Are Lost Or Stolen Car Keys Covered by Insurance?
We've all tossed keys in the car and it can be a big problem to retrieve them. The cost of replacing your keys is also expensive, especially when they're a key fob.
Thankfully, comprehensive auto insurance (also known as "other than collision coverage") can cover the cost for keys that are stolen or lost. But is it worth the risk?
What is the primary replacement Coverage in Car Insurance Policy?
Car Key Replacement Cover is an add-on policy in a comprehensive car insurance plan that assists in paying the cost of repair or replacement of keys to the insured vehicle's locks in the event of them being lost, stolen, or misplaced, damaged or broken. This 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 claiming 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. Mechanical keys that are old and worn-out cost less to replace, however, high-tech remote keys for cars can be costly. In these instances the cost of a key replacement can easily exceed your deductible. Also, if you file a claim for the loss of your keys the incident will remain on your claim record, which can lead to higher rates at the time of renewal.
If you are looking for a comprehensive auto insurance plan that covers car key replacement, choose a policy with an affordable or no deductible. This will help you save money. It's also a good idea to compare quotes from various insurance providers to determine the best price.
The process of claiming coverage for keys to your car varies depending on the insurance company. In most instances, you'll have to report the incident promptly and provide any necessary documentation to your insurance company. You'll need to file the police FIR which is among the most important documents needed when filing a claim for car insurance.
Many renters and home policies provide key replacement coverage. You can file claims under the personal property protection insurance. This is because most homeowners and rental policies cover theft of personal belongings, including your car keys. The specifics of the coverage can differ from one insurance company to the next therefore, make sure you read the policy terms and condition carefully.
While the majority of drivers are aware of the importance of having a functional and working car key, they fail to realize that even a functioning key could be damaged. Keys are susceptible to scratches, cracks and other forms of damage. This increases the likelihood that they will be lost or broken. Most of these issues can be solved with regular maintenance and preventive maintenance.
Are keys covered against wear and tear?
Typically, car keys aren't covered under your automobile insurance policy. Instead you can buy a separate car key replacement cover to get assistance with replacing keys that have been stolen or lost. Whether this type of coverage is worth it, however is contingent on a variety of factors.
The cost of coverage is the first thing to take into consideration. Replacing your keys may not be as expensive as you think. In fact, depending on the kind of keys you have such as electronic key fobs or traditional turn-key ignitions, it's possible that they will be less expensive than your policy cost deductible.
You should also factor in the cost of filing a claim. The policy for your car insurance may require you to pay your deductible prior any claims being paid. If the cost of replacing the keys to your car exceeds your deductible it is unlikely that you'll gain from filing a claim.
Another aspect to be aware of is whether your home or renters insurance policy offers any protection for keys that are stolen or lost. Personal property protection is usually included in these policies and covers the theft of keys as and other items taken from your home. However, it's important to remember that your deductible will be applicable and you may end up paying for keys that were stolen yourself.
In the end, you should inquire with your dealership to find out if they provide any special key-related coverage as part of the purchase process. If you buy this insurance when you purchase your car, you can save money in the event that you have to replace keys.
Some providers offer key replacement coverage as an optional feature or add-on. The cost of this coverage will depend on the specific needs you have and how much money you can afford each month to pay for your policy. Keep your receipts in case you decide to purchase this insurance. You could then file a claim if you lose or steal your keys.
Do I have to make a claim for a key replacement?
If you have comprehensive auto insurance, lost keys may be covered by the policy. The insurer may also offer key replacement services as an optional extra with a cost. Some insurers have nationwide networks of locksmiths who offer services required to replace your keys or recode your immobiliser, even if the key was never removed from the vehicle. This can be an invaluable service when your keys are lost or you find yourself locked out of your car particularly since many vehicles come equipped with electronic ignition systems that require to be programmed to allow the engine to start.
You'll also need to call your insurance provider and provide the required documents. You'll also have to contact the insurance provider and provide them with the appropriate documents. Certain providers offer cashless settlements if you visit one of their garages in their network and get your key replaced. You'll need to ensure that the replacement cost is not more than your deductible, and that you adhere to any other conditions set by the insurance company.
In the majority of instances it isn't worth it for a stolen or lost key. This is because the typical car insurance deductible is $1000 and keys could cost between $200 and $500 to replace. If you have spare keys, it's generally more affordable to pay for new keys from your pocket. It will also prevent the possibility of having your insurance premiums rise in the future as a result.
However, if you have items that were stolen from your car that are covered by other types of insurance like renters or homeowners it could be worth submitting claims. This is true especially if you have a low-deductible and the item is expensive or difficult to replace.
Although it's unlikely, deactivate stolen car key fob certain insurance companies might permit you to add an individual property endorsement to your policy to be able to cover the loss of your keys to your car. This kind of insurance is typically provided as an additional benefit to a comprehensive insurance policy and it's important to consult with your insurance company about the options available before purchasing an automobile.
Can I file a claim for key replacement if I have left keys in the car?
The state you live in and the insurer you choose will determine whether you can claim a reimbursement in the event that you lose your keys. Some states allow the purchase of key replacement coverage as part of comprehensive or other than collision insurance, but others do not. It is also important to know that if your keys are stolen while your vehicle is unlocked with the engine running and the car was parked in a public area it is not possible to claim the loss through your auto insurance. However, you may still be able to make claims through your vehicle protection or property insurance on your policy.
The act of leaving keys in your car is considered to be negligence which is why most insurance companies will reject the claim. In some cases you may be allowed to file a claim through your home insurance plan or a roadside assistance plan that provides locksmith services. Certain plans offer sections that deal with lost or stolen keys. In general, the claim for stolen keys won't be worthwhile unless it's to do with a significant damage or loss to your car.
Even so making a claim to cover the cost of a stolen or lost key could be risky. For example, if you submit a claim to recover lost keys and it's determined that the theft was not caused by an event covered like a vehicle fire or a tornado, your automobile insurance premium could go up.
If you lose your car keys, it's usually cheaper to replace them than submit an insurance claim to cover the cost of a new car. The replacement of your regular keys can be fairly inexpensive and, in most cases, you'll not have to pay more than the deductible on your insurance policy. On the other hand, a smart or transponder key can drive replacement costs up to $200 or more, especially when you consider labor rates and hourly charges for programming.