Are Lost Or Stolen Car Keys Covered by Insurance?
We've all tossed keys in the car, and it can be a big trouble to retrieve them. It's also expensive to replace your keys, particularly if you have an advanced key fob.
Fortunately, comprehensive car insurance (sometimes referred to as "other than collision" coverage) can cover the cost of lost or stolen keys. But is it worth the risk?
What is the key replacement coverage in Car Insurance?
The Car Key Replacement Cover add-on is an insurance policy that is added to an overall auto insurance plan. It will pay for the costs of fixing or replacing keys or locks, as well as locksets in the event of them being lost, stolen, or damaged. This policy is available on the internet, is simple to purchase and settle and doesn't impact your no-claim bonus at the time renewal.
However, it's important to remember that claiming for 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 and high-tech remote car keys are expensive. In such cases claims for replacement keys could easily exceed your policy deductible. If you submit a claim based on the loss of keys it will remain on your claims record which could result in higher renewal costs.
If you're looking for a comprehensive auto insurance plan that covers car key replacement opt for a policy that has the lowest or no deductible. This will help you save money. Compare quotes from different insurance providers to get the best deal.
The process for claiming car key replacement coverage varies from insurer to insurance company. In the majority of cases, you'll need to immediately report the incident and provide any necessary documentation to your insurance company. Also, you'll need to file a police FIR, which is one of the most crucial documents needed for a car insurance claim.
While the majority of automobile insurance policies don't provide key replacement coverage, some homeowners and renters insurance policies allow you to claim through personal property protection coverage. The majority of homeowners and rental insurance policies provide protection against theft of personal items, including keys to cars. However, the specifics of this coverage could differ from insurer to insurer, therefore it's essential to check the terms and conditions of the policy carefully.
While the majority of motorists are aware of the importance of having a functional and functioning car key, they fail to realize that even a functioning key can be damaged. Keys are prone to cracks, scratches and other kinds of damage, which makes them more likely to be damaged or stolen. Most of these issues are easily solved by regular maintenance and preventive maintenance.
Are Keys Covered for Wear and Tear?
Car keys are not covered by your auto insurance policy. Instead, you can buy a separate insurance policy for keys to your car to get help in replacing the keys you lost or stolen. This kind of insurance depends on several factors.
The first thing to think about is the cost of the coverage. Replacing your keys may not be as costly as you might expect. It's possible to get keys for less than your insurance deductible dependent on whether you have electronic key fobs traditional turn-key ignitions or both.
You should also consider the cost of filing claims. Whether or not you have complete coverage, your car insurance policy may require that you pay your deductible prior to any damage claims are paid. If the total cost of the key replacement exceeds your deductible, it's unlikely you will be able to benefit from filing an insurance claim.
Another thing to take into consideration is whether your renters or home insurance policy provides any coverage for keys stolen or lost. In general, personal property coverage provided through these policies will cover the theft of your keys in addition to other items taken from outside or inside your home. It's important to remember that your deductible still applies and you could end up having to pay yourself for keys stolen.
You should also check with your dealer to see whether they offer any special coverage for keys as part of the purchasing process. In the time of your vehicle purchase will help you save money in the event that you require replacing your keys in the future.
Certain insurance companies offer essential replacement coverage as an optional feature or add-on. If this coverage is worth the additional cost will depend on your individual requirements and how much you are able to pay on your monthly premiums. Keep your receipts in case you opt to purchase this policy. You can make a claim should you lose or take your keys.
Do I have to file a claim for key replacement?
If you have comprehensive auto insurance, the policy could cover lost keys. The insurance provider may also provide the replacement of keys as an optional service with a cost. Some insurers have national networks of locksmiths that offer services required to replace your keys or change the code of your immobiliser, even in the event website that the key was not removed from the vehicle. This service can be invaluable when you've lost your keys for the last time or are locked out of your vehicle. Many vehicles have electronic ignition systems that need to be programmed to start the car.
If your car keys have been stolen, you'll need submit a claim to the police and submit an initial report. You'll also need to contact your insurance company and provide the required documentation. Certain providers offer cashless settlements if you visit one of their network garages and request a replacement key. You'll need to make sure that the replacement cost doesn't exceed your deductible and that you meet any other requirements set by the insurer.
In most cases the filing of a claim isn't worth it for the loss or theft of a key. It's because the typical car insurance deductible for a brand new vehicle is $1000, whereas your keys could only cost between $200 and $500. It's usually more affordable to purchase new keys yourself if you have spares. You'll also avoid the possibility of your future premiums rising as a result of making an claim.
It might be worthwhile filing a claim if the items that were stolen from your car are covered by a different type of insurance, for example renters' or homeowners'. This is particularly true if the item is valuable or difficult to replace and you have a small deductible.
Although it's unlikely, certain car insurance providers may allow you to add a personal property endorsement to your policy that will protect you from losing your keys to your car. This type of coverage can be added to the comprehensive coverage. It is recommended to discuss your options with your insurance provider before purchasing a vehicle.
Can I file a Claim for Key Replacement if I left the Keys in the Car?
The state you live in and the insurer you choose will decide if you can make a claim if someone steals your keys. Some states have laws that allow you to purchase keys replacement coverage as part of your comprehensive or other than collision coverage however, some states don't allow. You should also be aware that you won't be able to make a claim against your auto insurance if lose your keys while the vehicle is not locked and the engine is running and the vehicle is parked in public. However, you might be able to make an claim through the insurance for property or vehicle protection on your policy.
The act of leaving keys in your car is considered negligence, therefore, most insurers will deny an insurance claim. In certain cases, you might be able file claims through your home insurance, or a roadside service plan that provides locksmith services. Some of these plans might have a specific section on lost or stolen keys. In general, though, a claim for stolen keys won't be worth filing unless it is connected with a major loss or damage to your car.
Even then, it can be risky to file a claim to get back the cost of a lost or stolen key. If you file a lost key claim and it is determined that the loss was not caused by an event such as a car accident or tornado, your insurance premium may go up.
If you lose keys to your car, it's usually cheaper to replace them than to make an insurance claim to pay the cost of a new vehicle. Replacing your regular key can be fairly inexpensive, and it's likely that you'll pay less than the deductible in your insurance policy. 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.