Insurance

Lost keys - Have a Car Key Insurance on Best Cover

3/20/2020 Lokesh kumar 0 Comments


Car owners in India are mandated to insure their vehicles as according to the Motor Vehicle Act, 1988. Contrarily, the car key insurance policy is not a common practice in this country. However, these policies can prove extremely beneficial in certain situations.

The process of replacing the car key can incur significant costs. Sometimes the expense can go up to Rs.1 lakh in case of high-end luxury vehicles. Also, replacing the car keys using 3rd party equipment can cause damage to the vehicle and the unit itself, incurring even higher expenses on a later stage.

Key replacement insurance plans help you in several ways if you misplace your car key. According to the basic principle of an insurance policy, it provides you the coverage for the cost of replacing the key as well as locksmith expenses. Additionally, it also offers you multiple other benefits, like emergency assistance.

Here are list of features you should look for in a key replacement insurance plan –

       High sum insured

A high coverage of up to Rs.40,000 against a nominal yearly premium comes with such lost key insurance policies. Moreover, prominent insurance aggregators like Bajaj Finserv offers complimentary key replacement coverage of up to Rs.20,000 with insurance plans like the Key Safeguard policy offered under their Pocket Insurance & Subscriptions.

       Immediate blocking of credit or debit cards

Along with the car key, if you also lose your wallet containing your credit and debit cards, you can contact your insurance aggregators and block your cards with one single call. This facility comes with the key safeguard plan to provide security against any unauthorised transactions.

       Multiple payment options

While applying for this key replacement insurance plan online you can choose a payment mode from several options like credit or debit cards, mobile banking, UPI, net banking and phone wallet. This increases the convenience as the insured individual can easily pay the premium without any hassle.
       Online and device security

In addition, you will get an added benefit of F-Secure internet security to protect your devices from any malware attack with this plan. Similar benefits are also offered under the purse care insurance policy, which an individual can avail to extend policy coverage.

       Emergency travel assistance

You can also avail financial assistance of up to Rs.20,000 and Rs.40,000 if you get stranded in a situation like in the middle of your journey.

       Emergency roadside assistance

If you ever face any kind of car breakdown in the middle of the road you can avail roadside car assistance facility under such insurance policies. From car towing to roadside repairs, most kinds of breakdown is covered with the purchasing of this car key insurance plan.

Other than the basic coverage which you can benefit from an insurance plan to cover finances related to your misplaced or stolen car keys, here are a few other associated pointers of coverage you should consider –

  1. Break-in protection
In the event of break-in, if your car key gets damaged, this policy covers the expenses of replacing both the lock and key. However, the cost of the new key is not covered under this insurance policy. You can also purchase a wallet care insurance plan to financially cover yourself against any loss sustained in case you lose your wallet.

  1. Reimbursement if lockout happens
This insurance policy compensates the locksmith charges if you get locked out of your car.

  1. Coverage for key replacement
Key safeguard insurance policy compensates the expenditure of replacing the car key, limited to the expenses paid to the locksmith if any loss or damage happens to it.

  1. Rental car compensation
You will also be reimbursed the rental car fare to travel if the key replacement takes up more than 24 hours.

With developing technology, the car keys are also getting smarter every day. Hence, it is advisable to avail key replacement insurance plan along with your car insurance policy. Refer to leading financiers for the most comprehensive coverage at affordable premiums. Make sure to read the terms of coverage of any insurance policy before purchasing.