Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Retrieving them isn't easy. It's also not cheap to replace your keys, particularly in the case of a sophisticated key fob.
Fortunately comprehensive car insurance (sometimes referred to as "other than collision" coverage) can cover the cost of stolen or lost keys. But is it worth the risk?
What is the Key Replacement Insurance Coverage in Car Insurance Policy?
The Car Key Replacement Cover is an insurance policy that can be added to an overall auto insurance plan. It helps reimburse the costs of fixing or replacing keys or locks, as well as locksets in the event of them being stolen, lost, misplaced or damaged. This policy is easy to purchase and settle online. It doesn't affect your eligibility for the no-claim bonus when renewing.
It's important to know that the cost of replacing lost or stolen keys to your car and also your insurance deductible could not make it worthwhile. Replacement of keys made of metal that are older may be cheaper, while remote keys for cars with advanced features may cost more. In such cases the cost of a replacement claim for keys could easily exceed your policy deductible. Also, if you file a claim for the loss of your keys the incident will remain on your claims file which could lead to higher rates at the time of renewal.
If you're looking to buy an insurance plan for your car that is comprehensive which includes key replacement coverage, search for a policy that has the lowest deductible or a zero deductible to make the most of your funds. It's also a good idea to compare quotes from a variety of insurance companies to find the best price.
The process of claiming coverage for car keys varies by insurer. In the majority of instances, you'll need notify the insurer of the incident immediately and provide any documentation required to your insurance provider. You'll need to file the police FIR that is one of most important documents needed when filing a claim for car insurance.
While most automobile insurance policies don't provide key replacement coverage, a few renters and homeowners insurance plans allow you to make a claim for personal property protection coverage. The majority of homeowners and renters insurance policies will cover thefts of personal belongings, including keys to your car. The specifics of the coverage could differ from one insurer to another therefore, make sure you review the policy's conditions and terms carefully.
Most drivers know how important it is to have a functioning and functioning car key. However they don't realize that even a key that functions well can be damaged. Keys are susceptible to scratches, cracks and other forms of damage. This increases the likelihood that they will be stolen or damaged. Most of these issues are easily solved by regular maintenance and preventive care.
Are keys covered for wear and tear?
Typically, keys for cars aren't covered under your car insurance policy. Instead you can buy an additional key replacement policy to get assistance in replacing your keys that have been stolen or lost. This kind of insurance depends on a variety of factors.
The cost of insurance is the first thing you need to be considered. Replacing your keys may not be as costly as you'd think. You can get keys at a lower cost than your insurance deductible, depending on whether you own electronic key fobs traditional turn-key ignitions or both.
You should also consider the cost of filing a claim. Whether or not you have comprehensive coverage, your vehicle insurance policy may require you to pay your deductible before any damage claims are settled. If the total cost of your vehicle key replacement is greater than the deductible, it's unlikely that you'll be able to benefit from filing claims.
If you have a homeowners or renters insurance policy, it is important to verify if your policy covers theft or loss of keys. Personal property protection is usually provided by these policies and covers the theft of keys as and other items taken from your home. However, it's important to note that your deductible will still apply and you may end up paying for the keys that were stolen yourself.
You should also inquire with your dealer to find out if it offers any special coverage for keys as part of the purchase process. If you buy this insurance when you purchase your car, you can save money in the future should you have to replace keys.
Certain providers provide key replacement coverage as an optional feature or an add-on. Whether or not this coverage is worth the cost depends on your particular requirements and the amount you are able to afford on your policy monthly premiums. Keep your receipts if you decide to purchase this coverage. You could then file a claim if you lose or take your keys.
Do I need to file a Claim for a Key Replacement?
If you have extensive auto insurance, your policy may cover lost keys. Additionally, the insurer might provide a key replacement service as an optional extra for an additional cost. Some providers have national networks of locksmiths who can provide the services needed to replace your keys or change the code of your immobiliser, even if the key was never actually taken from the vehicle. This service is extremely useful when you've lost your keys forever or you are locked out of your vehicle. Many cars come with electronic ignition systems which need to be programmed in order to start the car.
If your car keys were stolen, you'll have to file a claim with the check here police and submit a first information report. You'll also need to contact your insurance company and provide the necessary documents. Some insurance companies will offer a cashless settlement when you go to one of their network garages to get your key replaced. You'll need to ensure that the replacement cost doesn't exceed your deductible and that you meet other requirements set by the insurance company.
In most cases it's not worth filing a claim for a stolen or lost key. This is because the average insurance deductible for new vehicle is $1000, but keys can cost $200 to $500 each. It's generally cheaper to buy new keys yourself in the event that you have spare keys. You'll also avoid the possibility that your premiums will increase in the future as a result of making an claim.
It may be worth filing a claim if the items that were stolen from your vehicle are covered by a different kind of insurance, such as homeowners' or renters'. This is especially true in the case of a low-deductible and the item is expensive or difficult to replace.
While it's unlikely, some insurance companies may allow you to add a personal property endorsement to your policy that will protect you from losing your keys to your car. This type of coverage is usually offered as an add-on to comprehensive coverage which is why it's crucial to speak with 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?
Your state and your insurer will decide if you are able to claim a reimbursement 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, whereas other states do not allow. Also, you should know that if your keys get stolen while your vehicle is unlocked, with the engine running and it is located in a public space and you are unable to claim the loss through your auto insurance. You might be able to make an insurance claim under your property or vehicle insurance.
The majority of insurers won't pay out if you leave your keys in your vehicle. This is because it is considered negligence. In certain cases, you might be able file an insurance claim through your home insurance, or a roadside service plan that provides locksmith services. Some of these plans include an area that addresses keys that are stolen or lost. A claim for keys stolen from a car is not worth filing unless there's been an accident that is major or caused damage to the vehicle.
Even if it is, it can be risky to file a claim in order to recuperate the cost of a stolen or lost key. If you file a lost key claim and it is determined that the theft was not caused by an event covered like a vehicle accident or a tornado your insurance premium might go up.
It's generally more affordable to simply replace your car keys if you lose them than it is to file a car insurance claim to pay for replacing your car. Replacing a regular key is fairly inexpensive and there's a good chance that it won't cost more than the deductible of your policy. A transponder or smart card could cost up to $200, or even more, when you consider labor rates and the hourly charge for programming.