Are Lost Or Stolen Car Keys Covered by Insurance?
We've all left the keys in the car, and it can be a huge trouble to retrieve them. It's also expensive to replace your keys, particularly in the case of a sophisticated key fob.
Thankfully comprehensive car insurance (sometimes called "other than collision" coverage) may pay for the cost of lost or stolen keys. But is it worth claiming?
What is the most important replacement Insurance Coverage in Car Insurance Policy?
Car Key Replacement Cover is an add-on policy that is part of a comprehensive car insurance plan that covers the cost of replacing or repairing the insured vehicle's keys or lock/lockset in case they get lost, stolen, or misplaced damaged or destroyed. This policy is simple to purchase and settle online. It will not affect your chances of the no-claim bonus when renewing.
It's important to know that the cost of replacing lost or stolen keys to your car and also 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 could be more expensive. In these cases, a key replacement claim could easily exceed your policy deductible. If you submit a claim based on the loss of keys it will remain on your record of claims which could result in higher renewal premiums.
If you are looking for a comprehensive auto insurance plan that covers key replacement for your car, choose a policy that has the lowest or no deductible. This will allow you to save money. It's recommended to compare quotes from different insurance providers to determine the best price.
The process for claiming insurance for car keys differs by insurance company. In the majority of instances, it is important to inform your insurance provider of the incident as quickly as you can and provide any documentation that might be required. You'll need to file the police FIR that is among the most crucial documents when filing claims for insurance coverage for cars.
Many renters and home policies provide key replacement coverage. You can file an claim under the personal property protection insurance. This is because most rental and homeowners policies will cover the theft of personal items including keys to your car. However, the exact terms of this coverage could differ from insurer to insurer, which is why it is important to read the terms and conditions of the policy carefully.
While the majority of drivers are aware of the importance of having a functioning and working car key, they fail to know that even a functional key can be damaged. Keys are prone to cracks, scratches and other forms of damage. This increases the likelihood that they will be lost or broken. Fortunately, most of these issues can be easily solved with a bit of preventive care and regular maintenance.
Are keys protected against wear and tear?
Typically, car keys aren't covered by your car insurance policy. You can instead buy a separate insurance policy for car keys to get help in replacing the keys you lost or stolen. This kind of insurance depends on a variety of variables.
The first thing to think about is the cost of the insurance. The replacement of your keys might not be as expensive as you think. In fact, depending on the kind of keys you have like electronic key fobs or traditional turn-key ignitions it's possible for them to be cheaper than your policy deductible.
You should also consider the cost of making claims. If you do not have complete coverage, your car insurance policy will likely require you to pay your deductible prior to any damage claims are paid. If the total cost of your car key replacement exceeds the deductible, it's unlikely that you'll be able to benefit from making claims.
Another aspect to be aware of is whether your renters or home insurance policy offers any protection for lost or stolen keys. In general, personal property coverage that is provided by these policies will include 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 is still in effect and you may end up paying yourself for the stolen keys.
You should also inquire with your dealer to see whether they offer any specific coverage for keys as part of the purchasing process. The stolen car keys from house purchase of this insurance at the time of your vehicle purchase can save you money should you ever require replacement keys in the future.
The majority of standard car insurance policies don't include the essential replacement coverage, but some companies offer it as an 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 can afford to spend on monthly premiums. If you do opt to purchase this insurance be sure to keep the receipts so you can claim the insurance in the event that keys get lost or stolen.
Do I need to make a claim for a key replacement?
If you have comprehensive auto insurance, your policy could cover keys lost. The insurer may also offer a key replacement service as an optional extra with a cost. Certain insurers have a nationwide network of locksmiths who will replace your keys or reset the immobiliser even if you never removed the key from the car. This service is extremely useful when you've lost your keys forever or have been locked out of your vehicle. A lot of cars have electronic ignition systems which need to be programmed to allow you to start the car.
You'll also need to contact your insurance provider and submit the necessary documents. You'll also have to contact your insurance company and provide the necessary documents. Certain providers offer cashless settlements if you visit one of their network garages and request a replacement key. You'll need to ensure that the replacement cost does not exceed your deductible, and you comply with other requirements set forth by the insurance company.
In most cases it isn't worth it for the loss or theft of a key. It's because the standard insurance deductible for new vehicle is $1000, whereas your keys could only cost $200 to $500 each. If you have spare keys key, it's usually cheaper to pay for new keys out of your pocket. You'll also avoid the possibility that your premiums will increase in the future due to making an claim.
If you do have items that were stolen from your car that are covered by other types of insurance such as renters or homeowners, it may be worth submitting claims. This is true especially in the case of a low-deductible and the item is expensive or difficult to replace.
It's unlikely but some car insurance companies will allow you to add an endorsement to your policy that covers the loss or theft of your car keys. This kind of insurance is usually offered as an additional benefit to comprehensive coverage which is why it's crucial to consult with your insurance provider about your options before you purchase a car.
Can I file a claim for Key Replacement if I've left the keys in the car?
If you leave your keys in the car and they are stolen the answer to whether or not you are able to file a claim will depend on your state and the insurance company. Certain states have laws that permit you to purchase keys replacement coverage as part of your comprehensive or other than collision insurance, while others don't. It is also important to know that if your keys are stolen while your vehicle is locked with the engine running and the car was parked in a public area it is not possible to claim a reimbursement through your auto insurance. However, you might be able to file a claim through the insurance for property or vehicle protection on your policy.
Leaving your keys in the car is considered to be negligence therefore, most insurers will deny a claim. In some cases you may be able file a claim with your home insurance, or a roadside service plan which provides locksmith services. Certain plans contain a specific section regarding lost or stolen keys. A claim for keys stolen from a car is not worthwhile unless there's an accident that is major or caused damage to the vehicle.
Even then, it can be risky to file a claim in order to get back 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 a tornado your insurance premium might go up.
If you lose keys to your car It's generally cheaper to replace them rather than submit an insurance claim to pay the cost of a new car. Replacing your standard key can be fairly inexpensive and most likely you'll pay less than the deductible of your policy. However the transponder or smart key could increase replacement costs up to $200 or more, particularly when you factor in the cost of labor and hourly fees for programming.