Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost keys in the car and it can be a big problem to retrieve them. It's also not cheap to replace your keys, particularly when you have a high-tech key fob.
Fortunately Comprehensive car insurance (sometimes called "other than collision" coverage) can pay for the cost of lost or stolen keys. But is it worth claiming?
What is the most important replacement Insurance Coverage in Car Insurance Policy?
The Car Key Replacement Cover is an insurance policy that can be added to a comprehensive auto insurance plan. It will pay for the cost of repair or replacement of keys or locks, as well as locksets in the event they are stolen, lost, misplaced or damaged. It is simple to buy and settle online. It does not affect your eligibility for an annual no-claim bonus.
It's important to know that the cost of replacing lost or stolen car keys and your insurance deductible may not be worth it. Keys that are worn out and damaged are less expensive to replace, however, high-tech remote keys for cars are expensive. In these instances the cost of key replacement could easily be more than your deductible. Also, if you file a claim to cover the loss of your keys the claim will be recorded on your claims file which could lead to higher premiums at the time of renewal.
If you're in the market for a comprehensive car insurance plan that includes car key replacement coverage, look for a plan with an affordable deductible or no deductible to get the most of your money. Compare quotes from various insurance providers to get the best deal.
The procedure for claiming key replacement coverage varies from insurer to insurer. In most instances, it is important to notify your insurance provider of the incident as quickly as you can and to provide any documentation that might be required. You'll also have to submit an FIR from the police which is among the most crucial documents needed for a car insurance claim.
Many renters and homeowners policies provide key replacement coverage. You can also make claims under the personal property protection coverage. This is because the majority of rental and homeowners policies protect personal belongings from theft including keys to your car. However, the specifics of this coverage can vary from insurer to insurer, therefore it's essential to check the policy terms and conditions carefully.
Many drivers are aware of how crucial it is to have a working and functioning car key. However they don't realize that even a key that functions well could be damaged. Keys are susceptible to scratches, cracks, and other types of damage, which makes them more prone to break or be stolen. Fortunately, most of problems can be addressed with a small amount of preventive care and regular maintenance.
Are keys covered for wear and Tear?
Typically, keys for cars aren't covered under your automobile insurance policy. Instead, you can purchase an additional key replacement policy to get assistance in replacing your lost or stolen keys. This kind of insurance depends on several factors.
The first thing to think about is the cost of the coverage. The replacement of your keys might not be as expensive as you think. You can get keys cheaper than your insurance deductible, dependent on whether you have electronic key fobs traditional turn-key ignitions or both.
It is also important to think about the cost of submitting an insurance claim. Your car insurance policy may require you to pay the deductible prior to any claims being paid. If the total cost of your vehicle key replacement is greater than your deductible, it's unlikely you'll benefit from making an insurance claim.
Another aspect to be aware of is whether your renters or home insurance policy covers for lost or stolen keys. Personal property insurance is typically provided by these policies and will cover the theft of keys as along with other items that are stolen from your home. It's important to remember that your deductible is still in effect and you may end up paying yourself for the stolen keys.
In the end, you should check with your car dealership to find out if they provide any special coverage for keys as part of the purchase process. The purchase of this insurance at the time of your vehicle purchase will help you save money in the event that you need to replace your keys in the future.
The majority of car insurance policies don't include the essential replacement coverage, but certain providers offer it as an optional additional product or as a standalone one. The cost of this insurance will depend on the specific needs you have and how much you're able to pay each month to cover your policy. Keep your receipts in case you opt to purchase this policy. You can make a claim if you lose or steal your keys.
Do I have to file a claim for key replacement?
If you have extensive auto insurance, your policy could cover keys lost. Additionally, the insurer might offer key replacement coverage as an option at an additional cost. Certain insurance companies have a nationwide network of locksmiths who will replace your keys or recode the immobiliser, even if you have not removed the keys from the vehicle. This service can be invaluable if you have lost your keys for the last time or are locked out of your vehicle. Many cars come with electronic ignition systems which need to be programmed to start the car.
If your car keys are stolen, you'll have to make a claim with the police and submit the first report. You'll also need to call your insurance company and provide the required documentation. Certain providers offer cashless settlements if you visit one of their network garages and have your key replaced. You'll have to ensure that the replacement costs don't exceed your deductible and you meet other requirements set by the insurance company.
In most cases it's not worth submitting claims for a lost or stolen key. It's because the standard insurance deductible for a new vehicle is $1000, whereas your keys may cost between $200 and $500. If you have a spare you can usually afford to pay for the new keys out of pocket. It also eliminates the chance of your future premiums rising due to making a claim.
It could be worthwhile to file an insurance claim when the items stolen from your car are covered by a different type of insurance, such as renters' or homeowners'. This is true especially if you have a low-deductible and the item is expensive or difficult to replace.
It's unlikely but some car insurance companies may allow you to add an endorsement to your policy to cover the loss or theft of car keys. This type of coverage is typically provided as an additional benefit to the comprehensive coverage which is why it's crucial to talk to the insurance company regarding the options available before purchasing an automobile.
Can I file a Claim for Key Replacement if I Left the Keys in the Car?
If you leave your keys in your car, and someone steals them the answer to whether or not you're able to file a claim will depend on your state and the insurance company. Some states have laws that allow you to get key replacement insurance as part of your comprehensive insurance or other than collision coverage and some don't. Also, you should know that if your keys are stolen while your vehicle is unlocked, with the engine running and it is located in a public space, you won't be able to make a claim through your auto insurance. However, you may still be able to make a claim through the vehicle protection or property insurance on your website policy.
Most insurance companies will not pay out the keys you have left in the car. This is because it is considered negligence. In certain cases, you might be able to file a claim with your home insurance or a roadside service plan that offers locksmith services. Some of these plans have a section that deals with keys that are stolen or lost. In general, though, a claim for keys stolen won't be worthwhile unless it has to do with a major loss or damage to your car.
Even if it is, it can be risky to file a claim in order to recuperate the cost of a lost or stolen key. If you file a lost key claim and are able to prove that the theft was not caused by an event like a car crash or tornado the insurance premium could go up.
If you lose keys to your car it's usually cheaper to replace them than to submit an insurance claim to cover the cost of a new vehicle. Replacing your regular key can be relatively inexpensive and most likely you'll not have to pay more than the deductible of your insurance policy. On the other hand the transponder or smart key can increase the cost of replacement up to $200 or more, especially when you factor in costs for labor and hourly charges for programming.