Are Lost Or Stolen Car Keys Covered by Insurance?
We've all left the keys in the car, and it can be a big trouble to retrieve them. The cost of replacing your keys is high, especially when they're keys fobs.
Thankfully Comprehensive car insurance (sometimes referred to as "other than collision" coverage) could cover the cost of lost or stolen keys. But is it worth the risk?
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 helps reimburse the cost of replacing or repairing the keys of the insured vehicle or lockset in the event that they are stolen, lost, misplaced, damaged or broken. It is simple to purchase and settle online. It does not affect your eligibility for an annual no-claim bonus.
It's important to know that the cost of replacing stolen or lost car keys as well as your insurance deductible may not make it worthwhile. Replacement of mechanical keys that are older may be less expensive, whereas remote car keys that have high-tech features can be more expensive. In these instances claims for replacement keys could easily exceed your insurance deductible. If you file a claim for the loss of your keys, the incident will remain on your claims record, which can lead to higher premiums when it comes time for renewal.
If you are looking for an insurance plan for your vehicle that covers key replacement make sure you select a plan with a low or zero deductible. This will help you save money. It's also a good idea to compare quotes from different insurance providers to determine the most affordable price.
The procedure for claiming coverage for car keys varies by insurance company. In most cases, it's essential to inform your insurance company of the incident as quickly as you can and to provide any documentation that may be required. You'll also need to submit a police FIR that is one of the most important documents for a car insurance claim.
While most car insurance policies do not provide key replacement coverage, many homeowners and renters insurance plans allow you to make a claim through personal property protection. The majority of homeowners and renters insurance policies will cover thefts of personal belongings, including keys to your car. However, the exact terms of this coverage can vary from insurer to insurer, which is why it is essential to review the terms and conditions of the policy carefully.
While the majority of motorists are aware of the importance of having a functioning and functioning car key, they don't realize that even a well-functioning key could be damaged. Keys are prone to scratches, cracks and other kinds of damage. This increases the likelihood that they will be stolen or damaged. Most of these problems are easily solved by 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 purchase an additional car key replacement cover to get assistance with replacing keys that were stolen or lost. Whether this type of coverage is worth it, depends on a number of factors.
The cost of insurance is the first thing you need to consider. Replacing 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 that they could be less expensive than your insurance deductible.
It is also important to take into consideration the cost of submitting an insurance claim. Your insurance policy for your car might 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 claims.
If you have a home or renters policy, it is important to check if your policy covers lost or stolen keys. Generally, personal property coverage offered by these policies will cover the theft of your keys, in addition to other items that are taken from outside or inside your home. It's important to keep in mind that your deductible will still apply and you could end up paying yourself for the keys that were stolen.
In the end, you should inquire with your dealership to see if they offer any specific key-related insurance as part of the purchase process. If you purchase this coverage when you purchase your car, you can save money in the future should you need to replace keys.
Certain insurance companies offer essential replacement coverage as an optional feature or add-on. The extra cost of this insurance will depend on the specific requirements you have as well as the amount of you are able to afford each month to pay for your insurance. If you decide to buy this coverage ensure that you keep the receipts so you can claim the insurance in the event that keys get lost or stolen.
Do I need to file a claim for key replacement?
If you have comprehensive auto insurance, the policy could cover lost keys. Additionally, the insurer might offer key replacement coverage as an optional extra for an additional cost. Certain providers have national networks of locksmiths that can provide the services required to replace your keys or recode your immobiliser, even in the event that the key was not actually taken from the vehicle. This service can be invaluable when you've lost your keys forever or you are locked out of your vehicle. Many vehicles have electronic ignition systems which need to be programmed to start the vehicle.
If your car keys are stolen, you'll need to make a claim with the police and submit a first information report. You'll also need to contact the insurance provider and provide them with the appropriate documents. Some providers will offer cashless settlement when you go to one of their garages in their network to replace your key. You'll have to ensure that the replacement cost doesn't exceed your deductible, and that you meet the other requirements established by the insurance company.
In the majority of cases, it's not worth filing an insurance claim for a stolen or lost key. This is because the average insurance deductible for a new vehicle is $1000, whereas your keys could only cost between $200 and $500. It's typically cheaper to buy new keys yourself when you have spare keys. It also eliminates the chance of future premiums increasing as a result of making claims.
However, if you own items that were stolen from your car that are covered by other types of insurance, such as homeowners or renters it could be worth filing claims. This is particularly true if the item was valuable or difficult to replace and you have a small deductible.
Although it's unlikely, certain insurance companies might allow you to add an endorsement for personal property to your policy to be able to cover the loss of your car keys. This kind of insurance can be added to comprehensive coverage. It's a good idea to discuss your options with your insurance company before you purchase a vehicle.
Can I make a claim for a replacement of my keys if I've left the keys in the car?
If you leave your keys in your car and someone takes them away the answer to whether or not you're able to claim a claim will be contingent on your state and the insurance company. Some states have laws that permit you to obtain key replacement insurance as part of your comprehensive keyless cars being stolen insurance or other than collision coverage however, some states don't allow. It is also important to know that if your keys are stolen while your car is locked with the engine running and the vehicle parked in a public place and you are unable to claim the loss through your auto insurance. You may be able to file an insurance claim under your vehicle or property insurance.
The act of leaving keys in your car is considered to be negligence which is why most insurance companies will deny a claim. In some cases you may be able to file claims through your home insurance plan, or a roadside service plan that provides locksmith services. Some of these plans might contain a specific section regarding keys that have been stolen or lost. In general, though it is possible to file a claim for keys that were stolen will not be worth filing unless it's to do with a significant loss or damage to your car.
Even then, filing a claim for the cost of a stolen or lost key is risky. If you file a lost-key claim and it is found that the loss was not caused by an event like a car crash or a tornado your insurance premium might go up.
It's generally more affordable to simply replace your car keys if you lose them than it is to file a claim for the cost of replacing your vehicle. Replacing your standard key is relatively cheap and, in most cases, you won't pay more than the deductible in your insurance policy. On the other hand, a smart or transponder key could increase replacement costs up to $200 or more, especially when you take into account the cost of labor and hourly fees for programming.