Losing your car key can prove to be a frustrating ordeal. You are likely to face a time-consuming and expensive process of reporting, lock and key replacement, repairing, etc. Moreover, the introduction of factory-encrypted smart keys has further increased the cost, effort, and time taken to repair a key.
In such scenarios, a car key replacement insurance cover can act as the ideal financial product to help you save money and avoid unwanted trouble. These insurance policies act as a supplementary scheme along with your primary car insurance, providing the necessary financial support.
Why is it needed?
Lost car key replacement policies protect the insured from the expenses that accompanies a resolution of the issues as well as a repair. Insurers also cover several other expenses like the cost of transportation, locksmithing charges, etc. There are also several lesser known facts that many insurance holders do not know about such policies.
- Coverage for residences as well as vehicles – Companies like Bajaj Finserv offer key replacement insurance that offers coverage for both home and car keys. It can prove extremely beneficial, especially for busy professionals who run a higher risk of losing their valuables in strenuous conditions.
- Protection against any break-in – Key insurance policies also include break-in protection where the insurer bears the total expenses of replacing a broken lock. It can prove especially useful for vehicles that are equipped with smart locks as the labour cost of resetting such units can reach a significant amount.
- Reimbursement for a locksmith – The cost of obtaining a locksmith is usually covered by the insurer in situations when an insured is locked outside of his or her house, or car. It is a welcome addition over normal insurance policies where only the cost of repair is agreed between the two parties.
- Reimbursement for transport – Car key replacement insurance schemes also reimburse the insured if they avail a rental car to reach their home for the duration of the repair. It also provides reimbursement for any transport availed if the replacement process takes more than 24 hours to complete. It is a lesser known feature of such insurance policies customised to benefit relative commuters during such specific situations.
- Quick claim reimbursement – The entire process of claiming and reimbursement is often followed through in a time-saving and hassle-free manner. Insured individuals can call or submit a written intimation letter within 24 hours of the incident to start the process. Also, they only have to send some basic documents like receipts for the replacement work, labour cost, etc. to come to a settlement.
However, in case of a break-in, the insured will have to add the corresponding FIR documents with the paperwork.
- Merging with other insurance schemes – An insured individual can add other insurance policies along with a car key replacement insurance scheme. For example, one can protect their valuable gadgets with small gadgets insurance offered by Bajaj Finserv under their Pocket Insurance category at very affordable prices. It protects valuables like bluetooth speakers, power banks, etc. This policy also provides reimbursement against any cost incurred while repairing any mechanical breakdown or accidental damage.
Every car owner should be well aware of these lesser known benefits of car key insurance policies and get it as an add-on with other coverages. With a premium of Rs. 499, one can enjoy sum insured of up to Rs. 20,000 for an entire year. The minimum premium and long coverage period make it ideal for everyone.