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 can be expensive, especially in the case of a key fob.
Thankfully, comprehensive car insurance (sometimes called "other than collision" coverage) may cover the cost of lost or stolen keys. But is it worth the risk?
What is the primary replacement Protection in a Car Insurance Policy?
Car Key Replacement Cover is an additional policy included in a comprehensive insurance plan that assists in paying the cost of repair or replacement of the insured vehicle's keys or lock/lockset in case they get lost, stolen, or misplaced damaged or destroyed. The policy is available online, easy to purchase and settle and won't affect your no-claim bonus at the time of renewal.
It is important to remember that the cost of replacing stolen or lost car keys and your insurance deductible might not be worth it. Outdated mechanical keys are less expensive to replace, however, high-tech remote keys for cars can be expensive. In these instances the cost of key replacement could easily exceed your deductible. If you submit a claim based on the loss of keys, it will be recorded on your claim record which could result in more expensive renewal fees.
If you're in the market for an insurance plan for your car that is comprehensive which includes key replacement coverage, look for a policy that has an affordable deductible or no deductible to get the most of your funds. It's recommended to compare quotes from various insurance providers to find the best deal.
The process for claiming insurance for car keys differs by insurance company. In the majority of cases, it's essential to notify your insurance provider of the incident as soon as you can and to provide any documentation that could be required. You'll need to file the police FIR, which is one of most important documents to file an insurance claim for your car.
Many renters and home policies provide key replacement coverage. You can make a claim under the personal property protection coverage. This is because most rental and homeowners policies cover theft of personal belongings including keys to your car. However, the exact terms of this coverage can vary from insurer to insurer, so it's essential to check the policy terms and conditions carefully.
Many drivers are aware of how crucial it is to have a functioning and functioning car key. However, they are unaware that even a key that functions well can be damaged. Keys are prone to cracks, scratches, and other kinds of damage, which makes them more prone to be damaged or stolen. Fortunately, the majority of these issues can be easily solved with a bit of preventive maintenance and regular maintenance.
Are Keys Protected from Wear and Tear?
Typically, keys for cars aren't covered by your car insurance policy. You can instead buy a separate insurance policy for keys to your car to receive assistance in replacing the keys you lost or stolen. The decision on whether this kind of insurance is worth it, depends on a number of factors.
The cost of insurance is the first thing you need to be considered. Replacing your keys might not be as costly as you'd think. You can get keys for less than your insurance deductible, depending on whether you have electronic key fobs traditional turn-key ignitions or both.
It is also important to take into consideration the cost of filing an insurance claim. Your car insurance policy may require you to pay your deductible prior to any claims being settled. If the total cost of your car key replacement exceeds your deductible, it's unlikely you will gain from filing an insurance claim.
If you have a homeowners or renters insurance policy it is essential to check if your policy covers theft or loss of keys. In general, personal property coverage that is provided by these policies will include the theft of your keys in addition to other items that are taken from outside or inside your home. However, it is important to keep in mind that your deductible may be in effect and you could end up paying for the stolen keys yourself.
Also, check with your car dealership to see if they offer any special coverage for keys as part of the purchase process. In the time of your car purchase will help you save money in the event that you require replacement keys in the future.
The majority of standard automobile insurance policies don't offer the essential replacement coverage, but certain providers offer it as an option or as a separate product. The cost of this insurance will depend on the specific requirements you have and the amount of you are able to afford each month to pay for your insurance. Keep the receipts in case you decide to purchase this coverage. You can file a claim if you lose or take your keys.
Do I need to file an Claim for a Key Replacement?
If you have comprehensive car insurance, your lost keys may be covered by the policy. The insurer may also offer the replacement of keys as an optional extra for an additional cost. Certain providers have national networks of locksmiths who offer services required to replace your keys or recode your immobiliser even if the key was never actually taken from the vehicle. This service can be invaluable if you have lost your keys for the last time or have been locked out of your vehicle. Many cars come with electronic ignition systems that require to be programmed to start the vehicle.
If your car keys were stolen, you'll have to file a claim with the police and submit the first report. You'll also need to contact your insurance company and provide the necessary documents. Some companies will provide cashless settlement if you go to one of their garages in their network to have your key replaced. You'll need to ensure that the replacement cost is not more than your deductible, and that you adhere to any other requirements outlined by the insurer.
In the majority of cases it's not worth filing a claim for a lost or stolen key. It's because the typical car insurance deductible for a new vehicle is $1000, whereas keys can cost $200 to $500 each. It's typically cheaper to buy new keys yourself when you have spare keys. It also eliminates the chance of your future premiums rising as a result of making an claim.
However, if you have items stolen from your vehicle that are covered by other kinds of insurance, such as renters or homeowners, it may be worth submitting a claim. This is especially true if your object was expensive read more or difficult to replace and you have a small deductible.
It's not likely, but certain car insurance companies will allow you to add an endorsement to your policy to protect the loss or theft of the car keys. This kind of insurance is usually offered as an additional benefit to the comprehensive coverage which is why it's crucial to consult with your insurance company about the options available before purchasing the car.
Can I file a claim for key replacement if I have left the keys in the car?
If you leave your keys in the car and they are stolen, the answer to whether or not you are able to file a claim will depend on the state you live in and the insurer you choose to use. Certain states have laws that permit you to obtain keys replacement coverage as part of your comprehensive insurance or other than collision insurance however, some states don't allow. It is also important to know that if your keys get stolen while your vehicle is unlocked, with the engine running and the car located in a public space and you are unable to make a claim through your auto insurance. However, you might be able to make a claim through the insurance on your property or vehicle on your policy.
Inputting your keys in the car is considered to be negligence, therefore, most insurers will deny a claim. In certain instances, you might be able to file a claim through your home insurance or a roadside assistance plan that provides locksmith services. Some of these plans have sections that deal with keys that are stolen or lost. In general,, a claim for keys stolen won't be worthwhile unless it is connected with a major loss or damage to your car.
Even then the filing of a claim for 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 event such as a fire in a vehicle or an earthquake, your car insurance premium could go up.
It's usually cheaper to replace your car keys in the event that you lose them than it is to file a claim for the cost of replacing your car. Replacing your regular key can be relatively inexpensive and most likely you won't pay more than the deductible of your insurance policy. A transponder or smart card could cost up to $200, or even more, when you consider the cost of labor and the hourly cost for programming.