Who thinks of buying ‘Lost Car Keys Insurance’ or Key Replacement Cover? Nobody right, but is that smart? Not quite.
We all have that one friend who tends to forget really important things at really random places. But we are not here to discriminate against that one guy who lost his phone at the concert. Nor are we here to discriminate against that other friend who forgot to take his bag from the hotel, only to realize he was missing his clothes when he was back home!
Nope. We are here to tell you that there is a better way, especially when it comes to your forgetful friend and his car keys!
Previously, if you lost your car keys, the idea was really simple. Go down the road, find a guy sitting on the sidewalk who makes keys. And, get him to make a duplicate set of keys for your car.
However, times have changed. Car keys for most mid and high-end models have computer coded, non-copy-able protection. Which means, that you can’t just go down the road and get a duplicate set of keys which cost somewhere around INR 100-300.
Now, you have to get to an authorized service center of your car manufacturer and get a duplicate set made. Keys made through this method cost between INR 1500-4000, depending on the manufacturer of the car and your car model. If it’s a remote-controlled key—it’s even more difficult.
Therefore, it has become an expensive affair when you lose keys to your car. And, most third-party or even for that matter, basic comprehensive policies do not include key replacement cover. To know the difference between a third party and comprehensive policy click here!
However, there is a way. There is always a way for our forgetful friends!
While purchasing an insurance policy, once can check whether the insurer provides a claim for lost car keys. This is usually listed as an extra, or a value-added service. And, obviously like any value-added service, lost key replacement insurance cover, will raise the price of your insurance policy, but it’s usually quite a cheap add-on cover and if you’re the kind of person who forgets their keys—this is a no-brainer option!
This value-added service, is usable when you have lost keys of your car, as the name suggests. Under the Key Replacement Cover, the insurer will cover the cost of replacement of your lost car keys and even the locks too if they have to be changed.
Most insurance companies under the Key Replacement Cover also cover the cost of installing new locks for your car. Generally, the Key Replacement Cover is only available to a person a total of 1-2 times, during the period of their insurance policy.
As, under the Key Replacement Cover, most insurance companies cover costs of getting your car to the nearest authorised garage.
Before you opt for Key Replacement Cover, it’s good to check the cost of a replacement of your car keys. This can be done through a call to the authorized service center or garage. Also, it’s good to check the maximum amount (if any) your insurer will let you claim if you have lost your car keys.
One story which comes to mind when we talk about loss of car keys, insurance and the key replacement cover in general, is about Aditi. But first, you should get some background on her. Aditi by nature, was an extremely forgetful person.
People around her first realized this forgetful habit of hers when she was in college. After a presentation, she put her MacBook on top of her car, while looking for her car keys. Well, she found the keys! But she forgot the MacBook on top of the car and drove off! That really supremely expensive laptop, died while she zipped through in her car. Best part? She didn’t realize it until she reached home!
But hey, that could have been an isolated incident, right?
Well, let’s just say that it wasn’t.
A few years, Aditi decided to surprise her best friend, Rishi. They studied in the same college in Mumbai but now Rishi had moved to Pune. And since, Aditi always wanted to do a solo-road trip this was the perfect plan! It was the month of July, and the Mumbai-Pune Expressway just looked divine!
Aditi was a great planner, so she coordinated with Rishi’s friends and assigned them certain tasks. She even informed them that the cake Rishi loves is from a local bakery in Colaba. The cake was a special made to order, Nutella vegan cake. And that she would be picking it up and coming to Pune.
What a great plan, right? Everything seemed perfect. Maybe, a little too perfect. Life wasn’t that easy for our forgetful Aditi!
And all the perfection of her plan went down the drain when Aditi reached Pune. She parked her car, went up to Rishi’s house, completely forgetting about the cake in the car. An hour later, when she remembered (And also when others asked, where the cake was) she went downstairs to get the cake.
There seemed to be a problem, Rishi looked out from his window and say Aditi yelling at her car. “HOW CAN I LOSE MY CAR KEYS AGAIN? WHAT IS THIS? WHY AM I LIKE THIS?”
Rishi found it funny, and so did everybody else at the party. Aditi got over it too when she realized that she had the Key Replacement Cover for her car key loss. And, that her insurance company will get all of it sorted very soon.
So, it ended well, because she had bought the Key Cover Replacement add-on, because she knew how forgetful she was. The lost key was forgotten, and everybody was enjoying the cake and laughing about Aditi’s mishaps. It was great! See how important a Key Cover Replacement is!
One has to also understand that loss of car keys is not a small issue. As, locks have to be changed once your keys are lost, as a precautionary measure.
Loss of car keys, is not covered under a normal insurance policy. And, therefore, for the forgetful people among us, it makes completely protected against forgetfulness. Isn’t that awesome?
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