Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Getting them back can be a pain. It's also not cheap to replace your keys, especially if you have an advanced key fob.
Fortunately Comprehensive car insurance (sometimes referred to as "other than collision" coverage) may cover the cost of lost or stolen keys. But is it worth the risk?
What is the Key Replacement Coverage in Car Insurance Policy?
The Car Key Replacement Cover add-on is an insurance policy that can be added to an overall auto insurance plan. It will pay for the costs of repair or replacement of keys, locks, or locksets in the event that they are stolen, lost, misplaced or damaged. This policy is available online, easy to purchase and settle and doesn't impact the eligibility of your no-claim bonus at the time of renewal.
However, it's worth noting that claiming compensation for keys stolen or lost might not be worth it based on the cost of replacing them and your car insurance deductible. Replacement of mechanical keys older ones can be cheaper, while remote car keys with high-tech features could be more expensive. In such cases the cost of a key replacement could easily exceed your deductible. If you file a claim due to the loss of keys it will remain on your record of claims, which could lead to higher renewal premiums.
If you are looking for a comprehensive auto insurance plan that covers car key replacement opt for a policy that has a low or zero deductible. This will allow you to save money. Compare quotes from different insurance providers to get the best price.
The process for claiming car key replacement coverage varies from insurer to insurer. In most instances, you'll need notify the insurer of the incident immediately and provide any documentation required to your insurance provider. You'll also have to submit an FIR from the police, which is one of the most important documents required for a car insurance claim.
While most car insurance policies don't include key replacement coverage, some renters and homeowners insurance policies permit you to make a claim under personal property protection coverage. This is because many homeowners and rental policies protect personal belongings from theft which includes your car keys. However, the exact details of this coverage can vary from insurer to insurer, which is why it is important to read the policy's terms and conditions carefully.
Many drivers are aware of how crucial it is to have a functioning and functional car key. However, they are unaware that even a key that functions well can be damaged. Keys are prone to cracks, scratches and other kinds of damage. This increases the likelihood that they will be stolen or damaged. The majority of these issues can be resolved by regular maintenance and preventive care.
Are keys covered for wear and Tear?
Typically, keys for cars aren't covered under your automobile insurance policy. Instead, you can purchase an additional key replacement insurance policy to receive assistance with replacing keys that have been stolen or lost. This type of cover is contingent on a variety of factors.
The cost of coverage is the first thing you need to consider. Replacing your keys might not be as costly as you'd think. In fact, based on the type of keys you own like electronic key fobs or traditional turn-key ignitions it's possible for them to be less expensive than your policy deductible.
It is also important to consider the cost of submitting an insurance claim. Your insurance policy for your car may require you to pay your deductible prior any claims being settled. If the total cost of your car key replacement exceeds the deductible, it's unlikely you'll be able to benefit from making a claim.
If you have a homeowners or renters insurance policy, it is important to verify if your policy covers lost or stolen keys. Generally, personal property coverage that is provided by these policies will cover the theft of your keys, in addition to other items taken from the outside or inside your home. It is important to keep in mind that your deductible still applies and you may end up paying yourself for the stolen keys.
Finally, you should check with your car dealership to see if they offer any special key-related coverage as part of the buying process. If you purchase this coverage when you purchase your car you will save money in the future should you need to replace the keys.
Most standard car insurance policies do not include key replacement coverage, but some companies offer it as an optional additional product or as a standalone one. If this coverage is worth the cost will depend on your specific needs and how much you are able to pay on your premiums each month. If you decide to buy this coverage ensure that you keep the receipts so that you can claim the insurance in the event your keys are lost or stolen.
Do I have to file a Claim for Key Replacement?
If you have comprehensive auto insurance, your policy could cover lost keys. The insurance company may also provide a key replacement service as an optional extra for an additional cost. Some insurers have national networks of locksmiths who can provide you with the services needed to replace your keys or change the code of your immobiliser even in the event that the key was not removed from the vehicle. This is an extremely useful service when your keys are lost or if you are locked out of your vehicle especially since a lot of cars are equipped with electronic ignition systems that have to be programmed in order to allow the engine to start.
If your car keys were stolen, you'll have to file a claim with the police and submit an initial report. You will also need to contact the insurance company and provide them with the appropriate documents. Some providers will offer cash-free settlements if you visit one of their network garages to have your key replaced. You'll need to make sure that the replacement costs don't exceed your deductible and that you meet the other requirements established by the insurer.
In the majority of instances it's not worth filing an insurance claim for a stolen or lost key. This is because the average insurance deductible for a new vehicle is $1000, however keys can cost between $200 and $500. If you have spare keys you can usually afford to pay for new keys out of your pocket. You'll also avoid increasing your premiums in the future due to.
It could be worthwhile to file an insurance claim in the event that the items taken from your vehicle are covered by a different kind of insurance, for example homeowners' or renters'. This is especially true if the item is valuable or difficult to replace and you have a low deductible.
Although it's unlikely, certain car insurance providers may allow you to add a personal property endorsement to your policy that will be able to cover the loss of your car keys. This type of insurance could be added to comprehensive coverage. It's best to discuss your options with your insurance provider before purchasing a vehicle.
Can I file a claim for key replacement if I left the keys in the car?
If you leave your keys in the car and someone steals them, the answer to whether or not you can claim a claim will be contingent on your state and insurer. Certain states have laws that permit you to purchase key replacement insurance as part of your comprehensive insurance or other than collision insurance, while others don't. You should also be aware that you won't be able to make a claim on your auto insurance if you lose your keys when the vehicle is not locked and the engine is running and the car is parked in a public space. You may be able make a claim under your vehicle or property insurance.
Most insurance companies will not pay out if you leave your keys in the vehicle. This is because it is considered negligence. In certain cases, you might be eligible to file a claim through your home insurance plan or a roadside assistance plan that provides locksmith services. Certain plans have here a specific section on keys that have been stolen or lost. In general, the claim for stolen keys won't be worth filing unless it has to do with a major damage or loss to your vehicle.
Even so making a claim to cover the cost of a lost or lost key is risky. For instance, if you submit a claim to recover lost keys and it's determined that the theft was not caused by an event covered such as a fire in a vehicle or an earthquake, your car insurance premium could go up.
It's generally more affordable to simply replace your car keys if you lose them than it is to file a claim for the cost of replacing your vehicle. Replacing a regular key is relatively inexpensive and there's a good chance that it won't cost more than your policy's deductible. On the other hand a transponder or smart key can increase the cost of replacement up to $200 or more, particularly when you consider costs for labor and hourly charges for programming.