Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost keys in the car and it can be a big trouble to retrieve them. It's also expensive to replace your keys, especially when you have a high-tech key fob.
Thankfully Comprehensive car insurance (sometimes referred to as "other than collision" coverage) can cover the cost of stolen or lost keys. But is it worth the risk?
What is the key replacement coverage in Car Insurance?
The Car Key Replacement Cover is a policy that can be added to an overall auto insurance plan. It helps reimburse the cost of replacing or repairing keys or locks in the event that they are lost, stolen, or damaged. This policy is easy to purchase and settle online. It will not affect your ability to claim the no-claim bonus when renewing.
However, it's worth noting that claiming for keys stolen or lost might not be worthwhile depending on the cost of replacing them and your insurance deductible for car. Outdated mechanical keys cost less to replace, while high-tech remote car keys are expensive. In these cases the cost of key replacement can easily exceed your deductible. If you make a claim due to the loss of keys, it will remain on your claims record and could result in higher renewal premiums.
If you're in search of a comprehensive auto insurance plan that covers key replacement make sure you select a plan with an affordable or no deductible. This will help you save money. It's also a good idea to compare quotes from different insurance providers to find the most affordable price.
The process for claiming insurance for keys to your car varies depending on the insurance company. In the majority of instances, it is important to inform your insurance company of the incident as soon as you can and to provide any documentation that may be required. Also, you'll need to file a police FIR, which is one of the most important documents required for an insurance claim for a car.
While the majority of car insurance policies don't include key replacement coverage, some home and renters insurance policies allow you to make a claim under personal property protection insurance. The majority of homeowners and renters insurance policies cover thefts of personal items including car keys. However, the exact details of this coverage could differ from insurer to insurer, which is why it is essential to review the policy's terms and conditions carefully.
While the majority of drivers are aware of the importance of having a functional and functioning car key, they fail to know that even a functional key can be damaged. Keys are susceptible to cracks, scratches and other forms of damage. This makes them more prone to be stolen or damaged. Fortunately, the majority of these issues can be resolved with a little bit of regular maintenance and preventive care.
Are Keys Protected from Wear and Tear?
Car keys aren't covered by your insurance policy for your automobile. You can opt to purchase a separate cover for car keys to get help in replacing the keys you lost or stolen. The decision on whether this kind of insurance is worth it is contingent on a variety of factors.
The cost of insurance is the first thing to consider. The replacement of your keys might not be as costly as you think. In fact, based on the kind of keys you have such as electronic key fobs or traditional turn-key ignitions, it's possible that they could be less expensive than your policy cost deductible.
It is also important to consider the cost of submitting an insurance claim. Your car insurance policy may require you to pay your deductible prior to any claims being paid. If the total cost of the key replacement exceeds the deductible, it's unlikely that you will benefit from making an insurance claim.
If you have a home or renters policy it is crucial to determine if the policy covers stolen or lost keys. Personal property insurance is typically included in these policies and will cover the theft of keys, as along with other items that are stolen from your home. It is important to remember that your deductible may be in effect and you could end up paying for stolen keys yourself.
You should also check with your dealer to find out whether it provides any specific coverage for keys in the buying process. If you purchase this coverage when you purchase your vehicle you can save money in the event that you have to replace keys.
Certain providers offer essential replacement coverage as an optional product or an add-on. The cost of this policy will depend on the specific needs you have as well as the amount of you're able to pay each month to cover your insurance. If you do choose to purchase this coverage, make sure to keep the receipts so that you can claim the insurance in the event your keys are lost or stolen.
Do I need to make a claim for a key replacement?
If you have comprehensive auto insurance, your policy could cover keys lost. Additionally, the insurer might provide a key replacement service as an optional extra for an additional cost. Certain providers have nationwide networks of locksmiths who can provide you with the services required to replace your keys, or recode your immobiliser even if the key was never removed from the vehicle. This can be an invaluable service in the event that your keys are forever lost or if you find yourself locked from your car, especially as many cars come equipped with electronic ignition systems that have to be programmed to allow the engine to start.
You'll also need to call your insurance provider and submit the necessary documents. You'll also have to contact your insurance provider and submit the required documents. Some providers will offer cash-free settlements if you go to one of their garages in their network to have your key replaced. You'll have to ensure that the replacement cost doesn't exceed your deductible, and that you meet other requirements set by the insurer.
In most instances it's not worth submitting a claim for a stolen or lost key. This is because the average insurance deductible for a new vehicle is $1000, but your keys may cost between $200 and $500. If you have a spare, it's generally more affordable to pay for the new keys out of your pocket. You'll also avoid increasing your premiums in the future as a result.
It could be worthwhile to file claims if the items that were stolen from your vehicle are covered by a different type of insurance, like renters' or homeowners'. 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 that covers the loss or theft of your car keys. This kind of insurance is typically provided as an add-on to a comprehensive insurance policy which is why it's crucial to talk to your insurance company about your options prior to purchasing a car.
Can I file a claim for replacement of my keys if I've left keys in the car?
If you leave your keys in your car, and someone takes them away, the answer to whether or not you're able to file a claim will depend on your state and the insurance company. Some states allow the purchase of key replacement coverage as part of comprehensive insurance or other than collision insurance, whereas others do not. Also, you should know that if your keys get stolen while your car is unlocked with the engine running and the car parked in a public place it is not possible to claim the loss through your auto insurance. You may be able make a claim under your property or vehicle insurance.
The majority of insurers won't pay out if you leave your keys in the vehicle. This is because it's considered to be negligence. In certain cases, you might be able to file a claim through your home insurance plan or a roadside assistance plan that offers locksmith services. Certain plans offer an area that addresses keys that are stolen or lost. A claim for keys stolen from a car is not worthwhile unless there's a major accident or damage to the vehicle.
Even then, it can be risky to file a claim to recuperate the cost of a lost or stolen key. For instance, if you make a claim for lost can keyless car be stolen keys and you find that the theft was not caused by a covered incident like a car fire or a tornado, your auto insurance premium could go up.
It's generally more affordable to simply replace your car keys in the event that you lose them than it is to file a claim for the cost of replacing your vehicle. The replacement of your regular keys is relatively cheap and most likely you'll pay less than the deductible of your insurance policy. On the other hand a transponder or smart key could increase replacement costs up to $200 or more, particularly when you take into account labor rates and hourly charges for programming.