Key Replacement Cover

​A Key Replacement Cover is an add-on to your car insurance policy that offers financial protection in case your car keys are lost, stolen or damaged. Replacing modern car keys, especially smart keys or transponder keys, can be expensive due to their complex technology and reprogramming requirements.

Thus, Reliance General Insurance ensures that you will not have to bear the full cost of replacing your keys or locks and saves you from unexpected expenses.

Our key replacement cover in car insurance also covers key repairs and the cost of replacing the vehicle’s locks if necessary. Moreover, it aims to provide peace of mind and enhanced security for your car.

With our car insurance, you get:

What is Key Replacement Cover in Car Insurance?

Car key lost insurance is one of our add-ons that is designed to enhance your coverage and provide overall protection. This add-on reimburses the cost of replacing your advanced car keys if they are lost, stolen or damaged. It also includes expenses for replacing locks, if necessary.

To understand this further, let us consider the following example:

Let us assume that your car key was stolen while visiting a busy marketplace. With our regular car insurance, the cost of replacing lost keys and locks is not covered.

This means that you will have to bear the expenses. However, our key replacement cover will reimburse the cost of getting a new set of locks and keys.

Why Choose Reliance Key Replacement Cover in Car Insurance?

Key Replacement Add-on Coverage: Inclusions and Exclusions

Our key replacement cover is an add-on available with our own-damage or comprehensive car insurance policies. Thus, the inclusions and exclusions of the base policy and the add-on apply to your policy.

Inclusions

• Replacement cost of lost or stolen keys
• Replacement of lock in the event of a car break-in
• Replacement of locks as a security measure for lost keys
• Replacement of the same nature of lockset/keys as claimed
• Replacement of damaged or broken key(s)
• Replacement of keys, lock and lockset in case of key misplacement or theft

Exclusions

• Personal use of claim amount for key replacement
• 1% of the claim amount or ₹500, whichever is higher is excluded
• Fraudulent claims
• Damage or loss of keys/locksets due to deliberate or criminal activities
• Loss or damage to only locks
• Loss or damage that is covered under the manufacturer's warranty
• Incomplete or missing documents
• Damage to any other car parts, excluding the keys or lockset

This list is only indicative. Read the policy wordings carefully to understand your policy’s coverage.

Who Should Buy the Key Replacement Cover?

• Car insurance cover for key replacement is ideal for car owners with advanced key systems, such as smart keys, transponder keys and key FOBs, which can be expensive to replace.
• It is also beneficial for individuals who travel frequently or tend to misplace their belongings in an unfamiliar place.
• If you live in an area with higher rates of theft or damage due to break-ins, this cover provides a protective cover by covering the replacement expenses.
• It is also ideal for those who want to enhance their car insurance policy without paying hefty premiums.

How to Buy Reliance Key Replacement Add-on Cover Online?

1. Go to the Reliance General Car Insurance page page to buy our car insurance with the key replacement add-on.
2. Provide us with your contact details for sending policy documents and quotes. Then, enter your car’s details.
3. You will receive a quote, based on your car’s model and market value, for our car insurance plans.
4. Choose any one of our car insurance plans: our standalone own-damage or comprehensive plan. Then, select the key replacement cover from our range of add-on options.
5. Verify the modified quote based on the selection of the car insurance plan and add-ons. Confirm your choices and complete the payment.

Cost of Car Key Replacement Insurance

The premium price of our car key replacement insurance depends on various factors. These are the influencing factors:

Variant of your car

The make and model of your car are the primary factors that influence the premium price of car insurance. If you own a high-end model car, your premium will be higher than that of a regular hatchback car owner.

Claims History

If you claim your car insurance more frequently to replace stolen or lost keys, then your premium for car key replacement insurance will be higher. On the other hand, if you do claim your insurance, you earn discounts on premiums.

Coverage Requirements

While the cost of the key replacement add-on is minimal, the over car insurance premium will depend on the policy type you choose. For example, if you want comprehensive coverage with own-damage and third-party coverage, your premium rate will be higher.

Add-Ons

If you opt for more add-ons along with the key replacement cover to further enhance your car’s coverage, your premium will be adjusted accordingly. It will be higher than the base policy’s premium price.

How to Claim Reliance Key Replacement Cover?

Step-by-Step Guide for Cashless Claims

1. Register your claim for a lost or damaged car key of your vehicle within 24 hours using any of the following methods at your convenience:

1. Log in to your Reliance Self-i App
2. Call our paid helpline number +91-22-48903009
3. Go to our Car Insurance Claim page
1. File an FIR for the lost or stolen key with your nearest police station and secure a copy.
2. If the key is damaged, take your car to the nearest network garage to repair or replace the key or lock.
3. Our surveyor will verify the damage, and the claim will be processed further.
4. Fill out the claim form and submit the necessary documents to the surveyor. The repair or replacement cost, including labour, will be settled directly with the garage.

