Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost our keys in the car. Getting them back isn't easy. 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) may cover the cost of lost or stolen keys. But is it worth claiming?
What is the key replacement coverage in Car Insurance?
Car Key Replacement Cover is an add-on policy included in a comprehensive insurance plan that helps reimburse the cost of repair or replacement of keys to the insured vehicle's lockset in the event that they are lost, stolen, or misplaced, damaged or broken. This policy is easy to buy and settle online. It will not affect your eligibility for the no-claim bonus when renewing.
It's important to know 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 that are older may be less expensive, whereas remote keys for cars with advanced features can be more expensive. In these cases the cost of key replacement could easily exceed your deductible. If you file a claim due to the loss of keys, it will remain on your claim record and could result in higher renewal costs.
If you're looking to buy an insurance plan for your car that is comprehensive which includes key replacement coverage, search for a policy with an affordable deductible or no deductible to get the most of your money. It's also a good idea to compare quotes from various insurance providers to determine the best deal.
The process of claiming coverage for keys to your car varies depending on the insurance company. In the majority of cases, it's essential to inform your insurance company of the incident as quickly as you can and to provide any documentation that might be required. You'll also need to submit a police FIR, which is one of the most crucial documents needed for the insurance claim of a car.
While the majority of car insurance policies don't include key replacement coverage, many renters and homeowners insurance policies permit you to make a claim through personal property protection. Most rental and homeowners insurance policies will cover thefts of personal belongings including keys to your car. The specifics of the coverage could differ from one insurance company to the next therefore, make sure you go over the policy's conditions and terms carefully.
Most drivers are aware of how important it is to have a functioning and functional car key. However they don't realize that even a key that works well can be damaged. Keys are prone to scratches, cracks, and other forms of damage, making them more likely to break or even be stolen. Fortunately, most of these issues can be resolved with a little bit of preventive care and regular maintenance.
Are Keys Protected from Wear and Tear?
Car keys aren't covered by your insurance policy for your automobile. Instead, you can purchase an additional key replacement policy to get assistance with replacing keys that have been stolen or lost. Whether this type of coverage is worth it is contingent on a variety of factors.
The cost of insurance is the first thing you need to consider. Replacing your keys may not be as expensive as you might expect. In fact, based on the kind of keys you have, such as electronic key fobs or traditional turn-key ignitions it's possible for them to be cheaper than your policy deductible.
It is also important to think about the cost of filing a claim. Your car insurance policy might require you to pay the deductible prior to any claims being paid. If the total cost of your car key replacement is greater than the deductible, it's unlikely you'll be able to gain from filing claims.
If you have a homeowners or renters insurance policy, it is important to determine if the policy covers lost or stolen keys. Personal property protection is usually provided by these policies and will cover the theft of keys, as along with other items that are stolen from your home. However, it is important to remember that your deductible will still apply and you may end up paying for keys stolen by yourself.
It is also advisable to check with your dealer to find out whether it provides any specific coverage for keys in the buying process. Purchasing this coverage at the time of your car purchase will save you money should you ever require replacing your keys in the future.
Certain insurance companies offer key replacement coverage as an optional service or an add-on. Whether or not this coverage is worth the additional cost will depend on your specific requirements and how much you are able to afford on your cost each month. If you opt to purchase this insurance ensure that you keep the receipts so you can claim the insurance in the event that keys get lost or stolen.
Do I have to make a claim for a key replacement?
If you have extensive auto insurance, your policy could cover keys lost. The insurance provider may also provide key replacement services as an option for an additional cost. Certain insurance companies have a national network of locksmiths that can replace your keys or reset the immobiliser even if have not removed the keys from your car. This is an extremely useful service in the event that your keys are forever lost or if you find yourself locked from your car, especially as many cars have electronic ignition systems that need to be programmed to start the engine.
You'll also have to contact your insurance provider and submit the necessary documents. You'll also need to call your insurance company and provide the required documentation. Some companies will provide 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 you meet any other requirements set by the insurer.
In most instances the filing of a claim is not worth it for the loss or theft of a key. This is because a typical automobile insurance deductible is $1000 and keys can cost between $200 and $500 to replace. If you have a spare you can usually afford to pay for the new keys from your pocket. It also eliminates the chance that your premiums will increase in the future as a result of making an claim.
It may be worth filing an insurance claim when the items stolen from your car are covered by a different kind of insurance, for example homeowners' or renters'. This is especially true in the case of a low-deductible and the item is valuable or difficult to replace.
Although it's not likely, some insurance companies may permit you to add an individual property endorsement to your policy, which will protect you from losing your keys to your car. This type of coverage can be added to comprehensive insurance. It is recommended to discuss your options with your insurance company prior to purchasing a car.
Can I file a claim for Key Replacement if I left the keys in the car?
The state you live in and the insurer you choose will decide if 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, while others do not. You should also be aware that you will not be able to make a claim on your auto insurance if you lose your keys while the vehicle is unlocked or the engine is running and the car is parked in a public area. You may be able make a claim under your property or vehicle insurance.
Most insurance companies will not pay out the keys you have left in your vehicle. This is because it's considered to be negligence. In some cases you may be able file claims through your home insurance, or a roadside service plan that provides locksmith services. Some of these plans may contain a specific section regarding how to replace stolen car keys lost or stolen keys. In general, though it is possible to file a claim for stolen keys won't be worthwhile unless it is connected with a major loss or damage to your vehicle.
Even then, it can be risky to file a claim to get back the cost of a stolen or lost key. If you file a lost key claim and are able to prove that the loss was not caused by an event like a vehicle accident or tornado your insurance premium might go up.
If you lose your car keys it's usually 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 that it won't cost more than your policy's deductible. A transponder or smart card could cost you up to $200 or even more, when you consider labor rates and the hourly rate for programming.