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Imagine this: you are all set to go for a ride, but you suddenly realize you have lost your bike key. Frustrating, right? Replacing it can be expensive and time-consuming, especially if you have a branded key or a smart key.
This is where the Key Replacement add-on cover in bike insurance can help. It is a small extra cover that helps pay for replacing your lost or damaged bike key. In this blog, we will explain what this add-on is, why it can be very useful for every bike owner, inclusions and exclusions, and more.
Why Do Bike Owners Need a Key Replacement Add-on?
Bike keys are not just simple metal keys anymore. They are now smart and have security systems. Replacing these keys or locks can be expensive and take time. Here are some reasons why this add-on cover is important:
- It pays for replacing lost, stolen, or broken bike keys.
- It also pays for changing the bike lock if needed.
- If you use this cover, your No Claim Bonus (NCB) will not be affected.
- It helps you save money and worry less in emergencies.
Benefits of Key Replacement Add-on Cover
Here are the main benefits of the Key Replacement add-on:
- No Effect on NCB If you make a claim for replacing or repairing your bike keys, your No Claim Bonus (NCB) will not be lost when you renew your bike insurance.
- Available with Different Insurance Plans You can buy this add-on by paying extra for both comprehensive bike insurance and own-damage-only insurance.
- Limit on Claims There is a limit to how many times you can use the Key Replacement cover. This limit is told to you when you buy the add-on.
Inclusions of Key Protect Add-on Cover
A two-wheeler key cover add-on helps pay for key and lock-related costs. This add-on gives extra protection and helps you avoid high repair costs. It includes:
- It covers the cost of repairing or replacing your bike key.
- It pays for replacing the lockset if needed.
- This add-on helps if your bike key is lost, stolen, or damaged.
- It covers both the key and the lock replacement costs.
- It is also very useful because modern bike keys are expensive.
- It saves you money when lock replacement becomes costly.
Exclusions of Key Protect Add-on Cover
Here are some exclusions that your Key Protection add-on does not cover:
- If the key is lost or damaged on purpose, or due to any illegal or criminal activity, the insurance company will not pay for it. Insurance covers only genuine and accidental losses.
- If the key or lock is damaged because of radiation, toxic chemicals, corrosive substances, or explosive materials, the claim will not be covered. Such situations are outside the scope of normal insurance coverage.
- This add-on does not cover damage to the bike's internal systems connected to the key or lock. For example, if the ignition system, immobiliser, or warning alarm gets damaged, the cost will not be paid under this cover.
- If the key or lock is damaged because of careless handling or misuse, the insurance company will reject the claim. You are expected to use and handle the key properly.
- If the lockset or key is already covered under your bike manufacturer's warranty, you cannot claim the same under the key protect add-on. Warranty and insurance cannot be used together for the same issue.
- If you cannot provide the original invoice or payment receipts for key or lock replacement, the claim will not be accepted. These documents are needed to prove the expense.
Documents Needed for Key Replacement Claim
To make a Key Replacement claim, you will need the following documents:
- A copy of your bike insurance policy
- FIR, if the key was stolen
- Bill for key or lock replacement
- A valid ID proof
- A properly filled claim form
How to Make a Claim Under the Key Replacement Add-on?
If your bike key is lost, stolen, or damaged, you can follow these simple steps to make a claim online:
- Step 1: Inform the insurance company as soon as you know that your bike key is missing or damaged.
- Step 2: Share all the required details and fill in the claim form correctly.
- Step 3: Upload or submit the needed documents along with the claim form.
- Step 4: The insurance company will arrange a new key for you or replace the lock at a nearby service centre. You can collect it from there.
- Step 5: After the key is replaced, the insurer will either pay the service centre directly or refund the amount to you.
Tip: Always inform the insurance company as early as possible if your key is lost or damaged.
Cost of Bike Key Replacement Insurance
The cost of the bike Key Replacement add-on is much lower than the cost of replacing or repairing a bike key or lock. Modern bike keys have advanced security features, which make them expensive to fix or replace.
By paying a small extra amount for your bike insurance, you can get this Key Replacement cover. The price of this add-on also depends on the maximum amount the insurance company agrees to pay.
Conclusion
Losing your bike key can be very stressful and expensive, especially because modern bike keys are costly. The Key Replacement add-on cover helps you by paying for the replacement of your lost or damaged bike key and lock.
By paying a small extra amount for your bike insurance, you get extra safety and peace of mind. This add-on is helpful for all bike owners as it saves money and supports you during emergencies. If you want to avoid high costs in the future, choosing a Key Replacement Cover is a smart decision.
FAQs
Key Replacement cover is an extra add-on in bike insurance. It helps pay for replacing your bike key if it is lost, stolen, or damaged. It can also pay for changing the bike lock if needed. Normal bike insurance does not cover this, so you need to buy it separately.
No. If you make a claim using the Key Replacement cover, your No Claim Bonus (NCB) will not be affected when you renew your bike insurance.
No. It is not included by default. You have to buy it as an add-on by paying a small extra amount.
There is a limit on how many times you can claim. This limit is mentioned in your policy document.
It costs a small extra amount compared to the high cost of replacing a modern bike key or lock.
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