While purchasing a motor insurance policy, ensure your car keys are also covered. Earlier, losing a car key was not a big deal, all thanks to the spare car keys. But with the advancement of technology, the traditional methods have been changed. With the introduction of modern electronic keys known as Frequency Operated Buttons (FOBs), it is expensive to replace lost car keys.
Therefore, it is crucial to get a Key Replacement Cover. Few insurance companies provide lost key cover as part of their comprehensive car insurance policy. Generally, it is an add-on service that can be availed at an additional premium while buying or renewing your car insurance policy. A key replacement cover comes in handy in case your original car keys are damaged, lost, or stolen. With the key replacement cover, you’ll be compensated with key replacement or repair costs.
For this, all you have to do is pay a minimal premium amount annually. The key replacement insurance policy also covers the repair cost of the lock set if it is damaged.
The Key Replacement Car Insurance Cover: Features
- Mainly, a key replacement cover provides coverage for the replacement of stolen car keys. It also covers the repair or replacement of key locksets.
- Replaced car key or lockset must be of the same nature.
- Car Replacement cover can be availed as an add-on to the Comprehensive Car Insurance policy. Therefore, an additional premium needs to be paid.
- There is a limit on the number of times one can claim the policy benefit. Thus, it is important to be careful about your car keys.
- One can raise the claim settlement request by contacting the insurance provider, just like the regular car insurance claim process.
Who should buy Car Key Insurance in India?
Any vehicle owner in India can buy a car key insurance cover. However, it is mostly recommended:
- If you own a luxury high-end car, replacing a car key will be expensive. Therefore, availing of car key protection helps compensate for the replacement or repair amount.
- You park your car in an open space, where the chances of theft are high. The key replacement insurance provides coverage for the expense of repair or replacement of stolen/damaged car keys.
- If your car is operated with a remote key or smart key consider buying car key insurance.
Benefits of Car Key Replacement/Protection Cover
Some of the benefits of getting a key replacement cover as an add-on are listed below:
- Easy and faster claim settlement process.
- You can get the replacement of the car key/lockset/lock in case it is stolen, lost, or damaged.
- Key or lockset replacement in case of theft or burglary.
How to Get Lost Car Key Insurance Claims in India?
The claim settlement process for key replacement cover is as follows.
- First, contact your car insurance provider and let them know about your situation (i.e. lost key) in no more than 30 days.
- You can register the claim either by calling your motor insurance company or by writing an email.
- In case your car keys are stolen, file an FIR at the local police station, to begin with the claim process.
- Following this, you will get replaced or repaired car keys.
- Next, you can file a claim asking for lost car key compensation.
- Submit the claim request along with the necessary documents.
- After that, your motor insurance provider will verify the accuracy of the claim and settle it by refunding the expenses.
If you have opted for a cashless claim, the settlement process (i.e. garage payment) will be completed by the insurance company.
Frequently Asked Questions (FAQs)
Can you claim for lost car keys on home insurance?
Though the home insurance policies provide coverage for several things, it does not cover your car keys. One cannot claim for lost car keys on their home insurance plan.
Does my insurance cover the key loss?
Your Comprehensive car insurance plan does not provide coverage for the lost keys. However, the key replacement cover is offered as an add-on service, not a standalone cover. Vehicle owners have to pay a minimal premium, depending on the car model and insurance company.
What is covered under the key replacement insurance plan?
The car insurance company will reimburse the insured amount only if your car key is lost, stolen, or damaged.
Can I claim lost car keys on my home insurance?
No, one cannot claim lost car keys on their home insurance coverage. Most things related to your car, such as rat bite, bumper to bumper insurance, and key replacement, are covered under your comprehensive car insurance policy as an add-on cover.
Does car insurance pay for lost keys?
Generally, standard car insurance plans in India do not cover lost keys. However, car insurance companies reimburse for lost keys only if vehicle owners have opted for Key Replacement Cover.
