New Key Cover insurance. Is it any good?

 

Firstly, I’m led to understand that, having purchased a  key fob there is not in fact cover if a set of keys is lost IF the policyholder possesses a second set of keys. If that is indeed the case then  where is the benefit of having the policy if I would be left to pay for the replacement of the lost keys myself anyway?

Moving on from that point.........on the basis that  I had a second set of keys (which were attached to another fob which I had paid extra for) but they were 500 miles away, what would be the position under the insurance?

Would the insurers determine the key details from the manufacturer and supply a replacement key?

Or would they instruct a locksmith to replace the locks and issue TWO  new keys (one key replacing the lost key and another to replace the other key now made useless by virtue of the change of lock)?

Or would they only supply just one key leaving the insured to obtain a second key at his/her own expense?

Or would they say I must arrange for my other set to be sent to me?

 

There are so many scenarios one could conjure up and all leave me scratching my head as to how this policy has come about with so many errors and omissions.

 

The most precise definition of “insurance” is “to replace that which is lost”. As it stands, this new policy does not come anywhere near to meeting this definition.

Put simply the policy should provide to place the policyholder in the position he/she was prior to the loss

 

Please understand I would love to have key cover but this policy clearly doesn’t deliver. It would seem that the only way a policyholder could benefit under the policy is if he/she only has just the ONE set of  keys and whilst that may be the case with a few, the majority of car and caravan owners and indeed home owners have at least two sets of keys and they should also benefit from key cover. 

As of now, the Club has not been able to give concise answers.

 

I do hope the Club can sort this matter out. In the meantime I urge anyone thinking of taking up this policy to be sure it does cover your needs.