Key Replacement Cover in Car Insurance

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Introduction to Key Replacement in Car Insurance

A comprehensive car insurance policy covers liabilities and losses arising from accidents involving your vehicle. However, there may be instances where your car keys get lost, or the car lockset gets damaged. This results in needless financial expenses that are not covered under regular car insurance.

Buying a key and lock replacement car insurance will enable you to claim compensation from the insurance company to purchase new keys or for repair/replacement of the damaged lockset.

What is meant by Key Replacement Cover in Car Insurance?

Key replacement cover in car insurance is an add-on cover that can be purchased along with a car insurance plan by paying a nominal additional premium. In case you misplace your car keys or they get stolen, the add-on policy shall compensate for the expenses of getting a new set of keys. Additionally, the cost of repair or replacement of the damaged car key lockset will also be reimbursed under this add-on by the insurer.

Importance of Car Key Replacement Add-on in Car Insurance

Car key replacement cover is highly beneficial for car owners in the UAE. Standard car insurance does not cover the loss if your original car keys get lost, stolen, or damaged. You need to buy a separate add-on cover along with car insurance to protect yourself against such losses. This add-on policy also covers the cost of repairing or replacing the car key lockset in case it gets damaged.

The car key replacement cover is essential for high-end vehicles with expensive or sophisticated car keysets. Please note that it is not only costly but also difficult to repair or replace such keys.

What Does the Car Key Replacement Add-On Cover?

The general inclusions of a car key replacement insurance policy are as follows:

What is Not Covered Under the Car Key Replacement Add-On Cover?

Replacement car key insurance does not cover the following expenses:

Benefits of Replacement Car Key Insurance

The list of benefits provided by a lost car key insurance cover policy is as follows:

Policyholders get exclusive insurance coverage for lost or stolen car keys. This plan also covers the expenses of repairing or replacing damaged car key locksets.

The add-on cover can be conveniently bought along with a comprehensive car insurance policy by paying a nominal additional premium.

Car owners who park their vehicles in high-risk areas can protect themselves by buying this add-on cover.

The car key replacement cover is highly beneficial for high-end cars possessing expensive or technologically advanced key locksets.

The claim procedure is simple and similar to the process applicable under a regular car insurance policy.

What is the Cost of a Car Key Replacement Add-on Cover in Car Insurance?

The lost keys insurance cover is not a standalone policy. It is an add-on plan that can be purchased along with standard car insurance. So, the premium charges are nominal and may cost around 5-8% of the premium payable for a regular car insurance policy. However, the cost may vary based on the vehicle type and the insurance company. Please check the premium with the insurance provider before you buy.

How Much Does a Lost Car Key Replacement Cost?

It may cost you around AED 50 to AED 200 to replace a mechanical key in Dubai. For other key types, the cost may be in the range of AED 200 to AED 300. However, this cost may differ based on where you live in the UAE, the type of key you use, and the expertise of the locksmith you hire.

Frequently Asked Questions on on Car Key Replacement Cover

A few car insurance policies include the loss of car keys in their comprehensive car insurance plans. However, lost keys insurance cover is usually bought as an add-on to the primary policy by paying an additional premium.

The keys of high-end and luxury cars are costly and sophisticated. Repair or replacement of these keys can lead to significant losses for car owners. Buying a car key replacement insurance policy is highly beneficial for such people.

In order to file a claim for key replacement in car insurance, you must immediately notify the insurance company and register the claim. A police report is also essential to file a car key replacement claim.

Generally, the insurer specifies an upper limit in the lost car key insurance cover policy. You can only make a fixed number of claims as may be specified in your policy document.