What is Key Replacement Cover in Car Insurance?

key replacement cover
Key replacement cover in Car Insurance

The key replacement cover is very important in car insurance. However, some people ignored this when they buy a car insurance policy and some understand its importance. Let’s understand whether ignoring of key replacement cover is good or not. What would you do if you lost your car keys somewhere? And you have searched everywhere but didn’t find it.

Maybe, a thought comes to your mind that you will make a duplicate key from the locksmith. Many people may think in the same way. But old-time has gone, and this method is not relevant in today’s scenario.

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In today’s era, most car companies use computer-coded and or encrypted car keys. It is not easy to copy and make a duplicate key from the local locksmith. If you have lost your car key, then in that case you have to approach your authorized car service center/company to get a new car key. For example, if you have a Maruti car and you have lost your car then you have to contact your authorized car service center.

Getting a car key from the authorized center may cost you a handsome amount. But In case you have a key replacement cover then it will be very helpful for you.

What is Key Replacement Cover?

This is an add-on cover in a car insurance policy. Under the key replacement cover insurance companies cover the cost of keys and or lock systems. Some companies provide coverage for the replacement of car keys and lock systems both.

However, some companies offer only a key cost only. Different insurance companies offer different types of plan and their replacement cost limits are also different. Normally, a basic comprehensive policy does not have a key replacement cover. That’s why you need to buy it as an add-on cover by paying an extra premium.

Maybe you get this add-on cover as the default cover in your car insurance policy. There may be a few companies in India that are providing this as inclusive cover in comprehensive policy.

You should check it while buying a car insurance policy. Having a good key replacement cover may be an important factor for the best car insurance policy.

Why Do You Need it?

Getting a new key from the manufacturer or authorized service center is a costly matter. Suppose you have lost your key somewhere. You have searched everywhere home, office, and other possible place. But you didn’t find your car key.

Now the last option is to get a new car key. For manual car keys, it may cost little amount. But in the case of computer-coded or encrypted car keys, the replacement cost will be high. Generally, the cost of key replacement may cost you from Rs.5000 to Rs.20000. However, it may be higher than this amount also. It totally depends on the car’s make and model.

You can save a lot of money if you have key cover in the car insurance policy. it is advisable to have this cover because it may save you money at the time of need for key replacement. The premium of this cover is also not so high. Most companies are providing key replacement insurance coverage at a very reasonable price.

Conclusion – Key Replacement Cover

I would suggest considering key replacement cover in your car insurance policy. Because you can buy it at a very low cost and save money. However, it is totally your decision making that you are including this coverage in your policy or not. I would say this is very small coverage but it is a very important part of an insurance policy and you should understand what is it.

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