Step-by-Step Guide for Reimbursement Claims​

1. Register your key-related claims in the same way as above.
2. Take your car to repair or replace the damaged key and lock of your car to any garage of your choice.
3. Collect the repair or replacement bills, invoices and estimate details from the garage.
4. Fill out the claim form with the details of the damage.
5. Submit the claim after the repair or replacement is complete, along with the bills and invoices related to the damage. Upon approval, the cost of lock and key replacement will be reimbursed.

Understanding Types of Car Keys

Traditional Keys

These are simple, mechanical keys that unlock and start the vehicle manually. They are less costly to replace or repair but offer basic security.

Transponder Keys

These keys are equipped with a chip that communicates with the car’s engine. Transponder keys are more secure and expensive to replace.

Smart Keys

These allow keyless entry and ignition through electronic signals. They are highly convenient but costly to replace due to advanced technology.

Remote Key FOBs

Key fobs are used to unlock, lock and start your car remotely. These keys require extensive programming, thus making the replacement more expensive than standard keys.

Are Car Keys Expensive?

Yes, car keys can be quite expensive to replace, especially with modern vehicles. Traditional mechanical keys are relatively inexpensive. However, as car security systems have evolved, so have the costs of replacement keys.

Since transponder keys are equipped with a chip to communicate with the car’s engine, they cost significantly more than standard keys. Smart keys, which offer keyless entry and ignition, are among the most expensive due to their advanced technology.

Additionally, remote key fobs require specialised programming, which further increases the cost. As technology becomes more integrated with car keys, their replacement expenses continue to rise. Thus, key replacement cover insurance helps you recover from the hefty loss and avoid car theft risks.

Key Points to Remember with Reliance Key Replacement Cover

• You can claim your add-on cover for a maximum of two times in a policy year.
• A First Information Report (FIR) is mandatory in case of theft or burglary.
• Ensure that you provide the complete set of documents, such as reports, invoices and bills, for successful claim settlement.
• You cannot claim this cover to replace the keys to a vehicle you do not own for personal use.
• You must submit a police report in case of break-ins and confirm that the incident happened within the policy year.
• Claims made for key replacement do not hamper your accumulated no-claim bonus.

FAQs

• Why is it important to buy the lost car key insurance cover?

  As technology progresses, replacing lost or damaged advanced car keys is becoming more expensive. Thus, buying this cover is essential to avoid this financial burden.

• What is the first thing to do if my car keys are stolen?

  The first thing to do in such a case is to go to the nearest police station and file an FIR. Then, inform us and get the car’s key and locks replaced.

• What are the advantages of buying the key replacement cover?

  If you opt for this add-on, you can benefit from:

  • Adding more security to your car
  • Potential break-ins and car thefts are avoided by replacing keys and locks on time
  • Avoiding hefty expenses of replacing or repairing your car keys
  • Peace of mind, knowing that your car is safe
  • Should I buy the key replacement add-on if I park my car on the streets while going to work each day?

  It is ideal to buy this add-on if your car is parked for long periods on the road. Parking increases the chance of break-ins or theft, so this add-on will give you protection and peace of mind.

• Can I buy this add-on while renewing my comprehensive car insurance policy?

  Yes, you can opt for enhanced coverage while renewing your car insurance policy.

Disclaimer: *T&C apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale. Details mentioned here are for the product- Reliance Private Car Package Policy. UIN: IRDAN103RP0010V02100001; Reliance Private Car Policy – Bundled, UIN: IRDAN103RP0007V02201819; Reliance Private Car Policy- Standalone Own Damage UIN- IRDAN103RP0001V01201920; "A" Policy for Act Liability Insurance ( Pc /Tw/Commercial ), UIN: IRDAN103RP0003V01200102; A" Policy for Act Liability Insurance (Private Car) – 3 years, UIN: IRDAN103RP0003V01201819;

Premium: The premium mentioned for car Insurance is excluding taxes for the private car model Maruti Suzuki Alto 800 with cubic capacity of less than 1000 cc for a 1 year Own Damage Insurance policy for an IDV of ₹2,34,728. Premium used is 2,853/year as on 1 March 2023 and then converted into a per month basis, which gives us ₹238/month (2,853/12).

Network Garages: The number of garages mentioned is the total of all the garages empanelled across the country for different vehicle categories.

Claim Settlement Ratio: This is the overall claim settlement ratio for FY 2023-24 without claim outstanding at the start of the financial year as per public disclosure of Reliance General Insurance Co. Ltd.