A car is a precious possession. If you own a car, you take certain measures to keep it safe and out of harm’s way like installing alarms, anti-theft devices, or something even as basic as locking your car properly.

But what if this lock gets damaged during an accident or theft? What if your keys are lost or misplaced? The costs for such repairs and replacements may turn out to be quite high. Is there a way to shield yourself from them?

Yes! A Replacement Lock Cover. This cover can be a lifesaver if your car's lock is damaged, the key is stolen, etc. It is a small but valuable addition to your policy that can save you a lot of hassle and money in the long run.

In this article, we’ll talk about the Replacement Lock Cover, its coverage, and limitations. So, let’s dive right in!

What is a Replacement Lock Cover?

A Replacement Lock Benefit is an add-on that provides financial protection to you in case –

➔ You lose your car key or
➔ Your car's lock system is damaged due to theft or an accident.

The insurance company will cover the cost of replacing the lost key or repairing/ replacing the damaged lock. It is an add-on offered by insurance companies either as an in-built feature or an extra option (it can be bought by paying additional premiums).

What Does A Replacement Lock Add-On Cover?

1️⃣The cost of replacing all external locks of your vehicle, including door locks and boot locks.

2️⃣The cost of replacing the ignition or steering lock if it operates using the same key.

3️⃣Cover the cost of replacing the central lock interface and/or a lock transmitter - if your car has it.

Note: If you make a claim under this coverage, your no-claim bonus will not be affected.

Limitations Under The Replacement Lock Add-On?

As important as it is to know about the inclusions under an add-on, it is equally crucial to understand the limitations under it so you don’t face any shocks if you make a claim.

If you own a Replacement Lock Add-On, your insurer may set a limit on the amount you can claim under it. This means that if the cost of replacing your locks or keys exceeds this limit, you will have to cover the extra cost yourself. Additionally, this limit can vary across insurers.

And, some insurance companies will not cover the cost of replacing alarms or other security devices used in your car.

For example,

How Can You Add a Replacement Lock Add-On to Your Policy?

Adding a Replacement Lock Cover to your car insurance policy is a simple process that can be done online. Follow the steps below –

1. You can visit the website of any insurance company, broker, or Insure At Oasis.
2. You will need to provide some basic details about your car, such as the make and model, registration year, plate number, etc.
3. You will also need to provide some personal details, such as your nationality, driving experience, any claims you may have made in the past, etc.
4. Once you have filled in all the required information, you will be taken to a quote page that shows you the cost of your policy and any additional coverage options that are available.
5. If you’re on a broker's website, you will be able to see quotes from various insurance companies. Most insurers will offer Replacement Lock Cover as an in-built add-on, which means it is already included in the policy.
6.If your preferred insurer does not provide a Replacement Lock Cover as an in-built option, you can add it to your policy by paying an additional premium amount.

To conclude,
Having a Replacement Lock Cover as part of your car insurance policy is a smart choice. It provides you with the financial protection you need in case your keys are lost or your lock system is damaged due to theft or an accident. You can be worry-free knowing that you are financially covered if something unexpected happens to your car.