Motor insurance - the key question

Mike Powell, Insight Analyst for General Insurance at Defaqto comments: “Replacing the locks of the vehicle if the keys were lost or stolen is seen as one of the most important cover elements for women, but for men, the survey highlighted that this cover feature was far less significant.

 

Percentage of motor insurance policies replacing the locks of the vehicle if the keys are lost	Percentage of motor insurance policies replacing the locks of the vehicle if the keys are stolen
45% of policies do not include cover	24% of policies do not include cover
26% of policies provide less than £1,500 of cover	39% of policies provide less than £1,500 of cover
29% of policies provide £1,500 or more of cover	37% of policies provide £1,500 or more of cover

“Where cover is given, most policies will pay for the costs of replacing the locks, subject to any policy limit. Other policies also include cover for the costs of replacing the vehicles lock transmitter and central locking interface, and the affected parts of the alarm and/or immobiliser."

Mr Powell concluded: “Be careful to check the cover provided because the levels of cover can vary between policies. Also check the policy wording as cover is usually subject to the policyholder being able to establish that the identity or garaging address of their car is known to any person who is in possession of the ignition keys.”