Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost keys in the car, and it can be a huge trouble to retrieve them. It's also not cheap to replace your keys, particularly if you have an advanced key fob.
Fortunately, comprehensive car insurance (also known as "other than collision coverage") may cover the cost for keys that are lost or stolen. But is it worth the risk?
What is the key replacement coverage in Car Insurance?
Car Key Replacement Cover is an additional policy in a comprehensive car insurance plan that helps reimburse the cost of replacing or repairing the keys of the insured vehicle or lockset in the event that they are lost, stolen, or misplaced damaged or destroyed. The policy is available online, easy to purchase and settle and won't affect the eligibility of your no-claim bonus at the time of renewal.
It is important to remember that the cost of replacing stolen or lost car keys and your insurance deductible might not be enough to justify the expense. Replacement of keys made of metal older ones can be less expensive, whereas remote car keys with high-tech features could be more expensive. In these cases the cost of a replacement claim for keys could easily be more than your policy deductible. Also, if you file a claim for the loss of your keys the claim will be recorded on your claim record and could result in higher premiums at the time of renewal.
If you're in the market for an insurance plan for your car that is comprehensive which includes key replacement coverage, look for a plan with the lowest deductible or a zero deductible to make the most of your funds. Compare quotes from different insurance providers to get the best deal.
The process for claiming car key replacement coverage varies by insurance company. In most cases, it's essential to notify your insurance provider of the incident as quickly as you can and to provide any documentation that might be required. You'll also have to submit an FIR to the police that is one of the most important documents required for an insurance claim for a car.
While most automobile insurance policies don't provide key replacement coverage, some homeowners and renters insurance policies allow you to make a claim for personal property protection insurance. The majority of homeowners and rental insurance policies will cover thefts of personal belongings including keys to your car. However, the specifics of this coverage could differ from insurer to insurer, which is why it is important to read the policy's terms and conditions carefully.
Most drivers know how important it is to have a working and functioning car key. However they don't realize that even a key that works well could be damaged. Keys are vulnerable to cracks, scratches, and other forms of damage, which makes them more prone to break or even be stolen. The majority of these issues can be solved with regular maintenance and preventive care.
Are keys covered for wear and tear?
Car keys are not covered by your auto insurance policy. Instead you can purchase an additional key replacement policy to get assistance in replacing your keys that have been stolen or lost. The decision on whether this kind of insurance is worth it, however, depends on a number of factors.
The first thing you should consider is the cost of the insurance. Replacing your keys might not be as costly as you think. In fact, based on the type of keys you own such as electronic key fobs or traditional turn-key ignitions it's possible that they will be less expensive than your insurance deductible.
It is also important to consider the cost of filing an insurance claim. The policy for your car insurance might require you to pay your deductible prior to any claims being settled. If the cost of replacing your car keys exceeds your deductible, it's unlikely that you'll benefit from filing a claims.
Another aspect to consider is whether or not your renters or homeowners insurance policy covers for keys stolen or lost. Generally, personal property coverage that is provided by these policies will cover the theft of your keys, in addition to other items that are taken from the outside or inside your home. However, it's important to note that your deductible will be applicable and you may end up paying for the keys stolen by yourself.
It is also advisable to check with your dealer to see whether they offer keys with a special insurance policy as part of the purchasing process. Purchasing this coverage at the time of your vehicle purchase will save you money in the event that you need to replace your keys in the future.
The majority of standard car insurance policies do not include key replacement coverage, but some companies offer it as an option or as a separate product. Whether or not this coverage is worth the extra cost will depend on your individual requirements and how much you are able to afford on cost each month. Keep your receipts if you decide to purchase this coverage. You could then file a claim if you lose or take your keys.
Do I need to file a Claim for a Key Replacement?
If you have extensive auto insurance, your policy could cover keys lost. Additionally, the insurer might offer key replacement cover as an option at an additional cost. Some insurers have a national network of locksmiths who will replace your keys, or recode the immobiliser even if have never removed the key from the car. This can be an here invaluable service when your keys are lost or you are locked from your car, especially as many cars have electronic ignition systems that have to be programmed to allow the engine to start.
You'll also need to call your insurance provider and provide the necessary documents. You'll also have to contact the insurance company and provide the required documents. Some providers will offer cashless settlement when you visit one of their network garages to replace your key. You'll need to ensure that the replacement cost doesn't exceed your deductible, and that you meet any other requirements set by the insurer.
In most cases the filing of a claim is not worth it for a stolen or lost key. This is because a typical car insurance deductible is $1000 and your keys may only cost between $200 and $500 to replace. If you have a spare key, it's usually cheaper to pay for the new keys out of pocket. You'll also avoid the possibility of your future premiums rising as a result of making an claim.
However, if you have items stolen from the car that are covered by other kinds of insurance, such as homeowners or renters it could be worth submitting an insurance claim. This is true especially if you have a low-deductible and the item is valuable or difficult to replace.
It's unlikely, but some insurance companies may permit you to add an endorsement to your policy that covers the loss or theft of your car keys. This type of coverage is usually offered as an addition to a comprehensive insurance policy and it's important to consult with the insurance company regarding your options prior to purchasing an automobile.
Can I file a Claim for Key Replacement if I Left the keys in the car?
Your state and your insurer will determine whether you can claim compensation when you lose your keys. Some states allow the purchase of key replacement coverage as part of comprehensive or other than collision insurance, while others do not. You should also be aware that you will not be able make a claim for your auto insurance if you lose your keys while the vehicle is not locked, the engine is running, and the car is parked in a public space. You might be able to make claims under your car or property insurance.
Leaving your keys in the car is considered to be negligence so most insurers will deny an insurance claim. In certain cases, you might be able file an insurance claim through your home insurance or a roadside service plan that offers locksmith services. Some of these plans may include a specific section for keys that are stolen or lost. In general, however the claim for keys that were stolen will not be worthwhile unless it's to do with a significant loss or damage to your car.
Even if it is, it can be risky to file a claim in order to recuperate the cost of a stolen or lost key. For instance, if you file a claim for lost keys and you find that the theft was not caused by a covered incident such as a fire in a vehicle or an earthquake, your car insurance premium could rise.
If you lose your car keys It's generally cheaper to replace them than make an insurance claim to pay the cost of a new car. The replacement of a standard key is relatively inexpensive and there's a high chance it won't cost more than your policy's deductible. A smart or transponder can cost up to $200, or even more, if you consider labor rates and the hourly rate for programming.