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 expensive to replace your keys, especially if you have an advanced key fob.
Fortunately, comprehensive car insurance (also known as "other than collision coverage") can cover the cost for keys that are stolen or lost. But is it really worth it?
What is the Key Replacement Cover in Car Insurance?
The Car Key Replacement Cover add-on is an insurance policy that is added to a comprehensive car insurance plan. It helps reimburse the cost of replacing or repairing keys, locks, or locksets in the event of them being lost, stolen, or damaged. The policy is available on the internet, is simple to purchase and settle, and doesn't impact your no-claim bonus at the time renewal.
However, it's worth noting that claiming keys stolen or lost might not be worth it based on the cost of replacing them as well as your car insurance deductible. Replacement of mechanical keys older ones can be cheaper, while remote keys for cars with advanced features may cost more. In these instances the cost of a key replacement could easily exceed your 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 rates at the time of renewal.
If you're in the market for an insurance policy for your car that includes car key replacement coverage, look for a policy with an affordable deductible or no deductible to make the most of your funds. Compare quotes from a variety of insurance companies to find the best price.
The procedure for claiming key replacement coverage varies by insurance company. In most instances, you'll need immediately report the incident and provide all necessary documentation to your insurance company. You'll also need to submit an FIR from the police, which is one of the most important documents required for the insurance claim of a car.
While the majority of automobile insurance policies don't provide key replacement coverage, some renters and homeowners insurance plans do, allowing you to claim under personal property protection insurance. This is because many rental and homeowners policies will cover the theft of personal items which includes your car keys. The exact details of the coverage may vary from one insurance company to the next and therefore it is important to go over the policy's terms and condition carefully.
Most drivers are aware of how important it is to have a working and functioning car key. However, they are unaware that even a key that works well could be damaged. Keys are prone to cracks, scratches, and other forms of damage, which makes them more prone to break or even be stolen. The majority of these issues are easily solved by regular maintenance and preventive care.
Are keys protected against wear and tear?
Car keys aren't covered by your insurance policy for your automobile. Instead, you can purchase an additional key replacement insurance policy to receive assistance with replacing your keys that have been stolen or lost. This type of coverage depends on several factors.
The cost of coverage is the first thing to be considered. Replacing your keys might not be as costly as you think. In fact, depending on the type 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 insurance deductible.
You should also consider the cost of making claims. Your insurance policy for your car might 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 be able to benefit from filing claims.
If you have a home or renters insurance policy, it is important to verify if your policy covers lost or stolen keys. In general, personal property coverage provided through these policies will include the theft of your keys, in addition to other items taken from the outside or inside your home. It is important to note that your deductible may be in effect and you could end up paying for the keys that were stolen yourself.
Also, check with your car dealership to see if they offer any special coverage for keys as part of the buying process. The purchase of this insurance at the time of your car purchase will save you money should you ever require replacing your keys in the future.
Certain providers offer essential replacement coverage as an optional product or an add-on. If this coverage is worth the cost will depend on your individual requirements and the amount you can afford to spend on your policy monthly premiums. Keep the receipts in case you opt to purchase this policy. You could then make a claim should you lose or take your keys.
Do I need to file an Claim for Key Replacement?
If you have comprehensive car insurance, lost keys may be covered under the policy. The insurer may also offer a key replacement service as an optional service with a cost. Certain insurance companies have a national network of locksmiths that can replace your keys or reset the immobiliser, even if you have not removed the keys from the vehicle. This can be an invaluable service in the event that your keys are forever lost or you are locked from your car, especially as many cars come equipped with electronic ignition systems that require to be programmed in order to start the engine.
You'll also need to call your insurance provider and submit the necessary documents. You'll also need to call your insurance provider and submit the required documents. Some providers will offer cashless settlement when you go to one of their network garages to have your key replaced. You will need to ensure that the replacement car stolen with keys cost is not more than the deductible and that you comply with other requirements outlined by the insurer.
In the majority of instances it's not worth filing a claim for a stolen or lost key. This is because a typical car insurance deductible is $1000. Likewise, your keys may only cost $200-$500 each to replace. 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 may be worth filing a claim if the items that were taken from your vehicle are covered by a different kind of insurance, like renters' or homeowners'. This is especially true if you have a low-deductible and the item is valuable or difficult to replace.
It's unlikely, but some insurance companies will permit you to add an endorsement to your policy to cover the loss or theft of car keys. This kind of insurance can be added to comprehensive coverage. It's a good idea to discuss your options with your insurance company prior to purchasing a car.
Can I make a claim for a replacement of my keys if I've left the keys in the car?
The state you live in and the insurer you choose will decide if you are able to make a claim in the event that you lose your keys. Certain states permit the purchase of key replacement coverage as part of comprehensive insurance or other than collision insurance, while others do not. Also, you should know that if your keys get stolen while your vehicle is locked with the engine running and the vehicle parked in a public place it is not possible to make a claim through your auto insurance. However, you may still be able to file an claim through the insurance for property or vehicle protection on your policy.
The majority of insurers won't pay out the keys you have left in the car. This is because it is considered to be negligence. In certain cases, you might be able file claims through your home insurance or a roadside service plan that provides locksmith services. Certain plans offer an area that addresses keys that are stolen or lost. A claim for stolen car keys is not worth filing unless there's been an accident that is major or caused damage to the vehicle.
Even so making a claim to cover the cost of a lost or lost key can be risky. For example, if you submit a claim to recover lost keys and you find that the theft was not caused by a covered incident like a car fire or a tornado, your automobile insurance premium could go up.
If you lose your car keys It's generally cheaper to replace them than submit an insurance claim to pay the cost of a new vehicle. Replacing your regular keys is relatively cheap and there's a high chance that it won't cost more than your policy's deductible. However, a smart or transponder key can drive replacement costs up to $200 or more, especially when you consider the cost of labor and hourly fees for programming.