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What is Key Replacement Cover in Car Insurance?
A Key Replacement Cover is an add-on to your car insurance policy that offers financial protection in case your car keys are lost, stolen or damaged. Replacing modern car keys, especially smart keys or transponder keys, can be expensive due to their complex technology and reprogramming requirements. Thus, IndusInd General Insurance ensures that you will not have to bear the full cost of replacing your keys or locks and saves you from unexpected expenses.
Our key replacement cover in car insurance also covers key repairs and the cost of replacing the vehicle’s locks if necessary. Moreover, it aims to provide peace of mind and enhanced security for your car.
Car key lost insurance is one of our add-ons that is designed to enhance your coverage and provide overall protection. This add-on reimburses the cost of replacing your advanced car keys if they are lost, stolen or damaged. It also includes expenses for replacing locks, if necessary. To understand this further, let us consider the following example:
Let us assume that your car key was stolen while visiting a busy marketplace. With our regular car insurance, the cost of replacing lost keys and locks is not covered. This means that you will have to bear the expenses. However, our key replacement cover will reimburse the cost of getting a new set of locks and keys.
Why Choose IndusInd Key Replacement Cover in Car Insurance?
Wide Network Garages
With us, you can access over 11,000+ cashless garages nationwide for fast and convenient lock and key replacements.
Easy Online Processes
We provide a smooth, hassle-free process with online options for buying, claiming and renewing your policy with our key replacement add-on cover.
Quick Claim Survey
We pride ourselves on offering a swift claim survey response to your key replacement claims within 48 hours of claim initiation.
24x7 Assistance
Get round-the-clock customer support for all your car key lost insurance-related queries.
Cost of Lock and Key Replacement
We reimburse you for the cost of replacing your car’s keys, lock and lockset in case of theft or loss.
Break-in Protection
We provide compensation for replacing locks and keys in case of a break-in in your car.
Labour costs
The labour cost for replacing the lock is also covered under our key protection cover.
Claim Frequency
You can claim this key replacement in car insurance twice in a policy year.
Cover for Installing New Locks
We also cover the cost of installing new locks in case of lost or stolen keys.
No Harm for No-Claim Bonus
If you claim this cover during the policy year, it will not affect your eligibility for securing a no-claim bonus at the time of renewal.
Key Replacement Add-on Coverage: Inclusions and Exclusions
Our key replacement cover is an add-on available with our own-damage or comprehensive car insurance policies. Thus, the inclusions and exclusions of the base policy and the add-on apply to your policy.
What is Covered?
Replacement cost of lost or stolen keys
Replacement of lock in the event of a car break-in
Replacement of locks as a security measure for lost keys
Replacement of the same nature of lockset/keys as claimed
Replacement of damaged or broken key(s)
Replacement of keys, lock and lockset in case of key misplacement or theft
What is Not Covered?
Personal use of claim amount for key replacement
1% of the claim amount or ₹500, whichever is higher is excluded
Fraudulent claims
Damage or loss of keys/locksets due to deliberate or criminal activities
Loss or damage to only locks
Loss or damage that is covered under the manufacturer's warranty
Incomplete or missing documents
Damage to any other car parts, excluding the keys or lockset
Disclaimer: Please check the official policy documents for detailed information about inclusions and exclusions under your plan.
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Who Should Buy the Key Replacement Cover?
Car insurance cover for key replacement is ideal for car owners with advanced key systems, such as smart keys, transponder keys and key FOBs, which can be expensive to replace.
It is also beneficial for individuals who travel frequently or tend to misplace their belongings in an unfamiliar place.
If you live in an area with higher rates of theft or damage due to break-ins, this cover provides a protective cover by covering the replacement expenses.
It is also ideal for those who want to enhance their car insurance policy without paying hefty premiums.
How to Buy IndusInd Key Replacement Add-on Cover Online?
Step 1: Go to the IndusInd General Car Insurance page page to buy our car insurance with the key replacement add-on.
Step 2: Provide us with your contact details for sending policy documents and quotes. Then, enter your car’s details.
Step 3: You will receive a quote, based on your car’s model and market value, for our car insurance plans.
Step 4: Choose any one of our car insurance plans: our standalone own-damage or comprehensive plan. Then, select the key replacement cover from our range of add-on options.
Step 5: Verify the modified quote based on the selection of the car insurance plan and add-ons. Confirm your choices and complete the payment.
