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What is Covered in Key Replacement if your Car Keys are Lost?

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Cars these days are equipped with remote-key lock systems. Working on the radio-transmitter principle, many safety and convenience related features of a car can be controlled from a distance of 10-20 metres. 

 

The opening and closing of windows and roofs, and locking the car can be controlled without going near the car. The incorporation of such advanced technologies into a key makes it quite expensive.

 

 If your remote-key is lost, stolen, or damaged, the replacement is a costly affair. Replacement of the feature-laden keys needs a skilled mechanic. And hence, approaching an authorized service centre is essential and may cost you thousands depending on your car variant. In India, most of the car insurance companies do not cover key replacement. 

 

However, you may choose to buy an add-on rider to insure your keys.

 

The Key Safeguard Plan from Bajaj Finserv offers car key replacement insurance at a premium of just Rs749. 

What is covered under Car Key Replacement Insurance?

The Key Safeguard Plan from Bajaj Finserv offers insurance under the following circumstances.

  • Lost key insurance coverage

If your car key is lost, or stolen, the cost of replacing the new set of keys is reimbursed. 

  • Locked outside your car

At times, you lock your car keys inside the car. To get the keys, the locksmith charges a certain fee. The service charge of the locksmith comes under the key replacement cover.

  • Security against burglary

In case someone breaks into your vehicle, the key replacement cover insurance provides an option to reimburse the cost incurred to get the spare key.

  • Rental Car Reimbursement

Generally, the key replacement process takes less than 24 hours. If there’s a delay on the part of the service provider to deliver the spare key, the cost of hiring any other mode of transport can be reimbursed under the car key replacement insurance.

What is not covered under Car Key Replacement Insurance?

 

The benefits of the key insurance policy are, however, not applicable under the following situations.

  • Intentional Damages

If the car keys or lockset are deliberately damaged, such costs will not be covered under the insurance.

  • Vehicles not registered under your name

Only vehicles that are registered under your name, as well as registered under the plan are offered key replacement insurance.

How to apply for the Key Safeguard Plan?

Here’s a list of steps to be followed for subscribing to the Key Safeguard Plan from Bajaj Finserv:

  • Step 1: Fill the online application on the website. Fill in all the required details such as name, address, contact number, invoice number, and value to apply for the plan.

  • Step 2: Verify your mobile number by entering the OTP.

  • Step 3: Pay the annual premium amount using the prescribed mode of payment provided by the service provider.

How to raise a claim?

 

To lodge a claim regarding car key replacement insurance, keep the following documents handy. 

  • All the KYC documents 

  • Travel Safe membership letter

  • Invoice Copy

  • Duly filled Claim Form

In the event of burglary or theft, lodging FIR is a must before raising a claim. And, the claim is to be made within 24 hrs.

The claim can be lodged either by calling on the toll-free number or writing a mail. 

Summing Up

 

The cost of replacing high-end encrypted car keys costs a huge sum of money. Thus, opting for a car key replacement insurance is the best way out. With a minimal premium amount, you can save thousands and get your car key replaced without any hassle.  

 

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Daniel Zayas Daniel is a formally content writer last 4 years. I love to write finance, news, business, real estate category content. A writer by day and a reader by night, I have done my MCA from AKTU. I love coffee and tea.
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