In our busy schedules and fixed routines, vehicles such as cars and bikes have become an essential part of our lives. Whether you use a bike or a car, it is extremely important to always secure your journey with valid vehicle insurance, also because it is mandatory in India as per the Indian Motor Vehicles Act.
You insure your vehicle so that you can get financial assistance in case of repair services, an accident or any such eventuality. However, there are some situations wherein the insurer can reject your vehicle insurance claim. One of the major ones is the absence of all keys.
When you buy a car or a bike, you generally get two keys. In case of theft, when it is already hard to get your stolen vehicle back, you might also not get the required financial assistance through the claim if one of your vehicle keys is lost or has been misplaced. In such a case, you claim will be rejected, something that not many in India are aware of.
Hence, to avoid such a situation, you must carry both keys and present it to the insurer whenever they ask for it.
Why do insurance companies ask for both keys?
Basically, insurance companies design motor insurance plans to cover theft, not negligence. In the case of owner leaving one of the keys in the vehicle, it will be considered as the owner's negligence if the vehicle is stolen. If you provide both keys, that's proof that the theft didn't take place because of your negligence. Moreover, it also proves that you don't intend to defraud the insurance company.
Don't try to submit duplicate keys or key of any other vehicle of the same model
What will you do if you don't have both keys with you? In such a case, people normally think of submitting duplicate keys or keys of any other vehicle of the same model to get his/her claim approved.
Normally, for a specific vehicle brand/model, the keys looks identical. In such a case, how will the insurance company check that the submitted keys are of the stolen car or not?
Usually, the theft cases are analyzed on the basis of several factors that include situations, verbal and written narrations, police reports, investigations, etc. The keys that you will submit for the claim will be checked basis the usage of the vehicle and against the declarations/narrations and revelations that you made initially.
Further, policy reports and findings will be used to evaluate the whole case and will be compared with the declarations of the insured.
Hence, it is vital to understand that you must not submit duplicate keys or fake keys to get your claim approved. For example, if the police finds your vehicle and insurance company finds out that the keys submitted by you are unable to unlock the vehicle, you might get into trouble for submitting the wrong keys to the insurer.
What's the best that can you can do?
Normally, you use only one key of your vehicle and use the second one only when the first one gets damaged or worn out.
Also, here are some tips that might help.
1. When one of your keys is worn out, you must not throw it. Just keep it safely with you as having both keys at the time of the claim will make your case stronger and there will be nominal chances of a rejection.
2. Opt for a key replacement insurance rider with your bike insurance or car insurance. This will help you get the keys at the right time and your case will be easier to describe to the insurer.
Ace cricketer Virender Sehwag says, "If you own a key replacement rider, the insurance company is bound to provide the replacement cost or will get the key replacement done for you. This way, you can get the keys whenever it's required. Don't fall in the trap of frauds and choose the best one wisely."
Also, do not forget to choose the right platform such as PolicyX.com to choose the insurance plan most appropriate for your vehicle.
The Bottom Line
When it comes to lost keys, you should inform the police and get an FIR done right away. Also, inform your insurance company about the same before going for duplicate keys. Moreover, at the time of the claim, apart from submitting both the keys to the insurance company, you must keep insurance policy details, vehicle details, and a copy of the FIR with you. Never ever go for duplicate keys and keep a key replacement rider with you to avoid unwanted situations and claim rejections.