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. 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) may pay for the cost of stolen or lost keys. But is it really worth it?
What is the Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an add-on policy included in a comprehensive insurance plan that assists in paying the cost of repair or replacement of the insured vehicle's keys or lockset in the event that they are stolen, lost, misplaced, damaged or broken. This policy is simple to purchase and pay online. It will not affect your ability to claim an annual no-claim bonus.
It is important to remember that the cost of replacing lost or stolen car keys as well as your insurance deductible may not make it worthwhile. Outdated mechanical keys cost less to replace however, high-tech remote keys for cars can be costly. In these cases the cost of a key replacement can easily exceed your deductible. Also, if you file a claim to cover the loss of your keys the incident will remain on your claims file and could result in higher premiums at the time of renewal.
If you're in the market for an insurance plan for your car that is comprehensive that includes car key replacement coverage, search for a plan with a low deductible or zero deductible to get the most of your money. It's recommended to compare quotes from a variety of insurance providers to determine the best deal.
The procedure for claiming key replacement coverage varies from insurer to insurance company. In the majority of cases, it's essential to notify your insurance provider of the incident as soon as you can and to provide any documentation that could be required. You'll need to file the police FIR which is among the most crucial documents needed when filing a claim for car insurance.
While most car insurance policies do not provide key replacement coverage, many homeowners and renters insurance policies do, allowing you to make a claim through personal property protection coverage. This is because many homeowners and rental policies will cover the theft of personal items which includes your car keys. However, the exact details of this coverage may differ from insurer to insurer, therefore it is important to read the policy terms and conditions carefully.
While the majority of drivers are aware of the importance of having a functioning and functioning car key, they fail to know that even a functional key can be damaged. Keys are susceptible to cracks, scratches and other kinds of damage, which makes them more prone to break or even be stolen. Most of these issues can be solved with regular maintenance and preventive care.
Are Keys Protected from Wear and Tear?
Car keys aren't covered by your insurance policy for your automobile. Instead, you can purchase an additional key replacement cover to get assistance with replacing keys that have been stolen or lost. The decision on whether this kind of insurance is worth it, however is contingent on a variety of factors.
The first thing you should consider is the cost of the insurance. Replacing your keys may not be as expensive as you think. It's possible to get keys for less than the insurance deductible depending on whether you own electronic key fobs, traditional turn-key ignitions or both.
You should also consider the cost of filing claims. Your insurance policy for your car might require you to pay your deductible prior to any claims being paid. If the cost of replacing your car keys is greater than the deductible, it's unlikely that you'll be benefited from filing a claim.
If you have a home or renters insurance policy, it is important to check if your policy covers stolen or lost keys. Generally, personal property insurance that is provided by these policies will include the theft of your keys, in addition to other items that are stolen from inside or outside your home. However, it's important to keep in mind that your deductible may be in effect and you could end up paying for keys stolen by yourself.
Also, inquire with your dealership to determine if they offer any special coverage for keys as part of the buying process. If you choose to purchase this coverage when you purchase your vehicle you can save money in the event that you have to replace keys.
Some providers offer key replacement coverage as an optional feature or an add-on. The extra cost of this coverage will depend on the specific requirements you have and the amount of money you can afford each month to pay for your policy. Keep your receipts if you decide to purchase this coverage. You can then file a claim more info if you lose or take your keys.
Do I Need to File a Claim for a Key Replacement?
If you have comprehensive auto insurance, your lost keys may be covered by the policy. The insurance provider may also provide a key replacement service as an optional extra with a cost. Certain insurers have a national network of locksmiths who can replace your keys, or recode the immobiliser even if have not removed the keys from your car. This can be an invaluable service if your keys are permanently lost or you are locked from your car particularly since many vehicles come equipped with electronic ignition systems that require to be programmed to start the engine.
If your car keys are stolen, you'll have to make a claim with the police and submit a first information report. You'll also need to contact the insurance provider and provide the required documents. Some companies will provide cashless settlement if you go to one of their garages in their network to replace your key. You'll need to make sure that the cost of replacement is not more than the deductible and that you adhere to any other requirements outlined by the insurance company.
In the majority of cases, filing a claim is not worth it for a stolen or lost key. This is because a typical automobile insurance deductible is $1000, and your keys may only cost between $200-$500 to replace. It's typically cheaper to buy new keys yourself when you have spare keys. You will also avoid having your premiums increase in the future due to.
However, if you have items stolen from your vehicle that are covered by different types of insurance like renters or homeowners It could be worth filing a claim. This is especially true when you have a low deductible and the item is valuable or difficult to replace.
It's unlikely, but some 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 can be added to comprehensive coverage. It is recommended to discuss your options with your insurance company prior to purchasing a car.
Can I make a claim for a key replacement if I have left keys in the car?
Your state and your insurer will determine whether you can make a claim when you lose your keys. Some states have laws that permit you to get key replacement cover as part of your comprehensive or other than collision coverage, while others don't. Also, you should know that if your keys get stolen while your vehicle is unlocked with the engine running and the car was parked in a public area, you won't be able to claim the loss through your auto insurance. You might be able to make a claim under your vehicle or property insurance.
The majority of insurers won't pay out if you leave your keys in your vehicle. This is because it's considered to be negligence. In certain cases, you might be able file claims through your home insurance plan, or a roadside service plan that provides locksmith services. Certain plans have a specific section on lost or stolen keys. A claim for keys that were stolen from your car is not worth filing unless there's a major accident or damage to the vehicle.
Even if it is, it can be risky to file a claim to get back the cost of a lost or stolen key. If you file a lost key claim and it is found that the loss was not caused by an event like a vehicle accident or a tornado, your insurance premium may go up.
If you lose keys to your car It's generally cheaper to replace them rather than submit an insurance claim to pay the cost of a new vehicle. Replacing your regular key can be relatively inexpensive, and it's likely that you won't pay more than the deductible on your policy. A transponder or smart card could cost you up to $200 or more, if you take into account the cost of labor and the hourly rate for programming.