Cost of Car Key Replacement Insurance
The premium price of our car key replacement insurance depends on various factors. These are the influencing factors:
Variant of your car
The make and model of your car are the primary factors that influence the premium price of car insurance. If you own a high-end model car, your premium will be higher than that of a regular hatchback car owner.
Claims History
If you claim your car insurance more frequently to replace stolen or lost keys, then your premium for car key replacement insurance will be higher. On the other hand, if you do claim your insurance, you earn discounts on premiums.
Coverage Requirements
While the cost of the key replacement add-on is minimal, the over car insurance premium will depend on the policy type you choose. For example, if you want comprehensive coverage with own-damage and third-party coverage, your premium rate will be higher.
Add-Ons
If you opt for more add-ons along with the key replacement cover to further enhance your car’s coverage, your premium will be adjusted accordingly. It will be higher than the base policy’s premium price.
How to Claim IndusInd Key Replacement Cover?
Step-by-Step Guide for Cashless Claims
Step 1: Register your claim for a lost or damaged car key of your vehicle within 24 hours using any of the following methods at your convenience:
- Log in to your IndusInd Self-i App
- Call our paid helpline number +91-22-48903009
- Go to our Car Insurance Claim page
Step 2: File an FIR for the lost or stolen key with your nearest police station and secure a copy.
Step 3: If the key is damaged, take your car to the nearest network garage to repair or replace the key or lock.
Step 4: Our surveyor will verify the damage, and the claim will be processed further.
Step 5: Fill out the claim form and submit the necessary documents to the surveyor. The repair or replacement cost, including labour, will be settled directly with the garage.
Step-by-Step Guide for Reimbursement Claims
Step 1: Register your key-related claims in the same way as above.
Step 2: Take your car to repair or replace the damaged key and lock of your car to any garage of your choice.
Step 3: Collect the repair or replacement bills, invoices and estimate details from the garage.
Step 4: Fill out the claim form with the details of the damage.
Step 5: Submit the claim after the repair or replacement is complete, along with the bills and invoices related to the damage. Upon approval, the cost of lock and key replacement will be reimbursed.
Disclaimer
Understanding Types of Car Keys
Traditional Keys
These are simple, mechanical keys that unlock and start the vehicle manually. They are less costly to replace or repair but offer basic security.
Smart Keys
These allow keyless entry and ignition through electronic signals. They are highly convenient but costly to replace due to advanced technology.
Transponder Keys
These keys are equipped with a chip that communicates with the car’s engine. Transponder keys are more secure and expensive to replace.
Remote Key FOBs
Key fobs are used to unlock, lock and start your car remotely. These keys require extensive programming, thus making the replacement more expensive than standard keys.
Are Car Keys Expensive?
Yes, car keys can be quite expensive to replace, especially with modern vehicles. Traditional mechanical keys are relatively inexpensive. However, as car security systems have evolved, so have the costs of replacement keys.
Since transponder keys are equipped with a chip to communicate with the car’s engine, they cost significantly more than standard keys. Smart keys, which offer keyless entry and ignition, are among the most expensive due to their advanced technology.
Additionally, remote key fobs require specialised programming, which further increases the cost. As technology becomes more integrated with car keys, their replacement expenses continue to rise. Thus, key replacement cover insurance helps you recover from the hefty loss and avoid car theft risks.
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Disclaimer:*T&C Apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale.>The total no. of customers insured data is for FY24 and has been picked up from the number of lives insured for Health, Personal Accident, Overseas Travel, Domestic Travel, Workmen Compensation and Crop Insurance, Weather LOB & Fire LOB provided by IRDAI count that is master policy count. Other than these LOBs, we have also provided data for the number of certificates issued. The premium mentioned for car Insurance excludes taxes for the private car model Maruti Suzuki Alto 800 with a cubic capacity of less than 1000 cc for a 1-year Own Damage Insurance policy for an IDV of ₹2,34,728. The premium used is 2,853/year as of 1 March 2023 and then converted into a per-month basis, which gives us ₹238/month (2,853/12).The discount varies basis vehicle specifications, No Claim Bonus discount and Geographical location of the vehicle to be insured. Discounts have been calculated on the basis of the rates prescribed under erstwhile Indian Motor Tariff. Discounts are applicable only to the Own Damage section and discounts may vary as per the vehicle make, model, RTO, age of the vehicle and addition of add-ons like InduInd Limit Sure-Pay As You Drive.
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