Finance

Insure your Car Keys Before it Gets Stolen

Car manufacturers charge somewhere between Rs.8,000 to Rs.1 lakh to replace car keys. Unlike manual locks, these are quite expensive as OEMs rarely issue duplicate keys and prefer changing the entire locking mechanism. Replacing the system can be costly, all the more reason to avail a car key insurance policy for financial security against the expenses incurred due to lost or misplaced car keys.

Here are a few reasons stating the importance of financially safeguarding yourself against the loss of your car keys.

Replacement is expensive

Car manufacturers usually rely on one of 3 types of locking mechanisms. They are –

  • Manual locks – Cars that are comparatively more affordable come with a manual locking mechanism.
  • Remote locks – These locks employ a remote-controlled device that is used to lock/unlock cars from a distance. They also come with a key that can be used to unlock cars manually.
  • Keyless Frequency Operated Button (FOB) – The locking mechanism is usually found in expensive cars and is entirely controlled by a small hand-held device.

The locking and the FOB key share a unique code and losing the key, therefore, makes the entire lock inaccessible. Replacing the entire mechanism can get quite expensive if you do not have a key insurance policy.

Getting duplicates from local garages is unsafe

Most authorized car dealers do not provide duplicate car keys. Although many car owners decide to get a duplicate from local car workshops, it is considered unsafe.

FOB lock mechanisms are closely integrated with your car. With features such as car immobilizers, a simple mistake on the mechanic’s part can disturb the intricate wirings and disrupt your vehicle performance.

Experts, therefore, suggest you avail authorized OEM services if you lose your keys. Though OEM services are expensive, you will have access to experienced mechanics who are experts at replacing locks.

You can consider purchasing insurance policies such as the Key Replacement Insurance Cover offered by Bajaj Finserv under its Pocket Insurance & Subscriptions. This lost key insurance policy can help you with ample financial coverage to meet the expenses incurred during the procedure irrespective of the make and model of your vehicle. 

Car key insurance benefits

Most car insurance policies do not provide coverage –

  • Lost keys.
  • Exclusive damages inflicted on the locking mechanism.

Although keyless FOB is considered as the most expensive, changing both manual and remote locks also costs a significant amount of money.

Besides lock replacements, stolen car keys insurance claims also include –

  • Roadside assistance if you face complications with your battery or encounter a flat tire.
  • Emergency travel assistance in case you do not have a road trip travel insurance policy.
  • Rental car facilities if the key replacement process is taking a long time.
  • Reimbursement to replace the locks and keys in case of break-ins, but not for other stolen items. It is advised that you avail of a home protection insurance policy to safeguard yourself financially in such cases.

Denied car insurance policies

Some car owners opt to use a spare if they have lost one of the car keys. In case someone steals the car, the insurance company can ask for both keys. If the owner is unable to provide both keys, the insurance provider can deny the claim.

Car-owners can avoid such complications by merely changing the locks and getting a new set of keys altogether.

According to experts, availing a car key insurance policy is one of the safest and most efficient ways you can financially secure your future against the theft or loss of your car keys.

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