Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost our keys in the car. Getting them back can be a hassle. The cost of replacing your keys can be high, especially if they are a key fob.
Fortunately, comprehensive car insurance (also known as "other than collision coverage") may be able to cover the cost of keys that are lost or stolen. But is it worth the expense?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an add-on policy that is part of a comprehensive car insurance plan that covers the cost of repair or replacement of keys to the insured vehicle's lockset in the event that they are stolen, lost, misplaced damaged or destroyed. The policy is available online, easy to purchase and settle, and it doesn't affect your no-claim bonus at the time renewal.
However, it's worth noting that claiming for keys that are stolen or lost may not be worthwhile based on the cost of replacing them as well as your insurance deductible for car. Replacement of keys made of metal older ones can be cheaper, while remote car keys with high-tech features can be more expensive. In these cases, the cost of a key replacement could easily be more than your deductible. If you submit a claim based on the loss of keys it will be recorded on your record of claims, which could lead to higher renewal premiums.
If you're in the market for an insurance plan for your car that is comprehensive that offers car key replacement coverage, look for a policy that has the lowest deductible or a zero deductible to get the most of your money. It's recommended to compare quotes from various insurance companies to find the best price.
The procedure for claiming key replacement coverage varies by insurance company. In most cases, it's important to notify your insurance provider of the incident as soon as you can and to provide any documentation that might be required. You'll need to submit the police FIR which is among the most important documents when filing an insurance claim for your car.
While the majority of automobile insurance policies don't provide key replacement coverage, many home and renters insurance policies do, allowing you to claim through personal property protection. Most rental and homeowners insurance policies will cover thefts of personal belongings such as keys to your car. The exact details of the coverage could differ from one insurance company to the next, so make sure to go over the policy's terms and condition carefully.
While most drivers understand the importance of having a functional and working car key, they fail to realize that even a well-functioning key could be damaged. Keys are prone to scratches, cracks, and other kinds of damage, making them more likely to break or be stolen. Most of these problems can be solved with regular maintenance and preventive care.
Are keys covered for wear and tear?
Car keys are not covered by your insurance policy for your automobile. You can opt to purchase a separate cover for keys to your car to get help in replacing your lost or stolen key. The question of whether this type of protection is worth it, however, depends on a number of factors.
The first thing to think about is the cost of the coverage. Replacing your keys may not be as expensive as you think. You can get keys for less than the 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 insurance policy for your car may require you to pay your deductible prior any claims being settled. If the total cost of your car key replacement is greater than your deductible, it's unlikely that you'll gain from making a claim.
Another aspect to be aware of is whether your renters or homeowners insurance policy offers any protection for lost or stolen keys. Personal property coverage is usually provided by these policies and covers the theft of keys, as and other items taken from your home. It's important to keep in mind that your deductible still applies and you may end up paying yourself for keys stolen.
Also, inquire with your dealership to see if they offer any specific key-related insurance as part of the buying process. If you buy this insurance when you purchase your vehicle you will save money in the future if you have to replace keys.
Most standard car insurance policies don't include important replacement coverage, however certain providers offer it as an optional option or as a separate product. The cost of this insurance will depend on the specific needs you have and how much you are able to afford each month to pay for your insurance. Keep your receipts in case you decide to purchase this insurance. You could then make a claim if you lose or take your keys.
Do I need to submit a claim for key replacement?
If you have comprehensive car insurance, the loss of keys may be covered under the policy. The insurer may also offer the replacement of keys as an option for an additional cost. Some insurers have national networks of locksmiths who offer services needed to replace your keys or change the code of your immobiliser even when the key was never actually taken from the vehicle. This is an extremely useful service if your keys are permanently lost or you are locked out of your vehicle especially since a lot of cars are equipped with electronic ignition systems that need to be programmed to start the engine.
If your car keys are stolen, you'll have to submit a claim to the police and file the first report. You'll also have to contact your insurance provider and submit the required documents. Certain providers offer cashless settlements when you visit one of their network garages and have your key replaced. You must make sure that the cost of replacement is not more than your deductible, and that you meet the other requirements outlined by the insurer.
In the majority of cases, filing a claim is not worth the cost of the loss or theft of a key. This is because the average insurance deductible for 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 new keys from your pocket. You'll also be able to avoid the possibility of future premiums increasing as a result of making claims.
If you do have items that were stolen from your car that are covered by other types of insurance, such as renters or homeowners it could be worthwhile to file a claim. This is especially true if the item was valuable or difficult to replace and you have a low deductible.
While it's unlikely, some car insurance providers may allow you to add an individual property endorsement to your policy, which will protect you from losing your car keys. This kind of insurance is typically offered as an add-on to a comprehensive insurance policy which car keys stolen from unlocked house is why it's crucial to speak with your insurance provider about the options available before purchasing a car.
Can I file a Claim for Key Replacement if I've left the keys in the car?
The state you live in and the insurer you choose will decide if you can make a claim in the event that someone steals your keys. Certain states have laws that allow you to get keys replacement coverage as part of your comprehensive or other than collision coverage and some don't. It is important to know that you will not be able make a claim for your auto insurance if you lose your keys while the vehicle is unlocked and the engine is running, and the vehicle is parked in public. However, you might be able to make claims through your vehicle protection or property insurance on your policy.
Leaving your keys in the car is considered negligence, therefore, most insurers will deny a claim. In certain cases you may be eligible to file a claim with your home insurance plan or a roadside assistance plan that provides locksmith services. Some of these plans may include a specific section for keys that have been stolen or lost. In general, however, a claim for stolen keys won't be worthwhile unless it has to do with a major damage or loss to your vehicle.
Even so, it could be risky to file a claim to get back the cost of a lost or stolen key. For instance, if make a claim for lost keys and you find that the theft wasn't caused by a covered incident like a car fire or a tornado, your automobile insurance premium could increase.
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 car. Replacing a regular key is fairly inexpensive, and there's a good chance it won't cost more than your policy's deductible. A transponder or smart card could cost up to $200, or even more, when you consider the cost of labor and the hourly charge for programming.