Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Getting them back isn't easy. It's also costly to replace your keys, particularly in the case of a sophisticated key fob.
Thankfully comprehensive car insurance (sometimes called "other than collision" coverage) could be able to cover the cost of stolen or lost keys. But is it worth the expense?
What is the Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an additional policy in a comprehensive car insurance plan that helps reimburse the cost of repair or replacement of the keys of the insured vehicle or locks in the event of them being lost, stolen, lost damaged or broken. This policy is available online, easy to purchase and settle, and won't affect the eligibility of your no-claim bonus at the time of renewal.
However, it's important to remember that claiming lost or stolen keys may not be worthwhile depending on the cost of replacing them as well as your insurance deductible for car. Replacement of mechanical keys that are older can be less expensive, whereas remote car keys that have high-tech features may cost more. In these cases claims for replacement keys could easily exceed your insurance deductible. Also, if you file a claim to cover the loss of your keys, the claim will be recorded on your claim record and could result in higher premiums when it comes time for renewal.
If you're looking for an insurance plan for your vehicle that covers key replacement, choose a policy that has an affordable or no deductible. This will allow you to save money. Compare quotes from various insurance providers to get the best deal.
The procedure for claiming key replacement coverage differs by insurance company. In the majority of instances, you'll need notify the insurer of the incident immediately and provide all necessary documentation to your insurance company. You'll have to submit the police FIR that is among the most crucial documents when filing an insurance claim for your car.
Many renters and home policies provide key replacement coverage. You can also make claims under the personal property protection insurance. The majority of homeowners and rental insurance policies provide protection against theft of personal items including car keys. The specifics of the coverage can differ between different insurance companies, so make sure to review the policy's terms and condition carefully.
While the majority of drivers are aware of the importance of having a functioning and functioning car key, they fail to know that even a functional key could be damaged. Keys are prone to cracks, scratches and other types of damage. This increases the likelihood that they will be lost or broken. Most of these issues can be solved with regular maintenance and preventive care.
Are keys protected against wear and tear?
Typically, car keys aren't covered by your car insurance policy. Instead, you can purchase an additional key replacement policy to get assistance in replacing your keys that were stolen or lost. The decision on whether this kind of insurance is worth the cost, however is contingent on a variety of factors.
The cost of insurance is the first thing to take into consideration. Replacing your keys might not be as expensive as you might expect. In fact, based on the kind of keys you have like electronic key fobs or traditional turn-key ignitions, it's possible for them to be less expensive than your policy cost deductible.
It is also important to consider the cost of making an insurance claim. Your car insurance policy might require you to pay your deductible prior to any claims being paid. If the cost of replacing your car keys is greater than your deductible it is unlikely that you'll benefit from filing a claims.
If you have a home or renters insurance policy it is crucial to determine if the policy covers stolen or lost keys. Personal property insurance is typically provided by these policies and will cover the theft of keys, as and other items taken from your website home. However, it's important to remember that your deductible may be applicable and you may end up paying for keys that were stolen yourself.
It is also advisable to check with your dealership to see whether they offer any special coverage for keys as part of the purchase process. Purchasing this coverage at the time of your vehicle purchase will help you save money if you ever require replacing your keys in the future.
The majority of car insurance policies do not include the essential replacement coverage, but some providers do offer it as an option or as a separate product. The extra cost of this policy will depend on the specific requirements you have as well as the amount of you are able to afford each month to cover your policy. If you do choose to purchase this coverage be sure to keep the receipts in order that you can claim the insurance in the event that keys get lost or stolen.
Do I need to file an Claim for a Key Replacement?
If you have extensive auto insurance, your policy could cover lost keys. Additionally, the insurer might offer key replacement coverage as an optional extra for an additional cost. Some insurers have national networks of locksmiths who offer services needed to replace your keys, or recode your immobiliser even if the key was never actually taken from the vehicle. This is a valuable service in the event that your keys are forever lost or if you are locked from your car particularly since many vehicles come equipped with electronic ignition systems that need to be programmed in order to start the engine.
You'll also need to call your insurance provider and provide the required documents. You'll also have to contact the insurance provider and provide them with the appropriate documents. Some providers will offer cashless settlement when you visit one of their network garages to get your key replaced. You'll have to ensure that the replacement cost doesn't exceed your deductible and that you meet the other requirements established by the insurer.
In the majority of instances, it's not worth filing an insurance claim for a stolen or lost key. This is because the average insurance deductible for a brand new vehicle is $1000, whereas keys can cost between $200 and $500. If you have a spare key, it's usually cheaper to pay for new keys out of pocket. It will also prevent the possibility of having your insurance premiums rise in the future as a result.
It could be worthwhile to file claims if the items that were taken from your vehicle are covered by another type of insurance, for example homeowners' or renters'. This is especially true if you have a low-deductible and the item is expensive or difficult to replace.
It's unlikely but some car insurance companies will allow you to add an endorsement to your policy to protect the loss or theft of your car keys. This kind of insurance is usually offered as an addition to the comprehensive coverage and it's important to speak with the insurance company regarding your options before you purchase an automobile.
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 are able to claim compensation in the event that you lose your keys. Certain states permit the purchase of key replacement coverage as part of comprehensive or other than collision insurance, but other states do not allow. Additionally, you should be aware that if your keys get stolen while your car is locked with the engine running and the car located in a public space it is not possible to claim the loss through your auto insurance. You may be able make an insurance claim under your property or vehicle insurance.
Leaving your keys in the car is considered to be negligence therefore, most insurers will deny a claim. In some instances, you may be able to file claims through your home insurance plan, or a roadside service plan that offers locksmith services. Certain plans include a specific section for keys that have been stolen or lost. In general, however the claim for stolen keys won't be worth filing unless it's to do with a significant damage or loss to your car.
Even so, filing a claim for the cost of a lost or lost key could be risky. For instance, if you submit a claim to recover lost keys, and it is determined that the theft was not caused by an event covered like a car fire or a tornado, your auto insurance premium could rise.
If you lose your car keys it's usually cheaper to replace them than make an insurance claim to cover the cost of buying a new car. Replacing your standard key can be fairly inexpensive and most likely you'll pay less than the deductible of your insurance policy. A transponder or smart card could cost you up to $200 or even more, when you consider labor rates and the hourly charge for programming.