KP, short for key protect, is a type of add-on cover that provides financial protection against the loss or damage of car keys. This comes in handy as modern cars are equipped with expensive anti-theft keys or key fobs, making them expensive to replace.
The KP cover steps in to cover the cost of replacing or repairing the keys that are lost, stolen, or damaged. By paying a slightly higher car insurance premium you can avail of KP in car insurance. It can be added to both own damage car insurance policy and comprehensive car insurance policy.
In this blog, we will discuss in detail what is KP in car insurance, including its benefits, inclusions, and exclusions. We will also help you understand how to buy a key protection cover online and the steps to follow in case you need to make a claim.
Benefits of having KP in car insurance
Having KP in your car insurance policy comes with the following benefits:
- Financial security: This add-on covers the cost of replacing or reprogramming your car keys and locks where necessary.
- Convenience in the event of loss of keys: In a scenario where you lose the keys, KP reduces the hassle. Your insurer will provide you with a new set of keys.
- Peace of mind: With KP, one will be stress-free as they don’t have to worry about the high costs associated with the replacement of advanced car keys.
- No-claim bonus: Claiming the KP policy will not affect the no-claim bonus under your primary cover.
KP in car insurance coverage
The inclusions and exclusions of KP in car insurance are detailed below.
Inclusion of key protect cover in car insurance
Such an add-on covers specific risks and losses due to different unexpected circumstances. The KP add-on typically covers the following:
- Loss of car keys: The insurer will cover the cost of replacing the keys in the event your car keys are misplaced due to unexpected incidents while on the road.
- Stolen car keys: The insurer pays you the cost of replacing the stolen car keys. The policyholder is compensated to prevent theft-related losses.
- Damaged car keys: The insurer covers you against the cost of replacing your car keys damaged during an accident or any unforeseen incidents.
- Damaged lockset: In case the lockset of your vehicle is damaged, KP covers the repair or replacement cost.
Exclusion of key protect cover in car insurance
However, there are certain exclusions typically associated with KP:
- Negligence or misconduct: Loss or theft that occurs as a result of carelessness, negligence, or willful act of the car owner.
- Warranty: Keys covered by a manufacturer’s warranty do not fall within this cover.
- Environmental damage: Damage from a cause not acting directly on the insured property, for example, radiation
- Natural deterioration: Wear and tear damage and any other natural deterioration like corrosion and rust affect the keys.
- System failures: Any breakage or damage of the locks sustained due to any electrical or mechanical failures to the vehicle’s lock system.
- Non-key components: Any damage that occurs to parts of the vehicle that is not directly related to the key, for example, damage to the immobiliser, and the vehicle’s ignition system
How to buy key protect cover online?
Purchasing KP coverage online is straightforward:
- Visit your insurer’s website: Log onto your car insurance provider’s website.
- Select/add KP cover: When renewing or purchasing a new policy, you can add KP cover to your cart.
- Pay for the add-on: Complete the purchase by paying the additional premium for the KP cover.
Steps to claim under KP in car insurance
If you have included your car keys under Key Protect, here is what to do when you lose or the keys get damaged:
- Initial report: As soon as you discover that your car keys are lost or damaged, you should report to the insurance company about the event.
- Police report: If the keys were stolen, you should also file an FIR at the local police station.
- Key replacement or repair: Proceed to the replacement or repair of your car’s keys.
- Documentation submission: Submit the completed claim form along with the police report and any other required documents to your insurer.
- Claim settlement: Following verification of your claims, the insurer will settle the claim by processing your repayment.
Conclusion
The key protect add-on cover is a valuable feature for anyone looking to enhance their car insurance policy. It not only mitigates the financial impact of replacing lost or damaged car keys but also provides significant convenience and peace of mind. As cars become more technologically advanced, and replacement costs for keys increase, KP in car insurance can be a prudent investment in protecting yourself against unexpected expenses.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.