Are Lost Or Stolen Car Keys Covered by Insurance?
We've all left the keys in the car, and it can be a major trouble to retrieve them. The cost of replacing your keys can be high, especially if they are a key fob.
Fortunately comprehensive car insurance (sometimes referred to as "other than collision" coverage) could cover the cost of lost or stolen keys. But is it worth the risk?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an added policy that is part of a comprehensive car insurance plan that covers the cost of repair or replacement of the insured vehicle's keys or locks in the event of them being lost, stolen, or misplaced damaged or destroyed. The policy is accessible on the internet, is simple to purchase and settle and doesn't impact your no-claim bonus at the time of renewal.
However, it's worth noting that claiming compensation for keys that are stolen or lost may not be worthwhile based on the cost of replacing them as well as the deductible on your car insurance. Outdated mechanical keys are less expensive to replace, while high-tech remote car keys can be costly. In these cases the cost of a replacement claim for keys could easily exceed your policy deductible. If you make a claim due to the loss of keys, it will be recorded on your record of claims, which could lead to higher renewal premiums.
If you're looking to purchase an insurance plan for your car that is comprehensive that includes car key replacement coverage, search for a plan with an affordable deductible or no deductible to get the most of your funds. It's also a good idea to compare quotes from a variety of insurance providers to determine the best deal.
The process for claiming car key replacement coverage varies by insurer. In most cases, it's important to inform your insurance provider of the incident as quickly as you can and to provide any documentation that could be required. You'll also have to submit an FIR from the police that is one of the most crucial documents needed for a car insurance claim.
While most automobile insurance policies don't provide key replacement coverage, a few homeowners and renters insurance policies do, allowing you to claim through personal property protection coverage. This is because most homeowners and rental policies protect personal belongings from theft, including your car keys. The exact details of the coverage may vary from one insurer to another and therefore it is important to go over the policy's conditions and terms carefully.
Most drivers know how important it is to have a functional 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 types of damage, making them more prone to be damaged or stolen. Most of these issues can be solved with regular maintenance and preventive care.
Are Keys Covered for Wear and Tear?
Typically, keys for cars aren't covered by your car insurance policy. Instead you can buy an additional key replacement policy to get assistance with replacing your lost or stolen keys. Whether this type of coverage is worth it, however is contingent on a variety of factors.
The first thing to think about is the cost of the insurance. The replacement of your keys might not be as costly as you might expect. It is possible to purchase keys cheaper than your insurance deductible, depending on whether you have electronic key fobs, traditional turn-key ignitions or both.
You should also factor in the cost of making a claim. The policy for your car insurance might require you to pay your deductible prior to any claims being paid. If the cost of replacing the keys to your car exceeds the deductible, it's unlikely that you'll gain from filing a claim.
Another thing to consider is whether or not your home or renters insurance policy offers any protection for keys that are stolen or lost. In general, personal property coverage provided through these policies will cover the theft of your keys in addition to other items that are stolen from inside or outside your home. However, it is important to note that your deductible will still be applicable and you may end up paying for the keys stolen by yourself.
You should also inquire with your dealer to see whether they offer any specific coverage for keys as part of the purchase process. The purchase of this insurance at the time of your car purchase will help you save money if you ever need to replace your keys in the future.
The majority of automobile insurance policies don't offer the essential replacement coverage, but some companies offer it as an optional option or as a separate product. The cost of this insurance will depend on the specific needs you have and the amount of you're able to pay each month to cover your insurance. Keep your receipts if you decide to purchase this insurance. You could then file a claim if you lose or steal your keys.
Do I need to file a Claim for Key Replacement?
If you have comprehensive auto insurance, your policy could cover lost keys. The insurer may also offer a key replacement service as an option for an additional cost. Certain insurance companies have a nationwide network of locksmiths who will replace your keys or recode the immobiliser even if you have not removed the keys from the car. This can be an invaluable service when your keys are lost or you find yourself locked from your car especially since a lot of cars are equipped with electronic ignition systems that have to be programmed to start the engine.
If your car keys were stolen, you'll need to file a claim with the police and file a first information report. You'll also have to contact your insurance provider and submit the required documentation. Some providers offer cashless settlements when you visit one of their network garages and have your key replaced. You'll have to ensure that the replacement costs don't exceed your deductible, and that you meet other requirements set by the insurance company.
In most cases it is not worth it for keys that are stolen or lost. This is because a typical automobile insurance deductible is $1000. Likewise, your keys may only cost $200-$500 each to replace. If you have a spare, it's generally more affordable to purchase the new keys out of pocket. You'll also be able to avoid the possibility of your future premiums rising due to making an claim.
It could be worthwhile to file an insurance claim if the items that were taken from your vehicle are covered by a different type of insurance, like renters' or homeowners'. This is particularly true if the object was expensive or difficult to replace and you have a low deductible.
Although it's unlikely, certain insurance companies may allow you to add an individual property endorsement to your policy to be able to cover the loss of your car keys. This type of coverage is typically provided as an additional benefit to comprehensive coverage and it's important to talk to the insurance company regarding your options prior to purchasing the car.
Can I make a claim for a replacement of my keys if I've left the keys in the car?
Your state and your insurer will determine whether you can make a claim if you lose your keys. Certain states permit you to purchase key replacement insurance as part of comprehensive insurance or other than collision insurance, whereas others do not. You should also be aware that you will not be able to make a claim for your auto website insurance if you lose your keys while the vehicle is not locked, the engine is running and the vehicle is parked in a public space. You may be able to file an insurance claim under your property or vehicle insurance.
Most insurance companies will not pay out when you leave your keys in the vehicle. This is because it is considered negligence. In certain cases, you might be able file an insurance claim through your home insurance, or a roadside service plan that provides locksmith services. Some of these plans might include a specific section for lost or stolen keys. In general, however it is possible to file a claim for keys that were stolen will not be worthwhile unless it has to do with a significant damage or loss to your vehicle.
Even so, it could be risky to file a claim in order to get back the cost of a lost or stolen key. If you file a lost key claim and it is found that the theft wasn't caused by an event like a car crash or tornado the insurance premium could increase.
It's usually more affordable to simply replace your car keys if you lose them than it is to file a car insurance claim to cover the cost of replacing your car. Replacing a regular key is relatively inexpensive and there's a good chance that it won't cost more than your policy's deductible. A transponder or smart key can cost up to $200, or even more, when you consider labor rates and the hourly rate for programming.