Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Finding them isn't easy. It's also costly to replace your keys, especially when you have a high-tech key fob.
Fortunately comprehensive car insurance (sometimes called "other than collision" coverage) can cover the cost of stolen or lost keys. But is it really worth it?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an additional policy included in a comprehensive insurance plan that assists in paying 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. This policy is available online, 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 keys to your car and also your insurance deductible might not make it worthwhile. Keys that are worn out and damaged are less expensive to replace, however, high-tech remote keys for cars are expensive. In these instances, a key replacement claim could easily exceed your insurance deductible. If you file a claim to cover the loss of your keys, the incident will remain on your claims record and could result in higher premiums at the time of renewal.
If you're in the market for an insurance plan for your car that is comprehensive that offers car key replacement coverage, look for a policy that has an affordable deductible or no deductible to get the most out of your money. It's recommended to compare quotes from various insurance companies to find the best price.
The process for claiming car key replacement coverage varies by insurer. In most cases, it's essential to inform your insurance company of the incident as soon as possible and to provide any documentation that could be required. Also, you'll need to file a police FIR, which is one of the most important documents required for the insurance claim of a car.
While most car insurance policies don't include key replacement coverage, some renters and homeowners insurance plans allow you to claim through personal property protection coverage. Most rental and homeowners insurance policies provide protection against theft of personal items including keys to cars. The exact details of the coverage may vary from one insurance company to the next, so make sure to read the policy conditions and terms carefully.
Most drivers are aware of how important it is to have a functioning and functioning car key. However they don't realize that even a key that functions well can be damaged. Keys are vulnerable to scratches, cracks, and other kinds of damage, which makes them more prone to be damaged or stolen. The majority of these issues can be resolved by regular maintenance and preventive maintenance.
Are Keys Covered for Wear and Tear?
Typically, car keys aren't covered under your car insurance policy. You can opt to purchase a separate protection for car keys to get help in replacing keys that have been stolen or lost. The decision on whether this kind of insurance is worth it, depends on a number of factors.
The cost of coverage is the first thing to consider. Replacing your keys may not be as costly as you think. In fact, depending on the type of keys you have, such as electronic key fobs or traditional turn-key ignitions it's possible that they will be less expensive than your insurance cost deductible.
You should also factor in the cost of making claims. No matter if you have comprehensive coverage, your car insurance policy may require you to pay your deductible prior to any damage claims are paid. If the total cost of your vehicle key replacement is greater than your deductible, it's unlikely you will benefit from filing an insurance claim.
Another factor to be aware of is whether your home or renters insurance policy covers for keys stolen or lost. Personal property protection is usually provided by these policies and will cover the theft of keys, as along with other items that are stolen from your home. It is important to note that your deductible may be applicable and you may end up paying for the stolen keys yourself.
You should also check with your dealership to see whether it provides any specific coverage for keys in the buying process. If you purchase this coverage when you buy your vehicle, you can save money in the future if you need to replace keys.
Certain providers offer key replacement coverage as an optional service or add-on. The cost of this policy will depend on the specific needs you have and the amount of you are able to afford each month to cover your policy. Keep the receipts in case you decide to purchase this coverage. You can then make a claim should you lose or take your keys.
Do I have to file a Claim for Key Replacement?
If you have extensive auto insurance, your policy could cover keys lost. The insurer may also offer the replacement of keys as an optional service with a cost. Some insurers have nationwide networks of locksmiths who offer services needed to replace your keys or recode your immobiliser, even in the event that the key was not removed from the vehicle. This is a valuable service if your keys are permanently lost or if you are locked from your car especially since a lot of cars have electronic ignition systems that need to be programmed in order to start the engine.
If your car keys have been stolen, you'll have to file a claim with the police and file a first information report. You'll also have to contact your insurance provider and submit the required documentation. Certain providers offer cashless settlements when you visit one of their network garages and request a replacement key. You must ensure that the replacement cost is not more than your deductible, and that you comply with other requirements set forth by the insurance company.
In the majority of cases it's not worth filing claims for a lost or stolen key. This is because a typical car insurance deductible is $1000. Likewise, your keys may only cost $200-$500 each to replace. If you have spare keys key, it's usually cheaper to pay for new keys from your pocket. It also eliminates the chance of future premiums increasing as a result of making claims.
If you do have items stolen from the car that are covered by other kinds of insurance, such as renters or homeowners It could be worthwhile to file a claim. This is especially true if the object was expensive or difficult to replace and you have a small deductible.
It's unlikely, but some insurance companies may get more info allow you to add an endorsement to your policy to cover the loss or theft of the car keys. This kind of insurance is typically provided as an addition to a comprehensive insurance policy, so it's important to talk to your insurance provider about your options before you purchase a car.
Can I file a claim for Key Replacement if I Left the 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 the insurance company. Some states allow the purchase of key replacement insurance as part of comprehensive or other than collision insurance, whereas other states do not allow. Also, you should know that if your keys get stolen while your car is locked with the engine running and the vehicle was parked in a public area and you are unable to claim a reimbursement through your auto insurance. However, you might be able to file claims through your insurance on your property or vehicle on your policy.
Leaving your keys in the car is considered negligence, so most insurers will reject an insurance claim. In some instances, you may be able to file an insurance claim through your home insurance, or a roadside service plan which provides locksmith services. Certain plans have a specific section on lost or stolen keys. A claim for keys that were stolen from your car is not worthwhile unless there's an accident that is major or caused damage to the vehicle.
Even then making a claim to cover the cost of a lost or lost key is risky. For instance, if submit a claim to recover lost keys and you find that the theft wasn't caused by a covered incident like a car fire or an earthquake, your car insurance premium could increase.
It's usually more affordable to simply replace your car keys in the event that you lose them than to file a car insurance claim for the cost of replacing your vehicle. Replacing your regular keys is fairly inexpensive, and there's a good chance that it won't cost more than your policy's deductible. A transponder or smart key can cost up to $200, or more, if you take into account the cost of labor and the hourly charge for programming.