Why Key Replacement Cover Is A Must?

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Why Key Replacement Cover Is A Must?

While having an active car insurance policy is mandatory under the Motor Vehicles Act, 1988, only a handful of car owners know full features and benefits of an add-on key replacement cover. Previously with simple car and home keys, replacing a lost or misplaced key was extremely simple and only required a local locksmith visit.

However, cars have evolved over the years, so have their keys. Modern-day hybrids and electricals come with an advanced electronic lock and key. These Frequency Operated Buttons (FOBs) can control the locks remotely, and car owners can lock/unlock, start, and stop the car engine with the push of a button.

While this new technology is undoubtedly a nifty feature, it has also significantly increased the cost of replacing lost and stolen keys. Lost key insurance coverage helps mitigate the losses in such situations by offsetting the financial burden.

Apart from covering the key replacement cost and locksmith charges, such plans also offer several other benefits discussed later.

What is included in a key replacement cover?

A car key insurance policy from popular insurers usually come with the following benefits:

  • If an individual finds himself/herself locked out of the car or house, the cost of availing services of a locksmith is reimbursed by the insurer.
  • The cost of replacing a lost or stolen key is reimbursed by the insurer when a policyholder raises a claim. This cover includes the charges of making a new set of keys and locksmith charges.
  • Additionally, the Key Replacement Cover from Bajaj Finserv under its Pocket Insurance & Subscriptions also covers house key replacement. However, it does not cover the cost of replacing the entire locking mechanism.
  • If the key replacement process takes more than a specified time, the cost of hiring a rental car is also covered as part of this scheme.
  • If an individual finds himself/herself locked out of the car or house, the cost of availing services of a locksmith is reimbursed by the insurer.

Benefits of key replacement insurance plan

The major benefits of a key insurance cover include the following:

  • Multiple repayment options

Individuals can quickly sign up for a key replacement insurance policy by submitting an online application form. Additionally, key replacement cover insurance policy premiums can be paid using mobile wallets, credit or debit cards, or UPI platforms.

  • High coverage

Depending on the issuer, policyholders can claim compensation up to Rs.60000 by paying a nominal premium. This premium may also include complimentary key replacement protection of up to Rs.20000.

  • Block cards in the wallet

In case a policyholder loses his/her wallet containing credit, debit, and membership cards, he/she can block all cards covered under such an insurance policy by contacting the insurance policy provider. 

To extend their coverage, individuals can also opt for a wallet care insurance plan tailored to account for financial obligations resulting from a stolen or misplaced wallet. This policy helps safeguard financial obligations in case of fraudulent transactions.

  • Emergency roadside and travel assistance

If the insured individual is left stranded in the middle of a trip without assistance, they may avail emergency travel aid in the form of monetary advances and hotel bookings as high as Rs.40000.

Additionally, one may consider availing a domestic holiday cover to mitigate major losses when on vacation within the country.

  • Device security

Some lenders extend bonus features like F-Secure Internet Security, a capable antivirus that protects electronics like laptops and computers against malware and virus attacks. Moreover, such antiviruses also provide a secure net banking feature to prevent data breaches when transacting online.

When availing key replacement cover from insurance aggregators, applicants should check the terms and conditions beforehand. It will help them pick an insurance policy that will help account for the cost of key replacement easily and help acquire the required assistance readily. Sometimes, applicants may have to submit documents like an FIR and KYC documents to support the claim. These were the Benefits of a key replacement insurance plan. The major benefits of a key insurance cover

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