Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost our keys in the car. Getting them back can be a pain. It's also not cheap to replace your keys, particularly in the case of a sophisticated key fob.
Thankfully, comprehensive auto insurance (also referred to "other than collision coverage") could be able to cover the cost of keys that are lost or stolen. But is it worth the risk?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an additional policy that is part of a comprehensive car insurance plan that helps reimburse the cost of replacing or repairing keys to the insured vehicle's lockset in the event that they are lost, stolen, lost, damaged or broken. The policy is accessible on the internet, is simple to purchase and settle, and it doesn't affect your no-claim bonus eligibility at the time of renewal.
It's important to note that the cost of replacing stolen or lost car keys as well as your insurance deductible could not be worth it. Replacement of mechanical keys that are older may be cheaper, while remote car keys with high-tech features could be more expensive. In such cases, a key replacement claim could easily be more than your policy deductible. If you file a claim for the loss of your keys, the incident will stay on your claim record, which can lead to higher rates at the time of renewal.
If you are looking for an insurance plan for your vehicle that covers car key replacement, choose a policy that has a low or zero deductible. This will allow you to save money. Compare quotes from a variety of insurance companies to find the best deal.
The process of claiming coverage for car keys varies by insurance company. In the majority of instances, you'll need report the incident promptly and provide all necessary documentation to your insurance company. You'll need to file the police FIR which is among the most important documents when filing claims for insurance coverage for cars.
Many renters and homeowners policies provide key replacement coverage. You can make a claim under the personal property protection coverage. The majority of homeowners and renters insurance policies cover thefts of personal items such as keys to cars. The specifics of the coverage could differ from one insurer to another and therefore it is important to review the policy's terms and condition carefully.
While the majority of drivers are aware of the importance of having a functioning and working car key, they fail to know that even a functional key can be damaged. Keys are prone to cracks, scratches and other forms of damage. This increases the likelihood that they will be stolen or damaged. Fortunately, most of problems can be solved with a bit of preventive care and regular maintenance.
Are keys covered against wear and tear?
Car keys are not covered by your auto insurance policy. Instead you can purchase a separate car key replacement policy to get assistance with replacing your keys that were stolen or lost. Whether this type of coverage is worth the cost, however is contingent on a variety of factors.
The cost of coverage is the first thing you need to take into consideration. Replacing your keys may not be as expensive as you'd think. It is possible to purchase keys cheaper than your insurance deductible, depending on whether you have electronic key fobs traditional turn-key ignitions, or both.
You should also consider the cost of filing claims. Your car insurance policy may require you to pay your deductible prior to any claims being paid. If the total cost of your car key replacement is greater than the deductible, it's unlikely that you'll be able to benefit from making claims.
Another factor to take into consideration is whether your renters or home insurance policy provides any coverage for lost or stolen keys. Generally, personal property insurance offered by these policies will include the theft of your keys, in addition to other items stolen from inside or outside your home. However, it's important to keep in mind that your deductible will apply and you may end up paying for keys that were stolen yourself.
It is also advisable to check with your dealer to find out whether it provides any special coverage for keys in the buying process. If you purchase this coverage when you purchase your car you can save money in the future if you have to replace keys.
Most standard car insurance policies don't include key replacement coverage, but some companies offer it as an optional add-on or a standalone product. The cost of this policy will depend on the specific needs you have and how much you are able to afford each month to cover your insurance. If you opt to purchase this insurance ensure that you keep the receipts so that you can claim the insurance in the event your keys are lost or stolen.
Do I Need to File an Claim for a Key Replacement?
If you have comprehensive car insurance, lost keys may be covered read more under the policy. The insurer may also offer key replacement services as an option at an additional charge. Some insurers have a nationwide network of locksmiths who can replace your keys or recode the immobiliser even if have never removed the key from your car. This service can be invaluable if you have lost your keys forever or you are locked out of your vehicle. A lot of cars have electronic ignition systems that need to be programmed in order to start the car.
If your car keys are stolen, you'll have to file a claim with the police and file the first report. You'll also need to contact the insurance provider and provide the required documents. Some providers offer cashless settlements when you visit one of their garages and have your key replaced. You must ensure that the replacement cost is not more than the deductible and that you comply with other conditions set by the insurer.
In the majority of cases, filing a claim is not worth it for the loss or theft of a key. This is because a typical car insurance deductible is $1000. Likewise, keys can cost $200-$500 each to replace. It's generally cheaper to buy new keys yourself when you have spare keys. It also eliminates the chance of future premiums increasing as a result of making a claim.
It may be worth filing an insurance claim if the items that were stolen from your vehicle are covered by another type of insurance, such as homeowners' or renters'. This is especially true if you have a low-deductible and the item is expensive or difficult to replace.
Although it's not likely, some car insurance providers may permit you to add a personal property endorsement to your policy to be able to cover the loss of your keys to your car. This type of insurance could be added to comprehensive insurance. It's best to discuss your options with your insurance provider before you purchase a vehicle.
Can I file a claim for replacement of my keys if I've left the keys in the car?
Your state and insurer will decide if you can claim a reimbursement when you lose your keys. Certain states permit you to purchase key replacement coverage as part of comprehensive or other than collision insurance, while other states do not allow. You should also be aware that you won't be able to make a claim for your auto insurance if you lose your keys while the vehicle is unlocked, the engine is running, and the vehicle is parked in a public space. You may be able to file a claim under your property or vehicle insurance.
Most insurance companies will not pay out if you leave your keys in the car. This is because it is considered to be negligence. In some cases you may be eligible to file a claim through your home insurance plan or a roadside assistance plan that provides locksmith services. Some of these plans have a section that deals with keys that are stolen or lost. In general, it is possible to file a claim for keys stolen won't be worth filing unless it's to do with a major damage or loss to your car.
Even so, filing a claim for the cost of a stolen or lost key could be risky. For instance, if make a claim for lost keys and you find that the theft wasn't caused by an event covered like a car fire or a tornado, your auto insurance premium could rise.
It's usually more affordable to replace your car keys if you lose them than to file a claim to cover the cost of replacing your car. The replacement of your regular keys can be relatively inexpensive, and it's likely that you'll not have to pay more than the deductible on your policy. However, a smart or transponder key can drive replacement costs up to $200 or more, especially when you take into account labor rates and hourly charges for programming.