Top Car Insurance Companies in India
HDFC Ergo Car Insurance
In 2015, after a joint venture HDFC and ERGO came into alliance. The company has over 6700 cashless garages and offers services like overnight vehicle repairs. With a 4.4 customer rating, HDFC Ergo has over 1.5 Crore happy customers. HDFC Ergo provides a 100% claim settlement ratio where 80% of claims are settled within one day.
| Metric | Data |
|---|---|
| Company name | HDFC Ergo General Insurance |
| Headquarters | Mumbai, India |
| Founded | 1999 |
| Customers | Over 10 million |
| Claim settlement ratio | 96.2% |
| Number of claims settled | 3 million |
| Average claim settlement time | 22 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
United India Car Insurance
Incorporated in February 1938, United India Car Insurance has more than 1.38 crore customers. It provides a variety of insurance products and has a 95% claim settlement ratio. The company excels in achieving the goal of 100% customer satisfaction.
| Metric | Data |
|---|---|
| Company name | United India Insurance |
| Headquarters | Kolkata, India |
| Founded | 1938 |
| Customers | Over 15 million |
| Claim settlement ratio | 95.4% |
| Number of claims settled | 4 million |
| Average claim settlement time | 20 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
ICICI Lombard Car Insurance
Founded in 2001, ICICI Lombard General Insurance Company Ltd. offers a comprehensive and wide variety of insurance products. The company has a claim settlement ratio of 93.4% for motor insurance. With a 4.7 customer rating, ICICI Lombard has issued a car insurance policy for over 2.17 crore individuals.
| Metric | Data |
|---|---|
| Company name | ICICI Lombard General Insurance |
| Headquarters | Mumbai, India |
| Founded | 1993 |
| Customers | Over 17 million |
| Claim settlement ratio | 96.3% |
| Number of claims settled | 4.5 million |
| Average claim settlement time | 23 days |
| Network of garages | 4,000+ |
| 24/7 emergency assistance | Yes |
New India Car Assurance
Founded in 1919, New India Car Assurance has a 92% claim settlement ratio. With a huge customer market, the company is providing world-class service both in India and abroad.
| Metric | Data |
|---|---|
| Company name | New India Assurance |
| Headquarters | Mumbai, India |
| Founded | 1919 |
| Customers | Over 25 million |
| Claim settlement ratio | 95.6% |
| Number of claims settled | 6.5 million |
| Average claim settlement time | 25 days |
| Network of garages | 5,000+ |
| 24/7 emergency assistance | Yes |
Royal Sundaram Car Insurance
Established in October 2000, Royal Sundaram car insurance is trusted by over 28 million Indians. The company has a 99% claim settlement ratio and provides complete protection for your vehicle.
| Metric | Data |
|---|---|
| Company name | Royal Sundaram General Insurance |
| Headquarters | Chennai, India |
| Founded | 1956 |
| Customers | Over 5 million |
| Claim settlement ratio | 95% |
| Number of claims settled | 1.2 million |
| Average claim settlement time | 22 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Digit Car Insurance
Established in the year 2016, Digit Insurance is trusted by over 3 crore Indians and has a 96% claim settlement ratio.
| Attribute | Value |
|---|---|
| Company Name | Digit General Insurance |
| Headquarters | Bengaluru, India |
| Founded | 2016 |
| Customers | Over 2 million |
| Claim Settlement Ratio | 96% |
| Number of Claims Settled | 1 million |
| Average Claim Settlement Time | 15 days |
| Network of Garages | 1,000+ |
| 24/7 Emergency Assistance | Yes |
Cholamandalam Car Insurance
Founded in 2001, Cholamandalam MS caters to different customer needs. With a 96% claim settlement ratio, the company is highly trusted by customers.
| Feature | Details |
|---|---|
| Company name | Cholamandalam MS General Insurance Company Limited |
| Headquarters | Chennai, Tamil Nadu, India |
| Founded | 1989 |
| Parent company | Murugappa Group |
| Japanese partner | Mitsui Sumitomo Insurance Company Limited |
| Products | Motor insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Website | https://www.cholainsurance.com/ |
| Total customers | 10 million+ |
| Claim settlement ratio | 96% (FY 2021-22) |
Future Generali Car Insurance
Future Generali is in business since 2006 and has a 96% claim settlement ratio. With over 121 branches across India, the company serves its customers 24*7.
