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 not cheap to replace your keys, especially when you have a high-tech key fob.
Thankfully Comprehensive car insurance (sometimes called "other than collision" coverage) can be able to cover the cost of lost or stolen keys. But is it really worth it?
What is the Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an added policy included in a comprehensive 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 destroyed. The policy is available on the internet, and is easy to purchase and settle and won't affect your no-claim bonus at the time of renewal.
It's important to know that the cost of replacing lost or stolen car keys as well as your insurance deductible might not make it worthwhile. Mechanical keys that are old and worn-out are less expensive to replace, while high-tech remote car keys can be costly. In these cases, the cost of a key replacement could easily be more than your deductible. If you file a claim due to the loss of keys, it will be recorded on your claims record, which could lead to higher renewal costs.
If you are looking for an insurance policy for your car that is comprehensive that covers key replacement for your car make sure you select a plan with an affordable or no deductible. This will help you save money. It's recommended to compare quotes from a variety of insurance providers to determine the best deal.
The process of claiming coverage for car keys varies by insurer. In the majority of instances, you'll need report the incident promptly and provide any documentation required to your insurance company. You'll also need to submit a police FIR which is among the most crucial documents needed for an insurance claim for a car.
While the majority of car insurance policies don't include key replacement coverage, a few homeowners and renters insurance policies permit you to claim for personal property protection. This is because the majority of rental and homeowners policies protect personal belongings from theft, including your car keys. The specifics of the coverage can differ from one insurer to another therefore, make sure you read the policy conditions and terms carefully.
While the majority of motorists are aware of the importance of having a functioning and working car key, they don't realize that even a well-functioning key can be damaged. Keys are vulnerable to scratches, cracks, and other types of damage, making them more likely to break or even be stolen. Fortunately, most of these issues can be solved with a bit of preventive maintenance and regular maintenance.
Are keys covered for wear and Tear?
Car keys are not covered by your insurance policy for your automobile. Instead you can purchase a separate car key replacement cover to get assistance with replacing your lost or stolen keys. This type of coverage depends on several factors.
The cost of coverage is the first thing you need to be considered. Replacing your keys might not be as expensive as you think. In fact, based on the type of keys you own, such as electronic key fobs or traditional turn-key ignitions it's possible that they will be less expensive than your insurance deductible.
It is also important to consider the cost of making an insurance claim. Your insurance policy for your car may require you to pay your deductible prior any claims being settled. If the total cost of your car key replacement is greater than your deductible, it's unlikely that you'll be able to benefit from filing a claim.
Another factor to consider is whether or not your renters or homeowners insurance policy covers for keys that are stolen or lost. Personal property insurance is typically provided by these policies and covers the theft of keys as along with other items that are stolen from your home. It is important to keep in mind that your deductible still applies and you may end up paying yourself for keys stolen.
Also, inquire with your dealership to see if they offer any special key-related coverage as part of the purchase process. In the time of your vehicle purchase can save you money in the event that you need to replace your keys in the future.
Most standard automobile insurance policies don't offer key replacement coverage, but certain providers offer it as an optional option or as a separate product. The cost of this insurance will depend on the specific needs you have and the amount of you're able to pay each month to pay for your policy. Keep the receipts in case you decide to purchase this insurance. You could then make a claim if you lose or steal your keys.
Do I need to file a claim for key replacement?
If you have comprehensive auto insurance, lost keys may be covered under the policy. The insurance provider may also provide key replacement services as an optional service for an additional cost. Certain insurers have a national network of locksmiths who will replace your keys, or recode the immobiliser even if you never removed the key from your car. This can be an invaluable service when your keys are lost or if you are locked from your car especially since a lot of cars are equipped with electronic ignition systems that require to be programmed in order to start the engine.
If your car keys were stolen, you'll have to submit a claim to the police and file an initial report. You'll also have to contact your insurance company and provide the required documentation. Some insurance companies will offer a cashless settlement when you go to one of their network garages to replace your key. You will need to make sure that the cost of replacement is not more than the deductible and that you meet the other requirements outlined by the insurer.
In most instances it's not worth filing a claim 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 key, it's usually cheaper to pay for the new keys out of your pocket. You'll also be able to avoid the possibility of future premiums increasing as a result of making an claim.
However, if you own items stolen from your vehicle that are covered by different types of insurance like renters or homeowners, it may be worthwhile to file a claim. This is especially true if the item was valuable or difficult to replace and you have a low deductible.
It's unlikely but some car insurance companies will permit you to add an endorsement to your policy that covers the loss or theft of car keys. This type of coverage can be added to comprehensive coverage. It is recommended to discuss your options with your insurance provider before you purchase a vehicle.
Can I make a claim for a key replacement if I left keys in the car?
The state you live in and the insurer you choose will determine whether you can make a claim in the event that you lose your keys. Some states allow you to purchase key replacement coverage as part of comprehensive insurance or other than collision insurance, but others do not. You should also be aware that you won't be able to claim for your auto insurance if you lose your keys when the vehicle is not locked and the engine is running, and the car is parked in a public space. However, you may still be able to make a claim through the insurance on your property or vehicle on your policy.
Leaving your keys in the car is considered to be negligence therefore, most insurers will reject the claim. In certain cases you may be allowed to file a claim through your home insurance or a roadside assistance plan that offers locksmith services. Some of these plans might have a specific section on keys that are stolen or lost. In general,, a claim for keys that were stolen will not be worth filing unless it's to do with a major damage or loss to your car.
Even then making a claim to cover the cost of a lost or lost key can be risky. If you file a lost-key claim and are able to prove that the theft wasn't caused by an event like a vehicle accident or a tornado, your insurance premium may increase.
It's usually cheaper to replace your car keys in the event that you lose them than it is to file a claim to cover the cost of replacing your vehicle. Replacing your regular key can be relatively inexpensive, and it's likely that you'll not have to pay more than the deductible on your insurance policy. A transponder or smart card could car stolen with keys in ignition insurance cost as much as $200, or even more, when you consider the cost of labor and the hourly rate for programming.