Are Lost Or Stolen Car Keys Covered by Insurance?
We've all tossed keys in the car, and it can be a big trouble to retrieve them. It's also not cheap to replace your keys, especially when you have a high-tech key fob.
Thankfully Comprehensive car insurance (sometimes referred to as "other than collision" coverage) can cover the cost of lost or stolen keys. But is it worth the claim?
What is the primary replacement Coverage in Car Insurance Policy?
Car Key Replacement Cover is an additional policy included in a comprehensive insurance plan that covers the cost of repair or replacement of the keys of the insured vehicle or lockset in the event that they are lost, stolen, lost, damaged or broken. The policy is accessible on the internet, is simple to purchase and settle and doesn't impact the eligibility of your no-claim bonus at the time of renewal.
However, it's worth noting that claiming for keys stolen or lost might not be worth it based on the cost of replacing them and your insurance deductible for car. Replacement of keys made of metal that are older can be less expensive, whereas remote car keys with high-tech features may cost more. In these instances 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 claim will be recorded on your claim record and could result in higher premiums when it comes time for renewal.
If you're looking to buy a comprehensive car insurance plan which includes key replacement coverage, look for a policy that has an affordable deductible or no deductible to get the most of your funds. It's also a good idea to compare quotes from different insurance providers to determine the best price.
The process for claiming car key replacement coverage varies from insurer to insurance company. In the majority of cases, it's important to notify your insurance provider of the incident as quickly as you can and to provide any documentation that may be required. Also, you'll need to file a police FIR which is among the most important documents for the insurance claim of a car.
While the majority of car insurance policies don't include key replacement coverage, many renters and homeowners insurance policies allow you to make a claim under personal property protection. This is because many rental and homeowners policies will cover the theft of personal items, including your car keys. The specifics of the coverage may vary between different insurance companies and therefore it is important to review the policy's conditions and terms carefully.
While most drivers understand the importance of having a functioning and working car key, they fail to realize that even a well-functioning key can be damaged. Keys are susceptible to scratches, cracks and other kinds of damage. This increases the likelihood that they will be lost or broken. Most of these problems can be resolved by regular maintenance and preventive care.
Are keys protected against wear and tear?
Typically, keys for cars aren't covered under your car insurance policy. You can opt to purchase a separate protection for car keys to get help in replacing keys that have been stolen or lost. This kind of insurance depends on a variety of factors.
The first thing you should consider is the cost of the coverage. Replacing your keys may not be as costly as you'd think. In fact, based on the type of keys you own such as electronic key fobs or traditional turn-key ignitions, it's possible for them to be less expensive than your policy deductible.
You should also factor in the cost of filing an insurance claim. The policy for your car insurance might require you to pay the deductible prior to any claims being paid. If the total cost of your car key replacement exceeds your deductible, it's unlikely you'll gain from filing claims.
Another factor to consider is whether or not your renters or home insurance policy offers any protection for keys stolen or lost. Personal property insurance is typically included in these policies and will cover the theft of keys as along with other items that are stolen from your home. It is important to note that your deductible will still be in effect and you could end up paying for the keys that were website stolen yourself.
Also, check with your car dealership to see if they offer any special key-related coverage as part of the purchase process. Purchasing this coverage at the time of your vehicle purchase can save you money in the event that you need to replace your keys in the future.
Certain providers offer key replacement coverage as an optional feature or an add-on. The cost of this policy will depend on the specific needs you have and the amount of you're able to pay each month to cover your policy. If you opt to purchase this insurance be sure to keep the receipts in order that you can file a claim in the event that your keys are lost or stolen.
Do I need to file a Claim for Key Replacement?
If you have comprehensive auto insurance, your policy may cover lost keys. The insurance company may also provide key replacement services as an optional service with a cost. Certain providers have nationwide networks of locksmiths who offer services required to replace your keys or change the code of your immobiliser even in the event that the key was not actually taken from the vehicle. This is a valuable service if your keys are permanently lost or if you find yourself locked from your car particularly since many vehicles come equipped with electronic ignition systems that need to be programmed in order to start the engine.
If your car keys are stolen, you'll have to file a claim with the police and file a first information report. You'll also need to contact your insurance provider and submit the required documents. Certain providers offer cashless settlements if you visit one of their network garages and get your key replaced. You'll need to make sure that the replacement cost doesn't exceed your deductible and you meet other requirements set by the insurance company.
In most cases it isn't worth it for keys that are stolen or lost. It's because the standard insurance deductible for new vehicle is $1000, whereas your keys could only cost between $200 and $500. If you have spare keys you can usually afford to pay for new keys out of pocket. You'll also avoid the possibility of having your insurance premiums rise in the future as a result.
However, if you own items stolen from the car that are covered by different types of insurance such as renters or homeowners It could be worth submitting a claim. This is especially true if the item is valuable or difficult to replace and you have a small deductible.
Although it's not likely, some insurance companies may allow you to add an individual property endorsement to your policy that will be able to cover the loss of your car keys. This kind of insurance can be added to comprehensive coverage. It is recommended to discuss your options with your insurance provider prior to purchasing a car.
Can I file a Claim for Key Replacement if I Left the keys in the car?
If you leave your keys in your car, and someone steals them, the answer to whether or not you're able to file a claim will depend on your state and the insurance company. Certain states permit 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 won't be able to claim against your auto insurance if lose your keys while the vehicle is unlocked or the engine is running, and the car is parked in public. You may be able to file a claim under your property or vehicle insurance.
Inputting your keys in the car is considered to be negligence so most insurers will reject the claim. In some cases you may be eligible to file a claim with your home insurance plan or a roadside assistance program that offers locksmith services. Some of these plans have sections that deal with lost or stolen keys. In general, though it is possible to file a claim for stolen keys won't be worthwhile unless it has to do with a major loss or damage to your car.
Even so, it could be risky to file a claim in order to recover the cost of a stolen or lost key. If you file a lost-key claim and are able to prove that the loss was not caused by an event like a car crash or tornado, your insurance premium may increase.
If you lose your car keys, it's usually cheaper to replace them than file an insurance claim to cover the cost of a new car. The replacement of a standard key is relatively cheap and there's a good possibility that it won't cost you more than the deductible of your policy. On the other hand a transponder or smart key could increase replacement costs up to $200 or more, especially when you consider labor rates and hourly charges for programming.