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Does Car Insurance Cover Key Replacement?
Regular Car Insurance does not cover Key Replacement. However, you can opt for this coverage as an Add-On Cover under Comprehensive Car Insurance. The Add-On you should select for this coverage is a Key Replacement Cover. It financially supports you in dealing with the expenses arising from key loss or theft. So, if you unfortunately find yourself in such a situation and have this coverage, your insurance provider will reimburse you for the consequent repair/replacement costs.
Shriram Key Replacement Cover
There are three primary coverages applicable under a Key Replacement Cover.
- What is Covered?
- What is not Covered?
Key Replacement
This coverage will cover the cost of replacing your car key if it is misplaced or stolen. However, please note that coverage will be limited to the exact cost paid to a locksmith to produce a new key.
Break-in Protection
If your vehicle gets forcefully opened by a burglar, we will reimburse you for replacing/repairing broken locks and keys. The covered costs include labour expenses for replacing locks.
Lock Out Reimbursement
If you lose your key or it gets stolen and you get locked out of your vehicle, we will bear the expense of hiring a locksmith to open the vehicle and replace your missing key.
Any costs not specifically stated in the coverages section of our policy wordings will not be covered by us.
We will not reimburse you for replacing keys in vehicles you do not own for personal use.
Who Should Buy Key Replacement Cover in Car Insurance?
Any car owner can buy a Key Replacement. This valuable coverage provides enhanced financial protection, giving car owners peace of mind knowing that they will be covered in the event of lost, stolen, or damaged keys. Whether you are a new driver or have been driving for years, Key Replacement Cover can be a beneficial addition to your Car Insurance Policy.
How Much Does a Car Key Replacement Cover Cost?
The pricing of a Key Replacement Cover is dependent on multiple factors. Nevertheless, you can visit our website/mobile app and get a free quotation to determine how much a Key Replacement Cover will cost for your vehicle.
To do so, open our website/app and select Car Insurance. Enter your vehicle details and mobile number in the respective fields. In the newly loaded page, select Comprehensive Car Insurance and enter the expiry date of your previous policy (if applicable). Finally, the payment page will load. Choose Key Replacement Cover on that page to view the total cost.
Key Replacement Cover - Terms and Conditions
The following are the terms and conditions of a Key Replacement Cover.
What's Covered
The Key Replacement Cover provides monetary compensation for replacing lost or stolen vehicle keys, including the cost of replacing locks and keys if the vehicle is broken into. Furthermore, it also includes the cost of obtaining a locksmith if the insured is locked out of the vehicle due to the loss or theft of keys.
Coverage Exclusions
The policy does not pay for costs other than those outlined in the coverages section. Additionally, it doesn't cover the cost of replacing keys to vehicles that the insured does not own for personal use.
Coverage Conditions
For break-in protection claims, the insured must provide an official police report that indicates the incident happened within the covered time frame for the claim to be paid, unless the insured is legally incapable of doing so.
Claim Process
After a covered loss occurs, the insured must notify the insurer within 24 hours. Also, if applicable, they should file a police report within 24 hours of discovering the incident and submit claims forms and accompanying documents within three days of making the claim.
Features of Key Replacement Cover
The following are some of the key features of our Key Replacement Cover.
Benefits of Key Replacement Cover
Key Replacement
If the insured misplaces their car key or it gets stolen, we will compensate them up to the amount paid to the locksmith to create a new key.
Coverage Against Break-Ins
If the policyholder's vehicle is broken into, we will cover the expenses of replacing the broken locks and keys, including service charges.
Lock-Out Protection
If the insured gets locked out of their car because they lost the key or it was stolen, we will cover the cost of hiring a locksmith to do the necessary repairs.
How Can You Claim Key Replacement?
You can claim against a Key Replacement Cover by following the below listed steps.
- Step 01
- Step 02
- Step 03
Inform Us
- Register your claim online on our website/mobile app. Alternatively, you can content 1800-300-30000/1800-103-3009 and our customer support team will guide you through the process.
Submit Documents
- If applicable, submit the FIR copy and other necessary documents like the vehicle's kilometre reading, engine number and chassis number. Also, ensure that you convey all the incident details as clearly as possible.
Claim Settlement
- As soon as your documents are processed, we will initiate the claim settlement process and ensure that the appropriate funds are credited to your bank account.
Types of Car Keys
Here are some common types of car keys.
Shriram Car Insurance in Major Cities in India
Delhi
Chennai
Mumbai
Ahmedabad
Gurgaon
Bangalore
Agra
Bhopal
Pune
Indore
Jaipur
Dehradun
Shriram Car Insurance for Popular Car Brands
Road Tax by States
- Road Tax for Delhi - 4-12.50%
- Road Tax for Tamil Nadu - 12-20%
- Road Tax for Haryana - 4-10%
- Road Tax for Maharashtra - 7-14%
- Road Tax for AP - 12-14%
- Road Tax for Kerala - 7-17%
- Road Tax for Karnataka - 13-18%
- Road Tax for Punjab - 6-8%
- Road Tax for Gujarat - 6%
- Road Tax for Rajasthan - 5-10%
- Road Tax for Uttarakhand - 4-5%
- Road Tax for Uttar Pradesh - 7%
Frequently Asked Questions
What is covered under a Key Replacement Add-On?
A Key Replacement Add-On covers the cost of replacing lost or stolen vehicle keys, including locksmith charges. It will also reimburse the amount spent on replacing broken locks if a burglar has broken into the vehicle.
Does the Key Replacement Cover offer break-in protection?
Yes, the policy provides coverage for replacing locks and keys in case of a break-in, including labour costs for lock replacement.
What is the procedure for obtaining reimbursement in case of a Lock Out due to key loss or theft?
The procedure for obtaining reimbursement in case of a Lock Out due to key loss or theft involves registering the claim and submitting the necessary documents. Once your claim is processed, we will credit the policy-approved funds to your bank account.
Are there any exclusions to the coverage offered by the Key Replacement Cover?
The coverage of the Key Replacement Add-On is limited to its list of inclusions. It also does not cover costs related to vehicles not owned for personal use by the insured.
What is the timeframe for reporting an incident to initiate a claim under the Key Replacement Cover?
In the event of a covered loss, you are required to report to the insurer within 24 hours of discovery, along with providing essential documents and a First Information Report (FIR).
