A car key replacement cover is an insurance policy that protects your financial interests if you lose your car keys. Apart from loss, this cover is applicable for any damages to your car's lock. And the insurance company will reimburse the cost of the same when you install a new lock or get new keys.
Typically, an insurance policy like this comes as an add-on over your already existing car insurance plan. So, you need to bear an extra cost to avail yourself of the benefits of this policy.
*Above mentioned prices are for Honda City EX 1.5L, 2017 model.
Car key replacement insurance cover add-on: Features & Benefits
Given below are the features and benefits of the add-on:
This insurance policy is an add-on exclusively reserved for stolen or lost keys. But it also covers the incurred repair or/and replacement costs of the car key lockset.
As already mentioned, it is available as an add-on. So, you need to bear an additional premium attached to the main car insurance policy.
There is an upper limit to the car key replacement policy, so you can claim this cover a fixed number of times only. So, please be extremely cautious with the keys to your car. Otherwise, you will have to bear the costs out of your pocket only.
The process of asking for a claim process is very similar to the normal claim for car insurance. You need to inform the insurer first and follow the rest of the procedure accordingly.
Coverage scope under car key replacement add-on
Have a look at the cases which are covered under the car key replacement cover add-on:
● If the car keys are lost
If your car keys are lost, it is an additional expense that must be borne out-of-pocket. This is the time when a car key replacement cover is useful. Here the insurance provider reimburses the costs that the policyholder has incurred.
● When the car has been broken in or burgled
This policy also covers attempted burglary, where all sorts of damages to the lock and keys are covered for replacing the car lock and keys.
● If the car lockset gets damaged
In the event of a car accident, there is a high probability of the car lockset being damaged. In such cases, the car lockset is repaired or replaced. You can claim the reimbursement amount from the insurer.
What is the importance of a car key replacement add-on?
In the UAE (especially in Dubai), a car key replacement add-on is useful if the original car keys are misplaced, stolen, or damaged. If you have a proper car insurance policy that has been topped up with these necessary add-ons, then you can easily get reimbursed in case of replacing your vehicle key.
This add-on can be purchased along with an all-inclusive car insurance policy. It can cover the cost of repairs or replacement. However, you should check if there is an applicable upper limit according to the terms and conditions of the insurance provider.
Who should buy car key replacement insurance in the UAE?
Ideally, anyone can purchase this add-on policy with the primary car insurance plan, depending on the individual requirement. However, this add-on is highly recommendable in the following conditions:
If the car is parked in an area, probably open, where the chances of burglary are high. This add-on policy helps to cover the repair or replacement costs.
Suppose the covered automobile is a high-end car, where a car key costs more than a regular vehicle key. In such cases, having a policy like this becomes handy.
In case the car key is technologically advanced, and it is not easy to get them repaired, then opting for an insurance plan like this makes sense.
How much is the car key replacement cover premium?
As the car key replacement cover is an add-on cover, the premium charges are minimal (around 5%-8% of the total premium amount of the primary car insurance) in the UAE. But this is variable as the premium amounts depend on the car model or the insurance company.
How to claim a car key replacement cover?
You can make a claim only if you have lost or misplaced your car keys, and given below is the procedure for making a car key replacement claim:
Notify the insurance provider by registering your claim through email or in writing.
A police report is required for claim registration if there has been any burglary.
After submitting the police report, raise the claim accordingly for a replacement or repair.
Submit the form for the claim along with the necessary documents. After the insurance provider verifies the claim, they will settle the claim by reimbursing all the costs incurred by the policyholder.
If the claim is cashless, the insurance provider will settle it with the garage or workshop.
Car key replacement cover: terms and conditions
There are certain terms and conditions that a car key replacement insurance is subject to. These are given below:
You need to have the police report without fail when filing a claim for this insurance plan.
When the claim arises, the insurance provider should be immediately notified. There should be no delay as such.
The car keys, the lock or the lockset, should be of the same type and probably of the same company. Clarify it with the insurance provider.
The insurance provider only replaces broken or damaged car keys. In other cases like burglary, the entire lockset or lock will be changed or repaired.
Q1. Is the police report necessary for filing a car key replacement claim?
Ans: Yes, a police report is one of the most important documents for filing a claim. Without it, you cannot file a claim or get it forwarded under any circumstances.
Q2. Should I buy the car key replacement add-on if I don't have a parking space?
Ans: If you don't have any parking space outside your house, you must park it somewhere. Assess the risk of that place and the security your car gets in those circumstances and decide accordingly. But most car owners in the UAE have some access to personal parking spaces.
Q3. Can you file a car key replacement claim online?
Ans: Yes, you can file a claim online on the insurance company's website.
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