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Key and Lock Replacement Add-on Cover in Commercial Vehicles

Key and Lock Replacement is an add-on which is offered by insurance companies. In Commercial Vehicle Insurance, it is offered only on a passenger-carrying vehicle and ensures that you get compensated for the cost incurred if the insured vehicle’s keys or lockset are damaged. The add-on can be availed by paying a nominal fee as premium. 

Note: Key and Lock Replacement add-on cover in Commercial Vehicles has been filed as Digit Commercial Vehicle Package Policy (Passenger Carrying Vehicle) – Key & Lock Replacement with Insurance Regulatory and Development Authority of India (IRDAI) with UIN number IRDAN158RP0002V01201819/A0049V01201920.

What’s Covered under Key and Lock Replacement Add-on Cover in Commercial Vehicles

The Key and Lock Replacement Add-on cover in Commercial Vehicles offers the following coverages:

The cost incurred for replacing the keys of the insured vehicle because of theft, burglary, accidental loss, and damage during the policy period.

The amount spent to install a new lockset in the insured vehicle provided a security risk arises due to the loss of the keys.

The cost incurred for repairing or replacing your keys or lockset if the insured vehicle is broken into.

Locksmith charges incurred for installing a new lockset or for repairing/replacing the key and lock of the insured vehicle.

What’s not covered

For passenger-carrying commercial vehicles, the add-on cover has the following exclusions. These are in addition to the general exclusions listed under the main vehicle insurance policy: 

  • Claim where repair is not carried out at Digit authorized repair shop or manufacturer’s authorized dealership. 

  • The insurer is not liable to pay any claim in the event of co-payment as opted by you and mentioned in the policy schedule. 

  • Claim filed for additional/duplicate keys of the insured vehicle.  

  • Claim for replacing vehicle keys/lockset when only child parts of the same can be replaced. 

  • Claim for any pre-existing damages in the insured vehicle. 

  • Claim for loss/damage covered under manufacturer’s warranty is not covered.

  • If the replaced keys/lockset are of higher standards or specification as compared to the original keys/lockset of the insured vehicle, the claim won’t be entertained.  

  • Claim for damage to the insured vehicle’s keys/lockset due to wear and tear, mechanical/electrical breakdown, repairing, restoring, cleaning or anything which happens gradually.  

  • Any claim reported/notified to us after two (2) days of the incident provided we at our own discretion condone the delay in notification of claim on merits based on the reason for delay furnished to us in writing.  

  • Claim for deliberate damage to the insured vehicle’s keys/lockset. 

  • The insurer is not liable to pay where you are not able to provide invoices or receipts for payments made towards the repair or replacement of the vehicle’s keys or lockset.  

Disclaimer - The article is for informational purposes, collected across the internet and with respect to Digit’s Policy Wordings document. For detailed coverage, exclusions, and conditions about Digit Commercial Vehicle Package Policy (Passenger Carrying Vehicle) – Key & Lock Replacement (UIN: IRDAN158RP0002V01201819/A0049V01201920), go through your policy document carefully. 

FAQs on Key and Lock Replacement Add-on Cover in Passenger-carrying Commercial Vehicles