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3 Costs That Key Insurance Does Not Cover

  • Highlights

  • Buy key replacement insurance through Bajaj Finserv to make replacement easy

  • Note that you can’t make a claim if you lose your secondary home’s keys

  • Similarly, you can’t make a claim for a vehicle that you use for commercial purposes

Over the past decade, the types of locks used in your home and in your car have developed by leaps and bounds. Moreover, if you own a luxury car, it is sure to be equipped with a smart key that is more like a remote-control device, reinforced with advanced technology for better security. Or, if you own a smart home, it is likely to have an auto-lock system that also requires a smart key. While these keys offer convenience and better safety, they are more costly as compared to regular keys.

A locksmith can create new keys for you but cannot programme features on to it, and so, it is expensive to make duplicates of such keys. As a result, losing your keys owing to theft or accidentally is a costly affair. To cover such costs, you can opt for key replacement insurance available via Bajaj Finserv. You can reimburse expenses relating to making duplicate keys, labour costs and avail a rental car with this insurance policy. The process to make a claim is easy and hassle-free too, making it full of benefits. However, when you buy any kind of insurance, it is important that you know of the exclusions of the policy along with the coverage. So, take a look at what isn’t covered under key replacement insurance.

Costs pertaining to your secondary residence

If you have two residences and you have opted for key replacement insurance, you can cover expenses related to the primary house only. For instance, you have lost keys to your holiday home and not your primary home, you cannot claim reimbursement of the expenses incurred for the replacement of keys of the holiday home. If you want coverage for your second residence, you must buy a separate policy for it.

Costs of vehicles other than for personal use

In case you own two vehicles, one for personal use and one for your business, you can claim insurance only for the one that you use in the non-professional capacity. When you have lost keys for the vehicle used for commercial purposes, any expenses incurred for replacement of its keys will not be covered by this insurance policy.

Costs other than the ones mentioned in the policy

Your key replacement insurance policy will specify the various expenses that it will cover and how you must go about claiming them, whether it is the cost of arranging a locksmith, rental car expenses (in case replacement takes longer than 24 hours), etc. So, any expenses incurred apart from the ones stipulated in your insurance policy will not be covered.

If you lose keys to your home or vehicle replacing them can be extremely inconvenient, not to mention expensive. So, purchase key replacement cover to simplify the task on hand.

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