| Feature | Details |
|---|---|
| Company name | Future Generali India Insurance Company Limited |
| Headquarters | Mumbai, India |
| Founded | 2007 |
| Parent company | Future Group |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 10 million |
| Claim settlement ratio | 95.2% (FY 2021-22) |
| Number of claims settled | 1.2 million (FY 2021-22) |
| Average claim settlement time | 30 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Reliance Car Insurance
Founded in August 2000, Reliance car insurance has managed to meet customer expectations with its effortless service. With a 96% claim settlement ratio, the company is popular among customers.
| Metric | Data |
|---|---|
| Company name | Reliance General Insurance Company Limited |
| Headquarters | Mumbai, India |
| Founded | 2005 |
| Parent company | Reliance Industries Limited |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 10 million |
| Claim settlement ratio | 95% (FY 2021-22) |
| Number of claims settled | 1.2 million (FY 2021-22) |
| Average claim settlement time | 30 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Liberty Car Insurance
Founded in 2013, Liberty car insurance has over 110 offices across. The company has issued 20 crore policies since 2013 and has a 98% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Liberty General Insurance Limited |
| Headquarters | Mumbai, India |
| Founded | 2006 |
| Parent company | Liberty Citystate Holdings Pte. Ltd. |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 5 million |
| Claim settlement ratio | 95.4% (FY 2021-22) |
| Number of claims settled | 1 million (FY 2021-22) |
| Average claim settlement time | 25 days |
| Network of garages | 2,500+ |
| 24/7 emergency assistance | Yes |
Kotak Car Insurance
Established in April 2015, Kotak car insurance has over 1.1 crore customers. With 4000+ network garages, the company has a 98% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Kotak Mahindra General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2002 |
| Customers | Over 5 million |
| Claim settlement ratio | 96.8% |
| Number of claims settled | 1.1 million |
| Average claim settlement time | 23 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
Bajaj Allianz Car Insurance
Founded in 1926, Bajaj Allianz is a customer-centric organization. Bajaj Allianz customers can get 24*7 roadside assistance. With a 99% claim settlement ratio, the company makes sure to provide what its customers need.
| Metric | Data |
|---|---|
| Company name | Bajaj Allianz General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2001 |
| Customers | Over 10 million |
| Claim settlement ratio | 96.3% |
| Number of claims settled | 1.5 million |
| Average claim settlement time | 22 days |
| Network of garages | 4,000+ |
| 24/7 emergency assistance | Yes |
Zuno Car Insurance
Established in 2016, Zuno is a trusted insurance provider in India. With a huge customer base, the company has a 98% claim settlement ratio
| Metric | Data |
|---|---|
| Company name | Zuno General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2017 |
| Customers | Over 1 million |
| Claim settlement ratio | 97% |
| Number of claims settled | 500,000 |
| Average claim settlement time | 15 days |
| Network of garages | 1,000+ |
| 24/7 emergency assistance | Yes |
| Key features |
|
Universal Sompo Car Insurance
In 2008, Universal Sompo General Insurance started its business in India. The company’s PAN India presence provides customers with 24*7 assistance, a quick claim process, and the best insurance deals. Universal Sompo has a 96% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Zuno General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2017 |
| Customers | Over 1 million |
| Claim settlement ratio | 97% |
| Number of claims settled | 500,000 |
| Average claim settlement time | 15 days |
| Network of garages | 1,000+ |
| 24/7 emergency assistance | Yes |
IFFCO Tokio Car Insurance
IFFCO Tokio Car Insurance was founded in the year, 2000, as a joint venture between IFFCO Tokio and Tokio Marine Asia. With a customer rating of 4.8, the company has a 96% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | IFFCO Tokio General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2000 |
| Parent company | IFFCO (Indian Farmers Fertiliser Cooperative Limited) and Tokio Marine Group |
| Customers | Over 5 million |
| Claim settlement ratio | 96% |
| Number of claims settled | 1.2 million |
| Average claim settlement time | 25 days |
| Network of garages | 2,500+ |
| 24/7 emergency assistance | Yes |
