Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost keys in the car, and it can be a big hassle to get them back. It's also expensive to replace your keys, especially in the case of a sophisticated key fob.
Thankfully comprehensive car insurance (sometimes called "other than collision" coverage) could be able to cover the cost of stolen or lost keys. But is it worth the risk?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an added policy in a comprehensive car insurance plan that helps reimburse the cost of repair or replacement of the insured vehicle's keys or locks in the event of them being lost, stolen, lost damaged or broken. It is simple to purchase and pay online. It will not affect your eligibility for an annual no-claim bonus.
It is important to remember that the cost of replacing lost or stolen car keys as well as your insurance deductible could not make it worthwhile. Outdated mechanical keys cost less to replace and high-tech remote car keys can be expensive. In these cases the cost of key replacement can easily exceed your deductible. If you file a claim to cover the loss of your keys the incident will remain on your claims record and could result in higher premiums when it comes time for renewal.
If you are looking for an insurance plan for your vehicle that covers car key replacement make sure you select a plan that has a low or zero deductible. This will allow you to save money. It's recommended to compare quotes from a variety of insurance providers to determine the best price.
The procedure for claiming key replacement coverage varies from insurer to insurer. In most instances, you'll have to notify the insurer of the incident immediately and provide any necessary documentation to your insurance provider. Also, you'll need to file an FIR from the police that is one of the most crucial documents needed for the insurance claim of a car.
Many renters and home policies cover key replacement. You can file an claim under the personal property protection coverage. The majority of homeowners and renters insurance policies will cover thefts of personal belongings, including keys to cars. The exact details of the coverage could differ from one insurer to another, so make sure to go over the policy's conditions and terms carefully.
Many drivers are aware of how crucial it is to have a functional and functioning car key. However, they are unaware that even a key that works well could be damaged. Keys are prone to cracks, scratches, and other kinds of damage, making them more prone to break or even be stolen. Fortunately, the majority of these issues can be solved with a bit of preventive maintenance and regular maintenance.
Are keys covered for wear and Tear?
Car keys aren't covered by your auto insurance policy. Instead you can buy an additional car key replacement cover to get assistance with replacing your keys that were stolen or lost. This kind of insurance depends on a variety of variables.
The first thing to consider is the cost of the insurance. Replacing your keys may not be as costly as you'd think. In fact, based on the type of keys you own like electronic key fobs or traditional turn-key ignitions it's possible for them to be less expensive than your policy deductible.
It is also important to consider the cost of filing a claim. If you do not have comprehensive coverage, your car insurance policy will likely require that you pay your deductible prior to any damage claims are paid out. If the cost of replacing your car keys is greater than your deductible, it's unlikely that you'll be benefited from filing a claims.
Another factor to be aware of is whether your renters or home insurance policy covers for keys that are stolen or lost. Personal property protection is usually provided by these policies and covers the theft of keys as and other items taken from your home. It's important to keep in mind that your deductible will still apply and you could end up having to pay yourself for the stolen keys.
Also, inquire with your dealership to see if they offer any specific key-related insurance as part of the buying process. If you choose to purchase this coverage when you buy your vehicle you will save money in the future should you have to replace keys.
The majority of standard automobile insurance policies don't offer the essential replacement coverage, but some providers do offer it as an optional option or as a separate product. Whether or not this coverage is worth the additional cost will depend on your individual requirements and the amount you are able to pay on premiums each month. Keep the receipts in case you opt to purchase this policy. You can then make a claim should you lose or take your keys.
Do I need to file an Claim for a Key Replacement?
If you have comprehensive car insurance, the loss of keys may be covered under the policy. Alternatively, the insurer may provide a key replacement service as an option for an additional cost. Some providers have national networks of locksmiths who offer services needed to replace your keys or change the code of your immobiliser, even when the key was never removed from the vehicle. This is a valuable service when your keys are lost or more info if you are locked out of your car, especially as many cars come equipped with electronic ignition systems that need to be programmed to allow the engine to start.
If your car keys are stolen, you'll need to submit a claim to the police and submit a first information report. You'll also need to contact your insurance provider and submit the required documents. Some providers offer cashless settlements if you visit one of their garages and get your key replaced. You'll need to ensure that the replacement costs don't exceed your deductible, and that you meet any other requirements set by the insurer.
In the majority of cases, it's not worth filing a claim for a lost or stolen key. This is because a typical automobile insurance deductible is $1000, and keys could cost between $200 and $500 to replace. It's usually more affordable to purchase new keys yourself if you have spares. You'll also avoid having your premiums increase in the future due to.
It could be worthwhile to file an insurance claim if the items that were taken from your vehicle are covered by a different kind of insurance, like renters' or homeowners'. This is true especially when you have a low deductible and the item is expensive or difficult to replace.
Although it's not likely, some insurance companies might allow you to add a personal property endorsement to your policy that will be able to cover the loss of your car keys. This kind of insurance is typically provided as an addition to a comprehensive insurance policy and it's important to talk to your insurance provider about your options prior to purchasing an automobile.
Can I file a Claim for Key Replacement if I've 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 someone steals your keys. Some states allow you to purchase key replacement insurance as part of comprehensive or other than collision insurance, but others do not. You should also be aware that you won't be able make a claim on your auto insurance if you lose your keys while the vehicle is unlocked or the engine is running, and the vehicle is parked in a public space. 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 a claim. In some cases you may be able to file a claim with your home insurance plan, or a roadside service plan which provides locksmith services. Certain plans offer an area that addresses lost or stolen keys. A claim for keys that were stolen from your car is not worthwhile unless there's serious damage or accident to the vehicle.
Even so, filing a claim for the cost of a stolen or lost key can be risky. For instance, if you file a claim for lost keys and you find that the theft wasn't caused by a covered incident such as a fire in a vehicle or a tornado, your automobile insurance premium could increase.
It's usually more affordable to replace your car keys if you lose them than to file a car insurance claim to pay for replacing your car. Replacing your standard key is relatively cheap, and it's likely that you'll not have to pay more than the deductible on your policy. On the other hand the transponder or smart key can drive replacement costs up to $200 or more, especially when you take into account the cost of labor and hourly fees for programming.