Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost our keys in the car. Finding them can be a hassle. The cost of replacing your keys can be expensive, especially if they are a key fob.
Thankfully Comprehensive car insurance (sometimes called "other than collision" coverage) can pay for the cost of stolen or lost keys. But is it really worth it?
What is the Key Replacement Coverage in Car Insurance Policy?
Car Key Replacement Cover is an added policy that is part of a comprehensive car insurance plan that assists in paying the cost of repair or replacement of the insured vehicle's keys or locks in the event of them being lost, stolen, or misplaced damaged or destroyed. This policy is available on the internet, is simple to purchase and settle and doesn't impact the eligibility of your no-claim bonus at the time of renewal.
It's important to note that claiming lost or stolen keys may not be worth it based on the cost of replacing them as well as your car insurance deductible. Replacement of keys made of metal that are older can be less expensive, whereas remote car keys that have high-tech features could be more expensive. In these instances claims for replacement keys could easily exceed your insurance deductible. If you submit a claim based on the loss of keys it will be recorded on your claim record and could result in more expensive renewal fees.
If you're looking to buy an insurance plan for your car that is comprehensive which includes key replacement coverage, look for a plan with a low deductible or zero deductible to make the most of your money. Compare quotes from different insurance providers to get the best deal.
The process of claiming coverage for car keys differs by insurance company. In most cases, it's essential to inform your insurance company of the incident as soon as you can and provide any documentation that may be required. You'll also need to submit a police FIR that is one of the most crucial documents needed for an insurance claim for a car.
While the majority of car insurance policies do not provide key replacement coverage, a few homeowners and renters insurance plans allow you to claim for personal property protection coverage. Most rental and homeowners insurance policies cover thefts of personal items including car keys. The exact details of the coverage may vary from one insurance company to the next therefore, make sure you go over the policy's terms and condition carefully.
Most drivers know how important it is to have a working and functional car key. However they don't realize that even a key that functions well can be damaged. Keys are prone to cracks, scratches and other forms of damage. This increases the likelihood that they will be lost or broken. Fortunately, most of these issues can be easily resolved with a little bit of regular maintenance and preventive care.
Are keys covered against wear and tear?
Typically, keys for cars aren't covered under your car insurance policy. Instead, you can purchase an additional key replacement policy to get assistance with replacing your keys that were stolen or lost. This kind of insurance depends on several factors.
The cost of insurance is the first thing to consider. Replacing your keys may not be as expensive 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 will be less expensive than your policy deductible.
It is also important to consider the cost of filing a claim. No matter if you have complete coverage, your car insurance policy may require you to pay your deductible prior to any damage claims are settled. If the cost of replacing the keys to your car exceeds your deductible, it's unlikely that you'll benefit from filing a claim.
If you have a home or renters insurance policy it is essential to determine if the policy covers lost or stolen keys. In general, personal property coverage offered by these policies will include 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 will still apply and you could end up having to pay yourself for the stolen keys.
In the end, you should contact your local car dealer to see if they offer any special key-related coverage as part of the buying process. If you purchase this coverage when you buy your vehicle you can save money in the future if you need to replace the keys.
Some providers provide key replacement coverage as an optional feature or an add-on. If this coverage is worth the additional cost will depend on your individual requirements and how much you can afford to spend on monthly premiums. If you choose to purchase this coverage ensure that you keep the receipts so you can file a claim in the event your keys are lost or stolen.
Do I have to make a claim for a key replacement?
If you have extensive auto insurance, your policy may cover lost keys. In addition, the insurance company may provide a key replacement service as an option at an additional cost. Some insurers have a nationwide network of locksmiths who can replace your keys, or recode the immobiliser, even if you have not removed the keys from your car. This service is extremely useful when you've lost your keys permanently or have been 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 were stolen, you'll need to submit a claim to the police and file a first information report. You'll also have to contact your insurance provider and submit the necessary documents. Some providers offer cashless settlements when you visit one of their garages in their network and get your key replaced. You must ensure that the replacement cost is not more than your deductible, and you adhere to any other requirements set forth by the insurance company.
In most instances it is not worth the cost of the loss or theft of a key. This is because a typical car insurance deductible is $1000 and keys can cost between $200 and $500 to replace. If you have spare keys key, it's usually cheaper to pay for new keys out of pocket. You will also avoid having your premiums increase in the future due to.
It may be worth filing claims when the items stolen from your vehicle are covered by a different type of insurance, like homeowners' or renters'. This is true especially in the case of a low-deductible and the item is expensive or difficult to replace.
It's unlikely but some car insurance companies will permit you to add an endorsement to your policy to cover the loss or theft of the car keys. This type of insurance could be added to the comprehensive coverage. It's a good idea to discuss your options with your insurance company prior to purchasing a car.
Can I File a Claim for Key Replacement if I've left the Keys get more info in the Car?
If you leave your keys in the car and they are stolen the answer to whether or not you're able to file a claim will depend on your state and insurer. Certain states permit the purchase of key replacement insurance as part of comprehensive insurance or other than collision insurance, while other states do not allow. It is also important to know that if your keys are stolen while your car is unlocked, with the engine running and the vehicle was parked in a public area it is not possible to claim a reimbursement through your auto insurance. However, you might be able to file a claim through the insurance on your property or vehicle on your policy.
Most insurers will not pay out when you leave your keys in the car. This is because it is considered negligence. In certain instances, you might be able to file a claim with your home insurance plan or a roadside assistance plan that offers locksmith services. Some of these plans have an area that addresses keys that have been stolen or lost. A claim for keys that were stolen from your car is not worthwhile unless there's serious damage or accident to the vehicle.
Even so, it could be risky to file a claim to recuperate the cost of a stolen or lost key. If you file a lost-key claim and it is found that the loss was not caused by an event like a car crash or tornado, your insurance premium may increase.
It's usually more affordable to simply replace your car keys if you lose them than it is to file a claim to pay for replacing your car. Replacing a regular key is fairly inexpensive and there's a high chance that it won't cost more than the deductible of your policy. A transponder or smart card could cost you up to $200 or more, if you consider the cost of labor and the hourly charge for programming.