Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost our keys in the car. Retrieving them isn't easy. It's also not cheap to replace your keys, particularly when you have a high-tech key fob.
Thankfully Comprehensive car insurance (sometimes called "other than collision" coverage) can cover the cost of lost or stolen keys. But is it worth the claim?
What is the Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an added policy that is part of a comprehensive car insurance plan that covers the cost of replacing or repairing keys to the insured vehicle's lock/lockset in case they get stolen, lost, misplaced, damaged or broken. This policy is available on the internet, and is easy to purchase and settle, and it doesn't affect your no-claim bonus eligibility at the time of renewal.
However, it's important to remember that claiming keys that are stolen or lost may not be worth it based on the cost of replacing them as well as your car insurance deductible. Keys that are worn out and damaged cost less to replace while high-tech remote car keys are expensive. In these cases, the cost of a key replacement could easily exceed your deductible. Also, if you file a claim for the loss of your keys the incident will remain on your claim record and could result in higher premiums at the time of renewal.
If you're looking to buy a comprehensive car insurance plan which includes key replacement coverage, look for a policy that has an affordable deductible or no deductible to get the most of your money. Compare quotes from different insurance companies to find the best price.
The procedure for claiming key replacement coverage varies by insurer. In the majority of cases, it's essential to inform your insurance provider of the incident as soon as possible and to provide any documentation that may be required. You'll need to submit the police FIR that is among the most crucial documents to file claims for insurance coverage for cars.
While the majority of car insurance policies do not provide key replacement coverage, a few homeowners and renters insurance plans do, allowing you to claim under personal property protection coverage. Most rental and homeowners insurance policies cover thefts of personal items such as keys to your car. The exact details of the coverage can differ from one insurer to another therefore, make sure you review the policy's conditions and terms carefully.
While the majority of drivers are aware of the importance of having a functional and functioning car key, they fail to know that even a functional key could be damaged. Keys are susceptible to scratches, cracks and other types of damage. This makes them more prone to be broken or stolen. Most of these problems can be resolved by regular maintenance and preventive maintenance.
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 in replacing your keys that have been stolen or lost. This type of coverage depends on a variety of factors.
The first thing to consider is the cost of the coverage. Replacing your keys may not be as costly as you think. In fact, based on the type of keys you have, such as electronic key fobs or traditional turn-key ignitions, it's possible that they could be cheaper than your policy deductible.
You should also consider the cost of making an insurance claim. If you do not have complete coverage, your car insurance policy is likely to require that you pay your deductible prior to any damage claims are settled. If the total cost of the key replacement is greater than the deductible, it's unlikely that you'll be able to benefit from filing an insurance claim.
Another factor to consider is whether or not your renters or home insurance policy provides any coverage for keys stolen or get more info lost. Generally, personal property insurance provided through 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 keep in mind that your deductible is still in effect and you could end up paying yourself for the keys that were stolen.
It is also advisable to check with your dealer to see if it offers keys with a special insurance policy as part of the purchase process. Purchasing this coverage at the time of your car purchase will save you money should you ever need to replace your keys in the future.
Certain insurance companies offer essential replacement coverage as an optional service or an add-on. Whether or not this coverage is worth the cost depends on your particular requirements and the amount you are able to pay on your monthly premiums. Keep your receipts if you opt to purchase this policy. You can then make a claim if you lose or steal your keys.
Do I need to file a claim for key replacement?
If you have extensive auto insurance, your policy could cover keys lost. The insurance company may also provide key replacement services as an optional extra at an additional charge. Certain providers have national networks of locksmiths that offer services needed 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 if you have lost your keys forever or have been locked out of your vehicle. A lot of cars have electronic ignition systems that need to be programmed in order to start the vehicle.
You'll also need to contact your insurance company and provide the necessary documents. You'll also have to contact your insurance company and provide the necessary documents. Some providers offer cashless settlements if you visit one of their garages and request a replacement key. You must make sure that the cost of replacement does not exceed your deductible, and that you meet the other requirements outlined by the insurer.
In most cases, it's not worth filing an insurance claim for a lost or stolen key. It's because the standard insurance deductible for a brand new vehicle is $1000, whereas your keys may cost between $200 and $500. If you have spare keys you can usually afford to pay for the new keys from your pocket. It will also prevent the possibility of having your insurance premiums rise in the future as a result.
If you do have items stolen from your vehicle that are covered by different types of insurance, such as renters or homeowners it could be worth filing claims. This is especially true if the item was valuable or difficult to replace and you have a low deductible.
It's unlikely, but some insurance companies may permit you to add an endorsement to your policy to cover the loss or theft of the car keys. This type of coverage is usually offered as an add-on to the comprehensive coverage, so it's important to talk to the insurance company regarding your options before you purchase a car.
Can I file a claim for replacement of my keys if I've left keys in the car?
If you leave your keys in your car and someone steals them the decision on whether or not you can claim a claim will be contingent on your state and insurer. Certain states permit the purchase of key replacement coverage as part of comprehensive insurance or other than collision insurance, but other states do not allow. You should also know that you won't be able to claim on your auto insurance if you lose your keys when the vehicle is unlocked and the engine is running, and the vehicle is parked in a public area. However, you may still be able to file a claim through the insurance for property or vehicle protection 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 instances, you may be able to file an insurance claim through your home insurance plan, or a roadside service plan that offers locksmith services. Some of these plans might include a specific section for keys that are stolen or lost. In general, however the claim for stolen keys won't be worthwhile unless it's to do with a major damage or loss to your vehicle.
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 tornado the insurance premium could go up.
If you lose your car keys It's generally cheaper to replace them than to make an insurance claim to pay the cost of a new vehicle. Replacing a regular key is relatively inexpensive and there's a good chance it won't cost more than your policy's deductible. A transponder or smart card could cost as much as $200, or more, if you consider the cost of labor and the hourly charge for programming.