Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost our keys in the car. Getting them back can be a hassle. It's also expensive to replace your keys, particularly in the case of a sophisticated key fob.
Fortunately, comprehensive auto insurance (also known as "other than collision coverage") can cover the cost for keys that are stolen or lost. But is it worth claiming?
What is the Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an add-on policy that is part of a comprehensive car insurance plan that covers the cost of repair or replacement of the insured vehicle's keys or lockset in the event that they are lost, stolen, or misplaced damaged or broken. It is simple to buy and settle online. It does not affect your chances of the no-claim bonus when renewing.
It's important to note that the cost of replacing lost or stolen keys to your car and also your insurance deductible might not make it worthwhile. Mechanical keys that are old and worn-out are less expensive to replace, and high-tech remote car keys are expensive. In these cases claims for replacement keys could easily be more than your policy deductible. If you file a claim due to the loss of keys it will be recorded on your claim record, which could lead to higher renewal premiums.
If you are looking for an insurance plan for your vehicle that covers key replacement opt for a policy with a low or zero deductible. This will allow you to save money. Compare quotes from different insurance providers to get the best deal.
The procedure for claiming key replacement coverage differs by insurer. In most instances, you'll need notify the insurer of the incident immediately and provide all necessary documentation to your insurance provider. You'll also have to submit an FIR to the police, which is one of the most important documents required for an insurance claim for a car.
Many renters and homeowners policies provide key replacement coverage. You can also make claims under the personal property protection coverage. This is because the majority of rental and homeowners policies cover theft of personal belongings, including your car keys. However, the exact details of this coverage can vary from insurer to insurer, which is why it is important to read the policy terms and conditions carefully.
Most drivers know how important it is to have a working and functioning car key. However, they are unaware that even a key that functions well can be damaged. Keys are susceptible to cracks, scratches and other types of damage, which makes them more likely to break or even be stolen. Fortunately, the majority of problems can be addressed with a small amount of preventive care and regular maintenance.
Are Keys Protected from Wear and Tear?
Typically, keys for cars aren't covered under your car insurance policy. You can opt to purchase a separate protection for your car keys to get assistance in replacing your lost or stolen key. Whether this type of coverage is worth it is contingent on a variety of factors.
The cost of insurance is the first thing to be considered. Replacing your keys might not be as costly as you think. It's possible to get keys cheaper than your insurance deductible depending on whether you have electronic key fobs traditional turn-key ignitions or both.
It is also important to consider the cost of filing a claim. No matter if you have comprehensive coverage, your car insurance policy may require that you pay your deductible prior to any damage claims are settled. If the total cost of your vehicle key replacement exceeds the deductible, it's unlikely you'll gain from filing claims.
If you have a homeowners or renters policy, it is important to check if your policy covers lost or stolen keys. 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's important to note that your deductible may be in effect and you could end up paying for the keys that were stolen yourself.
In the end, you should check with your car dealership to find out if they provide any specific key-related insurance as part of the buying process. If you choose to purchase this coverage when you purchase your car you can save money in the future should you need to replace the keys.
The majority of standard car insurance policies don't include important replacement coverage, however certain providers offer it as an optional option or as a separate product. The cost of this policy will depend on the specific needs you have and how much you're able to pay each month to pay for your insurance. If you choose to purchase this coverage, make sure to keep the receipts in order that you can claim the insurance in the event that your keys are lost or stolen.
Do I need to file an Claim for a Key Replacement?
If you have comprehensive auto insurance, the loss of keys may be covered under the policy. Additionally, the insurer might provide a key replacement service as an optional extra for an additional cost. Certain insurers have a national network of locksmiths who will replace your keys or reset the immobiliser even if have never removed the key from your car. This is an extremely useful service when your keys are lost or you find yourself locked from your car especially since a lot of cars come equipped with electronic ignition systems that need to be programmed to start the engine.
If your car keys have been stolen, you'll need to make a claim with the police and submit a first information report. You will also need to contact the insurance provider and provide them with the appropriate documents. Some providers will offer cash-free settlements if you visit one of their network garages to replace your key. You must ensure that the replacement cost does not exceed your deductible, and you comply with other requirements outlined by the insurance company.
In the majority of cases, filing a claim is not worth it for the loss or theft of a key. It's because the standard insurance deductible for a new vehicle is $1000, but your keys may cost between $200 and $500. It's typically cheaper to purchase new keys yourself when you have spare keys. You will also avoid having your premiums increase in the future due to.
However, if you own items stolen from your vehicle that are covered by different types of insurance, such as renters or homeowners, it may be worth filing claims. This is especially true if your object was expensive or difficult to replace and you have a low deductible.
While it's unlikely, some car insurance providers may allow you to add an individual property endorsement to your policy that will cover the loss of car keys. This type of coverage is typically provided as an addition to comprehensive coverage, so it's important to consult with your insurance company about the options available before purchasing the car.
Can I make a claim for a key replacement if I left keys in the car?
If you leave your keys in the car and someone steals them, the answer to whether or not you're able to file a claim will depend on your state and insurer. Some states have laws that permit you to obtain keys replacement coverage as part of your comprehensive or other than here collision coverage and some don't. It is also important to know that if your keys get stolen while your car is unlocked with the engine running and the vehicle parked in a public place, you won't be able to claim the loss through your auto insurance. You may be able to file a claim under your car or property insurance.
Inputting your keys in the car is considered negligence, so most insurers will reject a claim. In certain cases, you might be able file a claim with your home insurance plan, or a roadside service plan that offers locksmith services. Some of these plans include sections that deal with keys that have been stolen or lost. A claim for keys stolen from a car is not worth filing unless there's an accident that is major or caused damage to the vehicle.
Even so, filing a claim for the cost of a stolen or lost key can be risky. For instance, if file a claim for lost keys, and it is determined 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.
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 car. Replacing your regular keys is relatively inexpensive and there's a high chance it won't cost more than the deductible of your policy. A transponder or smart card could cost as much as $200, or even more, when you take into account the cost of labor and the hourly cost for programming.