial coverage against damage repair or replacement, individuals should be more cautious about their smartphones as these are exposed to a great risk of damage. So, they can consider a mobile screen insurance plan that protects mobile screens financially from damages. Also, it provides complete cyber security to the device as well.

In conclusion, consumers must need to be careful about all these necessary features when selecting the best key replacement cover insurance plan. Moreover, this key protection plan is also beneficial for house locking systems as well. So, with one policy, insured individuals can protect themselves from any financial losses due to both car and home key loss or damage.

You can additionally opt for a Helmet Insurance Policy offered by Bajaj Finserv within its suite of Pocket Insurance and Subscriptions for similar coverage of accessories.

Steps to take to replace lost keys by claiming the insured amount

The first step you must take after finding out that you have lost your keys out of burglary is to lodge an FIR complaint at the nearest police station. The FIR must include all details about the incident, especially the time and place of the incident. The FIR document will be required to claim the insured amount. Here are the steps you need to take to claim the coverage amount of a car key insurance policy-

1. Call the insurer at the phone number provided.
2. Submit a written application including all the details of the event due to which the keys got misplaced via mail.
3. Lodge an FIR within 24 hours of the event in case of key loss due to burglary or theft.
4. Maintain the receipts of the key replacement, labour charges paid to the locksmith, and other such expenses, which you wish to claim from the insurer.
5. Submit the receipts and claim forms to the company within 3 days of the event to receive the insured amount of the key replacement.

The coverage received from the key replacement insurance policy saves you from bearing the expenses occurring due to sudden loss or misplacement of your car or house keys.

Replacement car key is made simple by the insurance aggregators. It is advised to opt for a key cover along with a Car Insurance Policy when you buy a new car. The insurance policy helps you have your car keys replaced faster. It also ensures you do not face troubles from not being able to use your car for long.

You must keep the registration documents of the vehicle and driving license ready to avail the insured amount. Also make sure to read the terms and extent of coverage offered by the policy of your choice before availing.