Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Retrieving them can be a hassle. The cost of replacing your keys is also high, particularly if they are keys fobs.
Fortunately, comprehensive auto insurance (also called "other than collision coverage") may pay for keys that are lost or stolen. But is it really worth it?
What is the key replacement coverage in Car Insurance?
The Car Key Replacement Cover is an insurance policy that can be added to a comprehensive car insurance plan. It will pay for the cost of fixing or replacing keys or locks, as well as locksets in the event of them being lost, stolen, or damaged. This policy is available online, easy to purchase and settle, and won't affect your no-claim bonus at the time renewal.
However, it's worth noting that claiming for keys stolen or lost might not be worth it based on the cost of replacing them as well as the deductible on your car insurance. Replacement of mechanical keys that are older may be cheaper, while remote car keys that have high-tech features can be more expensive. In such cases, the cost of a key replacement could easily be more than your deductible. If you file a claim for the loss of your keys, the claim will be recorded on your claims record, which can lead to higher premiums at the time of renewal.
If you're looking to buy a comprehensive car insurance plan that includes car key replacement coverage, look for a policy with the lowest deductible or a zero deductible to make the most out of your money. It's also a good idea to compare quotes from different insurance providers to determine the best price.
The process for claiming car key replacement coverage varies by insurer. In most cases, it's important to notify your insurance provider of the incident as quickly as you can and to provide any documentation that may be required. You'll need to file the police FIR which is among the most crucial documents when filing claims for insurance coverage for cars.
While most car insurance policies don't include key replacement coverage, many homeowners and renters insurance policies do, allowing you to make a claim under personal property protection. Most rental and homeowners insurance policies will cover thefts of personal belongings, including keys to cars. However, the specifics of this coverage can vary from insurer to insurer, which is why it's essential to check the terms and conditions of the policy carefully.
While most drivers understand the importance of having a functional and functioning car key, they fail to realize that even a functioning key can be damaged. Keys are prone to scratches, cracks and other forms of damage. This makes them more prone to be broken or stolen. Fortunately, the majority of problems can be resolved with a little bit of 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 a separate protection for car keys to get assistance in replacing your lost or stolen key. This type of coverage depends on a variety of variables.
The first thing to consider is the cost of the insurance. The replacement of your keys might not be as costly as you think. You can get keys cheaper than your insurance deductible depending on whether you have electronic key fobs traditional turn-key ignitions or both.
It is also important to take into consideration 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 paid. If the total cost of your vehicle key replacement exceeds your deductible, it's unlikely you'll be able to gain from filing a claim.
If you have a home or renters policy it is crucial to verify if your policy covers theft or loss of keys. Generally, personal property insurance provided through these policies will cover the theft of your keys in addition to other items stolen from inside or outside your home. It's important to remember that your deductible will still apply and you could end up having to pay yourself for the stolen keys.
Also, contact your local car dealer to find out if they provide any specific key-related insurance as part of the purchase process. The purchase of this insurance at the time of your vehicle purchase can save you money in the event that you need to replace your keys in the future.
Most standard car insurance policies don't include the essential replacement coverage, but some providers do offer it as an additional product or as a standalone one. If this coverage is worth the extra cost depends on your particular requirements and how much you are able to afford on website monthly premiums. Keep your receipts if you decide to purchase this coverage. You can then make a claim if you lose or steal your keys.
Do I Need to File an Claim for Key Replacement?
If you have comprehensive auto insurance, your policy may cover lost keys. Alternatively, the insurer may provide a key replacement service as an option for an additional cost. Some providers have national networks of locksmiths that can provide you with the services required to replace your keys or recode your immobiliser, even if the key was never actually taken from the vehicle. This service is extremely useful if you have lost your keys for the last time or have been locked out of your vehicle. Many cars come with electronic ignition systems that require to be programmed to allow you to start the vehicle.
You'll also need to call your insurance company and provide the necessary documents. You will also need to contact your insurance company and provide the required documents. Some companies will provide cashless settlement when you go to one of their network garages to have your key replaced. You will need to ensure that the replacement cost does not exceed your deductible, and that you meet the other requirements set forth by the insurer.
In most instances the filing of a claim isn't worth it for the loss or theft of a key. This is because the average insurance deductible for a brand new vehicle is $1000, however your keys could only cost between $200 and $500. It's typically cheaper to buy new keys yourself in the event that you have spare keys. It will also prevent increasing your premiums in the future as a result.
It may be worth filing claims when the items stolen from your vehicle are covered by a different kind of insurance, such as homeowners' or renters'. This is especially true if the item is valuable or difficult to replace and you have a low deductible.
It's unlikely but some car insurance companies might allow you to add an endorsement to your policy that covers the loss or theft of the car keys. This type of coverage is usually offered as an add-on to comprehensive coverage which is why it's crucial to consult with the insurance company regarding your options prior to purchasing the car.
Can I make a claim for a key replacement if I left keys in the car?
If you leave your keys in your car and they are stolen, the answer to whether or not you are able to claim a claim will be contingent on your state and the insurance company. Certain states have laws that allow you to purchase keys replacement coverage as part of your comprehensive or other than collision insurance however, some states don't allow. It is important to know that you will not be able make a claim for your auto insurance if lose your keys when the vehicle is not locked or the engine is running and the vehicle is parked in a public space. However, you may still be able to make a claim through the vehicle protection or property insurance on your policy.
Leaving your keys in the car is considered to be negligence so most insurers will reject an insurance claim. In some cases you may be able file an insurance claim through your home insurance plan, or a roadside service plan that offers locksmith services. Certain plans offer an area that addresses lost or stolen keys. In general, though, a claim for stolen keys won't be worthwhile unless it's to do with a significant damage or loss to your vehicle.
Even if it is, it can be risky to file a claim to recover the cost of a lost or stolen key. If you file a lost-key claim and it is found that the loss was not caused by an event like a vehicle accident or tornado your insurance premium might increase.
It's usually more affordable to replace your car keys in the event that you lose them than it is to file a car insurance claim for the cost of replacing your vehicle. Replacing your standard key can be fairly inexpensive, and it's likely that you'll not have to pay more than the deductible in your policy. A smart or transponder can cost up to $200, or even more, if you consider labor rates and the hourly charge for programming.