Key Replacement Cover In Car Insurance

Car keys have come a long way from being simple metal tools to technologically advanced devices like Frequency Operated Buttons (FOBs). These modern keys not only enhance security but also come with a hefty price tag for repairs or replacements if lost, stolen or damaged. As car technology evolves, so do insurance options. To address these specific concerns, insurers now offer Key Replacement Cover as an add-on to your car insurance policy.

This add-on is available with a comprehensive four-wheeler insurance policy, not as a standalone product. By paying an additional premium, you get financial protection against expenses related to replacing lost, stolen or damaged keys. It also covers repairing or replacing the lock-set if necessary, ensuring peace of mind in stressful situations.

Also Read: 5 Essential Car Insurance Add-ons

Car insurance is a vital safety net that protects you from financial losses arising from accidents, theft or natural disasters. While third-party insurance covers liabilities towards others, a comprehensive policy safeguards your car. However, neither of these standard policies includes coverage for key replacement.

To address this gap, TATA AIG offers the Key Replacement Cover as an add-on to your car insurance policy. This add-on reduces financial stress if your car key is lost, stolen or damaged. Available with comprehensive or standalone own-damage policies, this rider ensures you are covered against key-related expenses.

Keep in mind, though, that opting for this add-on requires an additional premium, slightly increasing your policy cost but providing valuable peace of mind.

Modern car keys, like Keyless Frequency Operated Buttons (FOBs), are more than just tools to lock and unlock your vehicle. These advanced devices are embedded with sophisticated security features and a unique, computer-generated code that syncs exclusively with your car’s locking system.

The complexity of these keys makes their replacement expensive. Beyond basic functions, many FOBs offer additional features, such as remote engine start, keyless entry and panic buttons. The more advanced the features, the higher the replacement cost, as the key must be precisely programmed to match your vehicle's system.

In the event of loss or theft, replacing a keyless FOB involves not just the cost of the key but also reprogramming expenses, which vary depending on the car's brand and model. These factors contribute to the significant expense of replacing or repairing such keys.

To avoid the financial strain of these high costs, opting for a Key Replacement Add-on with your car insurance is a smart choice. This add-on ensures that you are covered for the expense of replacing or repairing your keyless FOB, providing financial relief and safeguarding the security of your vehicle.

-Saves on Costs and Hassle: A Key Replacement Cover spares you the financial burden and inconvenience of replacing lost or damaged car keys or locks. This add-on ensures that such unexpected expenses do not disrupt your budget.

-Offers Peace of Mind: Losing access to your car can be stressful, but with this cover, you can rest assured knowing you are financially protected. It provides a sense of security, allowing you to handle key-related mishaps without worry.

-Enhances Policy Value: Adding a Replacement Car Key insurance cover to your comprehensive car insurance boosts the overall coverage, offering more robust protection for your vehicle and increasing the value of your policy.

-Convenient Purchase and Claims: Most insurers, including TATA AIG, offer an easy online process to purchase this add-on and settle claims. The hassle-free procedure ensures you get support quickly when needed.

-Protects Your No-Claim Bonus (NCB): Claiming under this cover does not impact your No-Claim Bonus. This means you can address key-related issues without worrying about losing the benefits of a claim-free policy year.

-File an FIR: Ensure you lodge a First Information Report (FIR) with the police in case of lost or stolen keys. This document is crucial to support your insurance claim.

-Replacement Must Match the Original: The replacement key, lock or lockset must be identical in type and nature to the original to qualify for coverage under the policy.

-Timely Notification to the Insurer: Inform your insurance company about the incident promptly. Most insurers, including TATA AIG, require notification within 30 days of the loss or damage.

Coverage Based on Key Conditions:

• For damaged or broken keys:** Only the key will be replaced.

-For stolen keys: The entire key set, lock and lockset will be replaced to ensure your vehicle’s security.

-Also Read: What is Tyre Protection Add-on Cover

Key Replacement Cover is a valuable add-on in car insurance, offering financial assistance for replacing or repairing car keys and locks in case of theft, loss or damage. But is it the right choice for you? Here are some scenarios where this cover proves indispensable:

-If You Park Your Car in Open Areas: Cars parked in open or unsecured areas are more susceptible to theft or vandalism. The chances of your car keys being stolen or misplaced increase significantly in such situations. A Key Replacement Cover ensures that you are financially protected against the cost of replacing stolen or lost keys.

-If You Own a High-End Car: High-end cars often come with sophisticated locking systems, making their keys expensive to replace. These keys are not just ordinary mechanical keys; they often include electronic components, chips or sensors. Losing such keys can be a costly affair. With a Key Replacement in car insurance cover, you can mitigate these expenses and avoid financial strain.

-If Your Car Has Advanced Technology Features: Modern cars are equipped with advanced locking systems, such as remote keyless entry or smart keys. These technologies add convenience but can be challenging and expensive to replace or repair if damaged or lost. This cover ensures that the costs associated with replacing or repairing such advanced keys are taken care of without hassle.

The Key Protect Add-On is a valuable addition to your TATA AIG Comprehensive Car Insurance policy, offering financial protection for the replacement or repair of lost or damaged car keys.

Adding this cover to your policy is simple and convenient, especially through the online process. Once you have found the right policy after using our car insurance calculator, follow these steps to secure the Key Protect Add-On:

Step 1: Visit the TATA AIG Website or Mobile App

Navigate to the official TATA AIG website or open the mobile app for a seamless and user-friendly experience.

Step 2: Select Your Comprehensive Policy and Add the Key Protect Cover

When purchasing a new comprehensive car insurance policy or renewing an existing one, include the Key Protect Add-On before completing your payment. Simply choose the option to enhance your policy with this add-on during the purchase process.

Step 3: Receive Your Policy Document Instantly

Once the payment is completed, your updated policy document, including the Key Protect Add-On, will be sent directly to your registered email address for your convenience.

If you lose, misplace or damage your car keys, TATA AIG’s Key Protect Add-On provides coverage for the cost of replacing or repairing your keys, locks or locksets. Here’s how you can easily file a claim for key protection:

Step 1: Contact TATA AIG

Call TATA AIG’s customer service or use their online platform to inform them about the loss, damage or theft of your car keys. Provide details about how the incident occurred to initiate the claim process.

Step 2: File a Police Report (If Applicable)

If your car keys were stolen, it is important to file a First Information Report (FIR) at the local police station. This is a necessary step for claims related to theft.

Step 3: Repair or Replace Your Car Keys

Once you have reported the incident, proceed with getting your car keys repaired or replaced. You can visit a trusted locksmith or authorised service provider to handle the repair or replacement.

Step 4: Submit Your Claim

Submit the required documents, including the police report (if applicable), receipts for the key replacement or repair, and any other necessary paperwork to TATA AIG. Once your claim meets the terms and conditions, we will reimburse you up to the coverage limit specified in your policy.

Also Read: Garage Cash Cover Under Car Insurance

Losing a car key is a nightmare, especially remote keys or key fobs. Earlier, car key loss was not a big problem as you could replace it easily. But the new keys are expensive to replace. Thus, a car insurance cover with key replacement can be your saviour if you lose your car keys.

With TATA AIG, you can also choose from 12 unique riders and enhance your policy’s coverage with some extra premium. So, buy suitable four-wheeler insurance with TATA AIG today and experience a hassle-free car insurance claim process.