Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Finding them can be a pain. It's also expensive to replace your keys, particularly in the case of a sophisticated key fob.
Thankfully, comprehensive auto insurance (also referred to "other than collision coverage") may be able to cover the cost of keys that are lost or stolen. But is it worth the risk?
What is the key replacement coverage in Car Insurance?
Car Key Replacement Cover is an added policy that is part of a comprehensive car insurance plan that helps reimburse the cost of replacing or repairing the insured vehicle's keys or lock/lockset in case they get lost, stolen, or misplaced damaged or destroyed. This policy is easy to purchase and pay online. It doesn't affect your chances of the no-claim bonus when renewing.
It's important to note that claiming compensation for lost or stolen keys may not be worthwhile depending on the cost of replacing them and your insurance deductible for car. Keys that are worn out and damaged cost less to replace, while high-tech remote car keys are 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 claim record, which could lead to more expensive renewal fees.
If you're looking for an insurance plan for your vehicle that covers key replacement for your car opt for a policy with the lowest or no deductible. This will help you save money. It's also a good idea to compare quotes from various insurance companies to find the best deal.
The procedure for claiming coverage for car keys differs by insurance company. In most cases, you'll need to immediately report the incident and provide all necessary documentation to your insurance company. You'll also have to submit a police FIR, which is one of the most crucial documents needed for the insurance claim of a car.
While most car insurance policies don't include key replacement coverage, many homeowners and renters insurance policies do, allowing you to make a claim for personal property protection insurance. The majority of homeowners and rental insurance policies cover thefts of personal items, including keys to your car. The exact details 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 most drivers understand the importance of having a functioning and working car key, they don't realize that even a functioning key could be damaged. Keys are prone to scratches, cracks and other forms of damage. This increases the likelihood that they will be lost or broken. Fortunately, the majority of problems can be solved with a bit of preventive maintenance and regular maintenance.
Are keys protected against wear and tear?
Car keys are not covered by your auto insurance policy. Instead you can purchase an additional key replacement cover to get assistance in replacing your keys that were stolen or lost. This kind of insurance depends on a variety of factors.
The cost of insurance is the first thing you need to take into consideration. Replacing your keys might not be as expensive as you might expect. It is possible to purchase keys at a lower cost than your insurance deductible depending on whether you have electronic key fobs, traditional turn-key ignitions or both.
You should also consider the cost of filing claims. The policy for your car insurance may require you to pay your deductible prior any claims being settled. If the total cost of your car key replacement exceeds your deductible, it's unlikely you'll benefit from making claims.
If you have a home or renters insurance policy it is crucial to determine if the policy covers lost or stolen 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 remember that your deductible will apply and you may end up paying for the stolen keys yourself.
You should also inquire with your dealership to see whether they offer keys with a special insurance policy in the buying process. In the time of your vehicle purchase will help you save money in the event that you need to replace your keys in the future.
Certain insurance companies provide key replacement coverage as an optional product or an add-on. Whether or not this coverage is worth the additional cost will depend on your specific needs and how much you can afford to spend on your monthly premiums. If you do choose to purchase this coverage be sure to keep the receipts so that you can claim the insurance in the event keys get lost or stolen.
Do I need to submit a claim for key replacement?
If you have comprehensive auto insurance, your lost keys could be covered under the policy. Alternatively, the insurer may offer key replacement cover as an option at an additional cost. Certain insurance companies have a nationwide network of locksmiths that can replace your keys or reset the immobiliser, even if you never removed the key from your car. This can be a valuable service if you have lost your keys for the last time or are locked out of your vehicle. A lot of cars have electronic ignition systems that need to be programmed to allow you to start the vehicle.
If your car keys are stolen, you'll need file a claim with the police and submit a first information report. You will also need to contact the insurance company and provide them with the appropriate documents. Some providers offer cashless settlements if you visit one of their garages and get your key replaced. You'll have to ensure that the replacement costs don't exceed your deductible and that you meet the other requirements established by the insurer.
In most instances it's not worth filing an insurance claim for a stolen or lost key. It's because the standard insurance deductible for a brand new vehicle is $1000, however your keys could only cost website between $200 and $500. It's usually more affordable to buy new keys yourself if you have spares. You'll also avoid increasing your premiums in the future as a result.
However, if you have items that were stolen from your car that are covered by other kinds of insurance like homeowners or renters It could be worth submitting claims. This is true especially in the case of a low-deductible and the item is expensive or difficult to replace.
It's unlikely, but some insurance companies might allow you to add an endorsement to your policy that covers the loss or theft of the car keys. This type of coverage can be added to the comprehensive coverage. It's a good idea to discuss your options with your insurance company before purchasing a vehicle.
Can I make a claim for a key replacement if I left the keys in the car?
The state you live in and the insurer you choose will decide if you can make a claim if someone steals your keys. Some states allow the purchase of key replacement insurance as part of comprehensive insurance or other than collision insurance, whereas other states do not allow. You should also know that you will not be able make a claim against your auto insurance if lose your keys when the vehicle is not locked or the engine is running, and the car is parked in a public space. However, you may still be able to make claims through your insurance on your property or vehicle on your policy.
Inputting your keys in the car is considered to be negligence, therefore, most insurers will deny an insurance claim. In certain instances you may be eligible to file a claim with your home insurance or a roadside assistance plan that provides locksmith services. Certain plans offer sections that deal with keys that have been stolen or lost. In general,, a claim for keys that were stolen will not be worth filing unless it is connected with a significant loss or damage to your vehicle.
Even so, filing a claim for the cost of a stolen or lost key could be risky. If you file a lost key claim and it is found that the theft wasn't caused by an event covered such as a car accident or tornado your insurance premium might go up.
It's usually more affordable to replace your car keys in the event that you lose them than to file a car insurance 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 smart or transponder can cost up to $200, or more, if you consider labor rates and the hourly cost for programming.