Are Lost Or Stolen Car Keys Covered by Insurance?
We've all left the keys in the car and it can be a big trouble to retrieve them. It's also not cheap to replace your keys, especially if you have an advanced key fob.
Fortunately, comprehensive auto insurance (also known as "other than collision coverage") can cover the cost for keys that are lost or stolen. But is it worth claiming?
What is the most important replacement Coverage in Car Insurance Policy?
The Car Key Replacement Cover add-on is an insurance policy that can be added to a comprehensive auto insurance plan. It helps reimburse the cost of repair or replacement of keys or locks, as well as locksets in the event they are lost, stolen, or damaged. This policy is simple to purchase and pay online. It doesn't affect your eligibility for the no-claim bonus when renewing.
It's important to note that the cost of replacing stolen or lost car keys as well as your insurance deductible may not make it worthwhile. Replacement of keys made of metal that are older can be cheaper, while remote car keys with high-tech features may cost more. In these cases, the cost of a key replacement could easily be more than your deductible. Also, if you file a claim to cover the loss of your keys, the incident will stay on your claim record and could result in higher premiums when it comes time for renewal.
If you're looking to purchase a comprehensive car insurance plan that includes car key replacement coverage, search for a policy that has the lowest deductible or a zero deductible to get the most out of your money. Compare quotes from various insurance providers to get the best deal.
The procedure for claiming coverage for car keys differs by insurance company. In most cases, it's essential to notify your insurance provider of the incident as quickly as possible and to provide any documentation that could be required. You'll need to submit the police FIR that is among the most crucial documents when filing an insurance claim for your car.
While most car insurance policies don't include key replacement coverage, a few renters and homeowners insurance policies permit you to make a claim under personal property protection insurance. This is because the majority of homeowners and rental policies protect personal belongings from theft which includes your car keys. The exact details of the coverage could differ between different insurance companies and therefore it is important to go over the policy's terms and condition carefully.
Many drivers are aware of how crucial it is to have a working and functional car key. However, they are unaware that even a key that works well could be damaged. Keys are prone to cracks, scratches and other kinds of damage. This makes them more likely to be stolen or damaged. Most of these issues can be solved with regular maintenance and preventive maintenance.
Are Keys Covered for Wear and Tear?
Car keys are not covered by your insurance policy for your automobile. You can opt to buy a separate insurance policy for your car keys to get help in replacing your lost or stolen key. This type of cover is contingent on several factors.
The first thing to consider is the cost of the insurance. Replacing your keys might not be as costly as you think. It is possible to purchase keys cheaper than the insurance deductible depending on whether you have electronic key fobs traditional turn-key ignitions, or both.
It is also important to consider the cost of making a claim. If you do not have comprehensive coverage, your vehicle insurance policy is likely to require you to pay your deductible prior to any damage claims are paid out. If the total cost of the key replacement is greater than your deductible, it's unlikely you will be able to benefit from making an insurance claim.
If you have a home or renters policy, it is important to verify if your policy covers theft or loss of keys. Personal property insurance is typically included in these policies and covers the theft of keys as along with other items that are stolen from your home. It's important to keep in mind that your deductible will still apply and you could end up paying yourself for keys stolen.
You should also inquire with your dealer to see whether it provides any specific coverage for keys as part of the purchasing process. In the time of your car purchase will help you save money should you ever require replacement keys in the future.
The majority of standard car insurance policies do not include key replacement coverage, but certain providers offer it as an additional product or as a standalone one. The decision on whether or not this insurance is worth the cost depends on your particular needs and how much you are able to pay on your premiums each month. If you decide to buy this coverage, make sure to keep the receipts so that you can claim the coverage in the event that keys get lost or stolen.
Do I need to make a claim for a key replacement?
If you have comprehensive auto insurance, your lost keys could be covered under the policy. Additionally, the insurer might offer key replacement coverage as an option for an additional cost. Some insurers have national networks of locksmiths that offer services required to replace your keys or change the code of your immobiliser even if the key was never removed from the vehicle. This can be an invaluable service in the event that your keys are forever lost or you are locked out of your vehicle, especially as many cars have electronic ignition systems that have to be programmed to start the engine.
If your car keys were stolen, you'll need to file a claim with the police and file an initial report. You'll also have to contact your insurance provider and submit the required documentation. Certain providers offer cashless settlements when you visit one of their garages and request a replacement key. You must ensure that the replacement cost does not exceed your deductible, and that you meet the other requirements set forth by the insurance company.
In the majority of cases it's not worth submitting claims for a lost or stolen key. This is because a typical automobile insurance deductible is $1000, and your keys may only cost $200-$500 each to replace. If you more info have spare keys, it's generally more affordable to purchase the new keys from your pocket. You'll also be able to avoid the possibility of future premiums increasing due to making an claim.
However, if you have items stolen from the car that are covered by other kinds of insurance, such as homeowners or renters it could be worth submitting claims. This is especially true when you have a low deductible and the item is expensive or difficult to replace.
While it's unlikely, some insurance companies might permit you to add a personal property endorsement to your policy that will be able to cover the loss of your car keys. This kind of insurance is typically offered as an additional benefit to the comprehensive coverage, so it's important to speak with the insurance company regarding your options before you purchase the car.
Can I file a claim for key replacement if I have left keys in the car?
Your state and your insurer will decide if you can claim compensation when you lose your keys. Some states have laws that allow you to purchase keys replacement coverage as part of your comprehensive insurance or other than collision coverage however, some states don't allow. You should also know that you will not be able to claim against your auto insurance if lose your keys when the vehicle is not locked and the engine is running and the vehicle is parked in a public space. However, you might be able to make claims through your insurance for property or vehicle protection on your policy.
Inputting your keys in the car is considered to be negligence so most insurers will reject the claim. In some cases, you might be able to file a claim with your home insurance plan or a roadside assistance program that offers locksmith services. Certain plans offer sections that deal with lost or stolen keys. A claim for stolen car keys is not worth filing unless there's 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. For instance, if you make a claim for lost keys and it's determined that the theft was not caused by an event covered such as a fire in a vehicle or a tornado, your automobile insurance premium could rise.
It's usually more affordable to replace your car keys if you lose them than to file a claim to cover the cost of replacing your vehicle. Replacing your standard key is relatively cheap and most likely you'll pay less than the deductible on your insurance policy. A smart or transponder can cost you up to $200 or more, if you consider the cost of labor and the hourly rate for programming.