How to Get Replacement for the Lost Car Keys?

The recent increase in the awareness among consumers about car insurance plans pointed towards an important point. Now, it has been made essential by the insurance providers to produce both the keys – the original and the spare keys, if you have lost one or it has been stolen or misplaced. Though IRDA doesn’t mandate this, some insurance companies follow this due to rising cases of fraudulent claims.

Getting a new key to replace the lost one is an expensive affair because of the newly enhanced models. The keys have to be accessible and accurate as per the model of your car. It can cost you around Rs. 2000 – Rs. 4000. However, if you are not aware then you can now have a key replacement cover as an added benefit to your car insurance policy. You can check under the terms and conditions if your insurer provides such a facility. It might increase the premium amount but it would secure yourself from the worries of security of your car.

What Does the Key Replacement Cover Offer?

Key replacement insurance is for covering the financial loss suffered when you lose your car keys. Hence, under such a cover the cost for replacing the keys would be covered under your car insurance plan. Apart from that, it would also provide for the costs of changing the locks of the car, if needed.

  • Many insurers also cover the finances needed for the installation of new locks. Such a cover can only be availed between one to two times under the specified term of the policy.
  • Under this cover, you also get the benefits of being your car driven to the nearest garage if you are locked outside in the midway. Additionally, if there are others with you in the car, insurance companies also arrange for transportation for you to go back safely.
  • If you have hired a car yourself to get back in case you have locked yourself out or lost the keys, some insurers also cover the cost of the hired car. However, that happens only if the replacement of the car key takes more than 24 hours.
  • The cover is only valid if the vehicle is privately owned by you and is kept beside your primary residence. If you have a secondary residence, you might have to purchase a separate policy for protecting a vehicle alongside that residence.
  • Such an add-on can be offered as either as a standard benefit or by upgrading your policy. Some insurers would not cost any excess money, even if you have purchased it as an add-on benefit.
  • There are certain conditions in some policies like a certain period for which the key has been lost.
  • It is an added advantage because new models of the car need advanced keys and even locks too, which can be expensive enough. It also takes almost 5-10 days to get your car key replaced. Moreover, you can have this add-on with either third party car insurance liability or comprehensive plan.

NBFCs like Bajaj Finserv offer a key replacement cover for up to a sum assured of Rs. 20000. They also offer cover if you end up incurring losses as a result of someone breaking into your car without your permission. Apart from that, if you had to rent a car in case of lost keys, the cover also reimburses the cost of that if the replacement of keys takes more than 24 hours.

Such a cover also includes losing your house keys or them getting stolen. The cover also offers protection for covering the costs of hiring a locksmith for changing or installing new locks and the labour costs incurred due to it. If you want to create new or duplicate keys for your car or house, this add-on also covers those costs.

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