Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost keys in the car and it can be a huge problem to retrieve them. The cost of replacing your keys is high, especially in the case of keys fobs.
Thankfully, comprehensive auto insurance (also called "other than collision coverage") could pay for keys that are stolen or lost. But is it worth the risk?
What is the most important replacement Protection in a Car Insurance Policy?
The Car Key Replacement Cover add-on is an insurance policy that is added to an overall auto insurance plan. It assists in reimbursing the cost of repair or replacement of keys or locks, as well as locksets in the event they are lost, stolen, or damaged. The policy is accessible online, easy to purchase and settle, and it doesn't affect your no-claim bonus at the time of renewal.
However, it's worth noting that claiming compensation for lost or stolen keys may not be worthwhile based on the cost of replacing them as well as the deductible on your car insurance. Outdated mechanical keys cost less to replace, however, high-tech remote keys for cars are expensive. In such cases, a key replacement claim could easily be more than your policy deductible. Also, if you file a claim for the loss of your keys the claim will be recorded on your claim record which could lead to higher premiums at the time of renewal.
If you are looking for an insurance policy for your car that is comprehensive that covers key replacement for your car, choose a policy 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 find the best deal.
The process for claiming car key replacement coverage differs by insurer. In the majority of instances, you'll need report the incident promptly and provide all necessary documentation to your insurance company. Also, you'll need to file an FIR from the police which is among the most important documents required for an insurance claim for a car.
While most automobile insurance policies don't provide key replacement coverage, a few homeowners and renters insurance plans permit you to claim through personal property protection. This is because the majority of homeowners and rental policies cover theft of personal belongings, including your car keys. The exact details of the coverage can differ from one insurance company to the next, so make sure to review the policy's conditions and terms carefully.
While the majority of motorists are aware of the importance of having a functional and working car key, they fail to realize that even a well-functioning key can be damaged. Keys are prone to cracks, scratches and other forms of damage, which makes them more prone to be damaged or stolen. Most of these problems can be solved with regular maintenance and preventive maintenance.
Are keys covered for wear and tear?
Typically, car keys aren't covered under your car insurance policy. Instead, you can purchase a separate car key replacement cover to get assistance with replacing keys that have been stolen or lost. The question of whether this type of protection is worth it, however will depend on a variety of factors.
The cost of coverage is the first thing you need to be considered. The replacement of your keys might not be as costly as you think. It is possible to purchase keys at a lower cost than the insurance deductible depending on whether you have electronic key fobs, traditional turn-key ignitions or both.
You should also consider the cost of making an insurance claim. Your car insurance policy might require you to pay your deductible prior any claims being paid. If the total cost of your car key replacement exceeds your deductible, it's unlikely that you'll be able to be able to benefit from making claims.
Another factor to consider is whether or not your renters or homeowners insurance policy covers for keys 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. However, it is important to note that your deductible will still be applicable and you may end up paying for the keys stolen by yourself.
It is also advisable to check with your dealership to see if it offers any specific coverage for keys in the buying process. If you buy this insurance when you purchase your car you can save money in the future should you need to replace keys.
Some providers offer key replacement coverage as an optional product or add-on. The extra cost of this coverage will depend on the specific requirements you have and how much you're able to pay each month to pay for your policy. If you choose to purchase this coverage, make sure to keep the receipts so that you can claim the insurance in the event keys get lost or stolen.
Do I have to submit a claim for key replacement?
If you have extensive auto insurance, your policy could cover keys lost. Alternatively, the insurer may offer key replacement cover as an option at an additional cost. Some insurers have national networks of locksmiths who can provide you with the services needed to replace your keys, or recode your immobiliser, even if the key was never removed 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 which need to be programmed to start the vehicle.
You'll also need to call your insurance company and provide the necessary documents. You will also need to contact the insurance company and provide the required documents. Certain providers offer cashless settlements when you visit one of their garages in their network and get your key replaced. You'll need to make sure that the replacement costs don't exceed your deductible and you meet other requirements set by the insurance company.
In the majority of cases, filing a claim is not worth the cost of a stolen or lost key. This is because the typical car insurance deductible is $1000 and keys can cost $200-$500 each to replace. It's typically cheaper to buy new keys yourself when you have spare keys. You'll also be able to avoid the possibility of your future premiums rising due to making claims.
However, if you own items that were stolen from your car that are covered by other types of insurance like homeowners or renters, it may be worth submitting an insurance claim. This is especially true if you have a low-deductible and the item is valuable or difficult to replace.
Although it's not likely, some insurance companies may allow you to add an individual property endorsement to your policy that will cover the loss of car keys. This type of coverage 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 file a Claim for Key Replacement if I've left the Keys in the Car?
Your state and insurer will decide if you are able to make a claim when someone steals your keys. Certain states have laws that allow you to get key replacement cover as part of your comprehensive or other than collision insurance however, some states don't allow. It is also important to know that if your keys are stolen while your vehicle is unlocked with the engine running and it is was parked in a public area and you are unable to claim the loss through your auto insurance. You may be able to file a claim under your car or property insurance.
The act of leaving keys in your car is considered to be negligence, therefore, most insurers will reject an insurance claim. In some instances, you may be able to file claims through your home insurance, or a roadside service plan which provides locksmith services. Certain plans contain a specific section regarding keys that have been stolen or lost. A claim check here for keys that were stolen from your car is not worth filing unless there's been an accident that is major or caused damage to the vehicle.
Even if it is, it can be risky to file a claim to recover the cost of a lost or stolen key. For example, if you file a claim for lost keys and you find that the theft wasn't caused by a covered event such as a fire in a vehicle or a tornado, your auto insurance premium could increase.
If you lose keys to your car it's usually cheaper to replace them than file an insurance claim to cover the cost of a new vehicle. Replacing your standard key can be relatively inexpensive and most likely you'll not have to pay more than the deductible on your policy. A transponder or smart key can cost you up to $200 or even more, when you consider the cost of labor and the hourly cost for programming.