Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost keys in the car, and it can be a big problem to retrieve them. It's also costly to replace your keys, particularly if you have an advanced key fob.
Fortunately, comprehensive car insurance (sometimes referred to as "other than collision" coverage) can cover the cost of stolen or lost keys. But is it worth the claim?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an additional 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 lockset in the event that they are lost, stolen, or misplaced damaged or destroyed. The policy is available on the internet, is simple to purchase and settle and doesn't impact your no-claim bonus at the time renewal.
It's important to note that the cost of replacing stolen or lost keys to your car and also your insurance deductible could not make it worthwhile. Outdated mechanical keys are less expensive to replace, while high-tech remote car keys can be expensive. In these instances claims for replacement keys could easily exceed your policy deductible. If you make a claim due to the loss of keys it will be recorded on your claims record and could result in more expensive renewal fees.
If you're looking for a comprehensive auto insurance plan that covers car key replacement, choose a policy that has the lowest or no deductible. This will help you save money. It's also a good idea to compare quotes from various insurance providers to find the best price.
The process for claiming car key replacement coverage differs by insurer. In the majority of cases, it's essential to notify your insurance provider of the incident as soon as you can and provide any documentation that might be required. You'll also need to submit an FIR to the police which is among the most important documents required for an insurance claim for a car.
Many renters and home policies provide key replacement coverage. You can file a claim under the personal property protection coverage. This is because the majority of homeowners and rental policies cover theft of personal belongings including keys to your car. The specifics of the coverage can differ between different insurance companies, so make sure to review the policy's conditions and terms carefully.
While most drivers understand the importance of having a functioning and functioning car key, they don't realize that even a functioning key can be damaged. Keys are prone to cracks, scratches and other kinds of damage. This makes them more likely to be lost or broken. Fortunately, most of these issues can be easily resolved with a little bit of regular maintenance and preventive care.
Are Keys Covered for Wear and Tear?
Typically, car keys aren't covered under your automobile insurance policy. Instead you can buy an additional car key replacement cover to get assistance with 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 cost of insurance is the first thing to consider. Replacing your keys might not be as expensive as you think. It's possible to get keys for less than the insurance deductible depending on whether you have electronic key fobs traditional turn-key ignitions or both.
It is also important to consider the cost of filing claims. No matter if you have comprehensive coverage, your vehicle insurance policy will likely require that you pay your deductible before any damage claims are settled. If the total cost of the key replacement exceeds the deductible, it's unlikely that you will be able to benefit from filing an insurance claim.
If you have a homeowners or renters policy, it is important to verify if your policy covers stolen or lost keys. In general, personal property coverage that is provided by 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 remember that your deductible may be in effect and you could end up paying for stolen keys yourself.
You should also inquire with your dealer to see whether they offer any specific coverage for keys in the buying process. If you buy this insurance when you purchase your car you will save money in the future if you need to replace keys.
Some providers provide key replacement coverage as an optional service or add-on. The extra cost of this insurance will depend on the car keys stolen from unlocked house specific requirements you have and how much you are able to afford each month to pay for your policy. If you choose to purchase this coverage ensure that you keep the receipts so that you can claim the coverage in the event that keys get lost or stolen.
Do I have to file a Claim for Key Replacement?
If you have comprehensive auto insurance, lost keys may be covered under the policy. The insurer may also offer a key replacement service as an optional service for an additional cost. Certain insurers have a nationwide network of locksmiths that can replace your keys or reset the immobiliser, even if you never removed the key from your car. This is a valuable service if your keys are permanently lost or you are locked out of your car particularly since many vehicles come equipped with electronic ignition systems that require to be programmed to start the engine.
You'll also need to contact your insurance provider and provide the required documents. You'll also need to contact your insurance company and provide the required documentation. Some insurance companies will offer a cashless settlement when you go to one of their garages in their network to replace your key. You must ensure that the replacement cost is not more than your deductible, and that you adhere to any other requirements set forth by the insurer.
In the majority of instances 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 keys could cost between $200-$500 to replace. If you have spare keys you can usually afford to purchase the new keys from your pocket. You'll also avoid the possibility of your future premiums rising because of filing a claim.
It could be worthwhile to file a claim when the items stolen from your vehicle are covered by a different kind of insurance, for example renters' or homeowners'. This is particularly true if the item was valuable or difficult to replace and you have a low deductible.
It's unlikely, but some insurance companies will permit you to add an endorsement to your policy to cover the loss or theft of car keys. This type of coverage can be added to the comprehensive coverage. It is recommended to discuss your options with your insurance company before purchasing a vehicle.
Can I File a Claim for Key Replacement if I left the Keys in the Car?
Your state and insurer will decide if you are able to claim compensation when someone steals your keys. Certain states permit you to purchase key replacement coverage as part of comprehensive insurance or other than collision insurance, whereas others do not. It is important to know that you won't be able to make a claim against your auto insurance if lose your keys when the vehicle is locked or the engine is running and the car is parked in a public space. You may be able to file an insurance claim under your vehicle or property insurance.
Leaving your keys in the car is considered to be negligence which is why most insurance companies will deny a claim. 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 include an area that addresses lost or stolen keys. In general,, a claim for keys stolen won't be worthwhile unless it is connected with a significant damage or loss to your car.
Even so making a claim to cover the cost of a stolen or lost key is risky. If you file a lost-key claim and are able to prove that the theft was not caused by an event covered like a vehicle accident or a tornado your insurance premium might go up.
If you lose your car keys It's generally cheaper to replace them than to make an insurance claim to cover the cost of a new vehicle. The replacement of a standard key is fairly inexpensive and there's a good chance it won't cost more than the deductible of your policy. A transponder or smart key can cost you up to $200 or even more, when you consider the cost of labor and the hourly cost for programming.