Business Wire India
Today, you’ll find that keys have a unique laser-cut design, with a frequency operated button (FOB) for vehicles, and older cut keys are slowly being weeded out. While this results in higher security standards across the board, it also translates into higher replacement costs. Data shows that replacing the key of a luxury car can cost upwards of Rs. 8,000.

The Key Replacement Insurance offered by Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv can come in handy in situations when you lose your car keys. This key insurance policy covers the loss of home keys too, making it a good all-round solution. To understand its benefits in detail, keep reading:

Get coverage to replace lost vehicle or home keys
Losing the keys to your vehicle or home can result in significant out-of-pocket expenses. With Key Replacement Insurance, you can avail coverage of up to Rs. 20,000 at just Rs. 499. Car insurance policies typically don’t offer this provision, and so, you should consider opting for this Pocket Insurance plan. The policy also covers the cost of availing a locksmith’s services in case you find yourself locked out of your car or home.

Avail reimbursement for replacing the broken lock due to a break-in
In the unfortunate instance of a vehicle or house break-in, you can raise a claim and avail reimbursement for expenses on replacing the lock and keys. However do note that the cover is only extended for replacement, and not the cost of the lock. So, all you have to do is bear the cost of the lock and the policy takes care of the rest.

Get a rental car while your keys are being replaced
Sometimes, getting your vehicle’s keys replaced may take several hours to a few days. In such circumstances where replacement takes more than 24 hours, you can get reimbursement for temporary rental car as per the terms of the policy. This ensures that your life doesn’t come to a standstill while your keys are being replaced.

Take advantage of the quick and hassle-free claims procedure
One of the most important benefits of this insurance policy is that it is tailored to offer help expeditiously. Upon the loss of your keys, all you have to do is call 1800-11-9966 or write an email intimating the insurer about the incident within 24 hours. You can then take the following steps.

• File for an FIR within 24 hours of the incident
• Submit the claims form
• Maintain receipts of key replacement costs and labour charges
• Keep other relevant documents required by the issuer ready
• Submit the claim form to the issuer for reimbursement within 3 days