Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Retrieving them can be a hassle. The cost of replacing your keys is expensive, especially in the case of keys fobs.
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 Protection in a Car Insurance Policy?
Car Key Replacement Cover is an add-on policy in a comprehensive car insurance plan that assists in paying the cost of repair or replacement of keys to the insured vehicle's locks in the event of them being lost, stolen, lost, damaged or broken. The policy is accessible online, easy to purchase and settle, and won't affect your no-claim bonus at the time of renewal.
It's important to know that the cost of replacing stolen or lost car keys and your insurance deductible may not make it worthwhile. Keys that are worn out and damaged cost less to replace however, high-tech remote keys for cars can be costly. In these cases the cost of key replacement can easily exceed your deductible. If you file a claim for the loss of your keys, the claim will be recorded on your claims file which could lead to higher premiums when it comes time for renewal.
If you are looking for an insurance plan for your vehicle that covers key replacement for your car, choose a policy with the lowest or no deductible. This will allow you to save money. It's also a good idea to compare quotes from a variety of insurance providers to find the most affordable price.
The process for claiming insurance for keys to your car varies depending on the insurer. In most instances, you'll have to report the incident promptly and provide any documentation required to your insurance provider. You'll need to file the police FIR that is among the most crucial documents needed when filing claims for insurance coverage for cars.
While most car insurance policies don't include key replacement coverage, some home and renters insurance plans allow you to make a claim through personal property protection coverage. The majority of homeowners and rental insurance policies cover thefts of personal items, including keys to your car. The specifics of the coverage can differ from one insurance company to the next and therefore it is important to go over the policy's terms and condition carefully.
While the majority of motorists are aware of the importance of having a functional and working car key, they don't realize that even a functioning key can be damaged. Keys are prone to cracks, scratches, and other forms of damage, making them more prone to break or be stolen. Most of these issues are easily solved by regular maintenance and preventive maintenance.
Are keys covered against wear and tear?
Typically, car keys aren't covered under your car insurance policy. Instead you can buy an additional key replacement cover to get assistance with replacing your lost or stolen keys. Whether this type of coverage is worth it will depend on a variety of factors.
The first thing to think about is the cost of the coverage. Replacing your keys might not be as costly as you think. In fact, depending on the type of keys you own such as electronic key fobs or traditional turn-key ignitions, it's possible for them to be cheaper than your policy deductible.
It is also important to consider the cost of submitting an insurance claim. No matter if you have comprehensive coverage, your car insurance policy is likely to require that you pay the deductible before any damage claims are settled. If the total cost of your vehicle key replacement exceeds your deductible, it's unlikely you'll be able to benefit from making an insurance claim.
If you have a home or renters policy it is crucial to check if your policy covers stolen or lost keys. Personal property protection is usually provided by these policies and will cover the theft of keys as and other items taken from your home. It's important to remember that your deductible still applies and you could end up paying yourself for the keys that were stolen.
You should also check with your dealer to find out whether they offer keys with a special insurance policy in the buying process. Purchasing this coverage at the time of your car purchase can save you money in the event that you require replacing your keys in the future.
Most standard automobile insurance policies don't offer the essential replacement coverage, but certain providers offer it as an add-on or a standalone product. The extra cost of this insurance will depend on the specific requirements you have and how much you are able to afford each month to pay for your insurance. If you do choose to purchase this coverage ensure that you keep the receipts in order that you can claim the coverage in the event your keys are lost or stolen.
Do I have to file a Claim for 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. Certain providers have national networks of locksmiths that can provide the services needed to replace your keys, or recode your immobiliser even in the event more info that the key was not removed from the vehicle. This can be an invaluable service in the event that your keys are forever lost or if you are locked out of your car particularly since many vehicles have electronic ignition systems that need to be programmed in order to start the engine.
If your car keys are stolen, you'll need make a claim with the police and submit an initial report. You will also need to contact the insurance company and provide the required documents. Some companies will provide cash-free settlements if you visit one of their network garages to have your key replaced. You'll need to ensure that the replacement cost is not more than your deductible, and you comply with other requirements set forth by the insurer.
In most cases, filing a claim is not worth the cost of a stolen or lost key. This is because the typical car insurance deductible is $1000. Likewise, keys could cost between $200 and $500 to replace. If you have spare keys key, it's usually cheaper to pay for new keys from your pocket. You will also avoid having your premiums increase in the future as a result.
It may be worth filing a claim in the event that the items stolen from your car are covered by another type of insurance, for example renters' or homeowners'. This is especially true if you have a low-deductible and the item is expensive or difficult to replace.
Although it's unlikely, certain insurance companies might permit you to add a personal property endorsement to your policy that will be able to cover the loss of your car keys. This kind of insurance is usually offered as an addition to the comprehensive coverage, so it's important to speak with your insurance company about your options prior to purchasing an automobile.
Can I make a claim for a key replacement if I have left keys in the car?
The state you live in and the insurer you choose will decide if you can claim compensation in the event that someone steals your keys. Certain states permit the purchase of key replacement insurance as part of comprehensive or other than collision insurance, while others do not. Also, you should know that if your keys are stolen while your vehicle is unlocked with the engine running and it is parked in a public place and you are unable to claim the loss through your auto insurance. However, you may still be able to file an claim through the vehicle protection or property insurance on your policy.
Inputting your keys in the car is considered negligence, so most insurers will reject the claim. In certain cases you may be eligible to claim a claim through your home insurance plan or a roadside assistance plan that offers locksmith services. Some of these plans include sections that deal with lost or stolen keys. A claim for stolen car keys is not worth filing unless there's a major accident or damage to the vehicle.
Even if you do making a claim to cover the cost of a stolen or lost key is risky. For instance, if you file a claim for lost keys and you find that the theft wasn't caused by an event covered like a car fire or an earthquake, your car insurance premium could rise.
It's generally more affordable to simply replace your car keys in the event that you lose them than to file a claim to pay for replacing your car. Replacing your regular key is relatively cheap and, in most cases, you'll pay less than the deductible in your insurance policy. However the transponder or smart key can increase the cost of replacement up to $200 or more, especially when you factor in the cost of labor and hourly fees for programming.