What Is KP In Car Insurance?
KP in car insurance refers to the Key Protect add-on cover that may be purchased in conjunction with a motor insurance policy. This add-on coverage is advantageous since it may assist you financially cover your car keys in an accident or theft. Let's examine this addition in depth.
The Key Protect add-on cover or KP provides protection when car keys are damaged or lost due to unanticipated circumstances such as theft or fire. This add-on coverage reimburses you for the expense of replacing or repairing your car keys if they are lost, stolen, or damaged.
You may add this coverage to your comprehensive car insurance or standalone own-damage policy for a slightly higher rate.
What is Included with Key Protect Coverage?
When purchasing car insurance online, you can supplement your standard coverage with a key replacement option. A key replacement add-on policy provides coverage against the risks listed below:
Loss of car keys due to an unforeseen occurrence on the road.
If someone took your car keys,
If your car keys were broken in an unforeseeable accident, you should replace them.
If the car's lockset has been compromised,
Advantages of Having KP for Car Insurance
A key protection extra cover is advantageous in several ways. Let's examine many of them:
Under this endorsement, a policyholder is financially protected at the expense of replacing or repairing lost or broken car keys.
Your insurance will provide a replacement set if your car keys or lockset are stolen/damaged due to theft or break-in.
In addition, the policyholder's No-Claim Bonus will not be impacted at the time of car insurance renewal.
You may easily purchase a Key replacement accessory cover online. Add the coverage to your selected car insurance policy at purchase.
Exclusions from Key Protect Coverage
Not covered by a key protection add-on in the following situations:
Any damage to the car keys resulting from intentional or illegal conduct the manufacturer's warranty covers the loss or damage to the car keys, the cost of replacement will be paid.
Any misplacement of the car keys due to radiation or hazards key replacement costs are spent by non-privately owned vehicles, the costs are deductible.
Price of KP for Car Insurance
The price of a key replacement add-on cover varies across vendors. However, this premium is always less than the cost of replacing lost or stolen keys. In addition, replacing remote car keys or smart car keys is more expensive than replacing conventional car keys.
Thus, by paying a premium for the KP add-on, the high replacement cost of the lockset may be covered.
However, your compensation is contingent on your four-wheeler insurance policy's IDV or insured stated value if you file a claim under this optional coverage.
How to Buy Online Key Protect Cover?
Adding a key protection endorsement to your car insurance policy is straightforward. It is readily available for purchase on Policybazaar.com.
Browse to the "Car Insurance Page" on the site, enter your car's identification number, and start with obtaining car insurance rates. Enter the information of your prior car insurance policy. Select the relevant car plan and 'Key Protect' from the 'Add-ons & Accessories' drop-down menu.
The key protect add-on coverage will be applied to your car insurance policy now that you've paid the cost. You will receive the policy paper through email immediately. The specifics of the key protect add-on coverage may be found in your insurance documentation.
Claiming Under KP for Car Insurance
If you have purchased a key protect add-on coverage, you must be familiar with your four-wheeler insurance policy's claims procedure. Here's how to proceed:
Notify the insurer:
First, you must notify your insurance about the loss/damage of your car's keys. Make careful to explain how the item was lost.
File an FIR:
If the keys were taken, file a Police FIR at the local police station if the crime was theft.
Maintenance / Replacement:
Repair or replace your car's keys and file a claim with your insurer.
Submit Documents:
Submit the claim form with the police report and other pertinent documentation.
Receive Compensation:
After completing the verification process, the insurance company will pay you the claimed amount.
Conclusion
Key Protect coverage is a vital add-on to a car insurance policy, as it enables you to get adequate reimbursement if you lose or damage your car keys.
In addition, you will not be compelled to pay a higher price for replacing the original lockset if it is damaged. Therefore, it is always prudent to add KP coverage to your car insurance policy.
There are lot of insurance companies in the market offering various insurance policies at different rates. you must compare before buying an insurance policy. search on finndit.com and get the details of insurance policy providers near you.
