Is It Right To Buy A Car Key Insurance?

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Car Key Insurance

The automobile industry in India is humungous, and growing at a steady pace. Purchasing a car is no longer a luxury that it was even a decade ago.

One of the most frustrating aspects to own a car is losing the keys ever so frequently. Earlier, it wouldn’t have been such a massive problem as making duplicate keys was rather easy. A local locksmith could have made duplicate keys at a negligible price.

Modern car keys are much more sophisticated, especially the mid to high-range ones. They are often encrypted with computer codes and other complicated technology, which is impossible for a locksmith to emulate. Only manufacturer-authorized service centres are able to replace them. While it is a much safer approach, it also costs much more.

A car key insurance can prove to be immensely beneficial in such scenarios. There are a handful of companies like Bajaj Finserv that offer similar products.

Lost car keys? Here’s what to do

Firstly, you must make sure that the keys are, in fact, lost. Comb every possible place. If you have locked your keys inside the car, there are breakdown service providers who can retrieve it for you. Some insurers include this in their coverage as well.

After you have exhausted all other options and are satisfied that there is no way to retrieve the keys, you can take advantage of the Key Replacement Cover from Bajaj Finserv. The key replacement insurance cover under their Pocket Insurance category protects you against financial losses due to loss of car/home keys. Pocket Insurance products also include several other products such as baggage insurance, Shoes Insurance, and more to address your everyday challenges.

As mentioned earlier, making a duplicate key for modern cars can be an expensive affair. These keys are replete with sophisticated technology such as anti-theft alarms, smart locking, immobilizers, and ignition software.

You may have to take the assistance of manufacturer-certified service centres to get them replaced, and it can turn out to be a substantial expense. A lost car key insurance policy takes care of all costs pertaining to the replacement of your car keys.

Some insurers provide it as an add-on package to their car insurance policies. Others, like Bajaj Finserv, provide a specific comprehensive Car Key Insurance Cover as a stand-alone product. You must check with your car insurance provider whether they provide a key cover in their insurance policy. If they don’t, opt for an affordable Key Replacement Insurance policy offered by Bajaj Finserv.

Features of a car key insurance policy

The following elements of a replacement car key insurance policy make it an attractive proposition for car owners.

  • You get coverage to make duplicate car keys along with the labour costs associated with it.
  • If the replacement process takes more than 24 hours, you will be reimbursed for the cost of a rental car.
  • In case you have locked yourself out of your car, this insurance policy covers the cost of hiring a locksmith to open the vehicle and retrieve your keys. Note that this policy does not cover the cost of the lock; just the labour cost of replacing it.
  • If there is a break-in on your vehicle, you can claim the labour cost of replacing the locks and keys. Note that you have to show the FIR reports with a detailed account of the incident to claim the benefits of this policy. The FIR should ideally be made within 24 hours of the break-in attempt.

You have to submit the FIR copy to your insurance provider, along with receipts for key replacements and any other related services. If all the documents are in order, you’ll receive full reimbursement for all your replacement related expenses within the next 24 hours.

Losing your car keys can be a massive inconvenience. Comprehensive coverage for car key replacement costs can substantially ease the burden of replacing your keys.

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