Are Lost Or Stolen Car Keys Covered by Insurance?
We've all left the keys in the car and it can be a major problem to retrieve them. The cost of replacing your keys is also high, particularly in the case of keys fobs.
Thankfully, comprehensive auto insurance (also called "other than collision coverage") could pay for keys that are stolen or lost. But is it worth the expense?
What is the Key Replacement Insurance Coverage in Car Insurance Policy?
Car Key Replacement Cover is an add-on 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 locks in the event of them being lost, stolen, or misplaced damaged or broken. This policy is available on the internet, and is easy to purchase and settle, and it doesn't affect your no-claim bonus eligibility at the time of renewal.
It's important to note that claiming for lost or stolen keys may not be worthwhile depending on the cost of replacing them and the deductible on your car insurance. Outdated mechanical keys cost less to replace however, high-tech remote keys for cars are expensive. In such cases claims for replacement keys could easily exceed your policy deductible. If you file a claim due to the loss of keys, it will be recorded on your claims record and could result in higher renewal premiums.
If you're looking to purchase an insurance plan for your car that is comprehensive which includes key replacement coverage, search for a policy with the lowest deductible or a zero deductible to get the most of your funds. It's also a good idea to compare quotes from a variety of insurance providers to find the best deal.
The procedure for claiming key replacement coverage varies by insurer. In most cases, it's important to inform your insurance company of the incident as quickly as possible and to provide any documentation that may be required. You'll have to submit the police FIR that is among the most important documents to file claims for insurance coverage for cars.
While most automobile insurance policies don't provide key replacement coverage, a few renters and homeowners insurance plans permit you to make a claim for personal property protection coverage. This is because most rental and homeowners policies protect personal belongings from theft, including your car keys. However, the exact terms of this coverage could differ from insurer to insurer, therefore it's essential to check the policy terms and conditions carefully.
While the majority of motorists are aware of the importance of having a functional and functioning car key, they don't realize that even a well-functioning key can be damaged. Keys are susceptible to scratches, cracks and other forms of damage. This makes them more likely to be stolen or damaged. Most of these problems are easily solved by regular maintenance and preventive maintenance.
Are keys covered for wear and Tear?
Car keys aren't covered by your insurance policy for your automobile. Instead you can purchase a separate car key replacement cover to get assistance with replacing your lost or stolen keys. This kind of insurance depends on several factors.
The cost of insurance is the first thing you need to take into consideration. The replacement of your keys might not be as costly as you think. In fact, based on the kind of keys you have, such as electronic key fobs or traditional turn-key ignitions it's possible for them to be less expensive than your insurance cost deductible.
It is also important to consider the cost of filing a claim. Whether or not you have comprehensive coverage, your vehicle insurance policy will likely require you to pay your deductible prior to any damage claims are settled. If the cost of replacing the keys to your car exceeds your deductible it is unlikely that you'll benefit from filing a claims.
If you have a home or renters policy it is crucial to verify if your policy covers stolen or lost keys. Personal property coverage is usually provided by these policies and will cover the theft of keys, as along with other items that are stolen from your home. However, it's important to remember that your deductible will still be applicable and you may end up paying for the keys stolen by yourself.
Also, contact your local car dealer to see if they offer any special coverage for keys as part of the buying process. The purchase of this insurance at the time of your car purchase will help you save money if you ever need to replace your keys in the future.
The majority of standard car insurance policies do not include key replacement coverage, but certain providers offer it as an option or as a separate product. The decision on whether or not this insurance is worth the additional cost will depend on your specific requirements and how much you are able to afford on your monthly premiums. If you opt to purchase this insurance be sure to keep the receipts so you can file a claim in the event keys get lost or stolen.
Do I have to submit a claim for key replacement?
If you have comprehensive auto insurance, the loss of keys may be covered under the policy. The insurer may also offer key replacement services as an optional service at an additional charge. Certain insurers have a national network of locksmiths who will replace your keys or reset the immobiliser, even if you never removed the key from the car. This more info service can be invaluable if you have lost your keys permanently or are locked out of your vehicle. A lot of cars have electronic ignition systems that need to be programmed in order to start the vehicle.
You'll also need to call your insurance provider and submit the necessary documents. You'll also have to contact the insurance provider and provide the required documents. Some insurance companies will offer a cashless settlement when you visit one of their garages in their network to replace your key. You must ensure that the replacement cost does not exceed your deductible, and you meet the other requirements outlined by the insurer.
In the majority of instances, filing a claim is not worth it for the loss or theft of a key. This is because the typical car insurance deductible is $1000. Likewise, keys can cost between $200 and $500 to replace. It's generally cheaper to buy new keys on your own when you have spare keys. It will also prevent having your premiums increase in the future as a result.
If you do have items that were stolen from your car that are covered by other kinds of insurance like homeowners or renters, it may be worthwhile to file an insurance claim. This is especially true if the object was expensive or difficult to replace and you have a low deductible.
Although it's unlikely, certain insurance companies may allow you to add an endorsement for personal property to your policy that will protect you from losing your keys to your car. This type of coverage is typically provided as an additional benefit to comprehensive coverage, so it's important to speak with your insurance provider about your options prior to purchasing the car.
Can I make a claim for a key replacement if I have left keys in the car?
If you leave your keys in your car and someone steals them the decision on whether or not you can claim a claim will be contingent on your state and insurer. Some states allow you to purchase key replacement coverage as part of comprehensive or other than collision insurance, while other states do not allow. It is important to know that you will not be able to claim on your auto insurance if lose your keys while the vehicle is not locked or the engine is running and the car is parked in a public area. You may be able make claims under your car or property insurance.
Inputting your keys in the car is considered to be negligence, so most insurers will reject a claim. In certain cases you may be able to file a claim with your home insurance plan or a roadside assistance program that offers locksmith services. Some of these plans may include a specific section for lost or stolen keys. A claim for stolen car keys is not worthwhile unless there's serious damage or accident to the vehicle.
Even then the filing of a claim for the cost of a stolen or lost key could be risky. If you file a lost key claim and are able to prove that the loss was not caused by an event covered such as a car accident or a tornado your insurance premium might increase.
If you lose keys to your car it's usually cheaper to replace them rather than submit an insurance claim to pay the cost of a new vehicle. Replacing your standard key is relatively cheap and most likely you'll not have to pay more than the deductible on your policy. A transponder or smart key can cost as much as $200, or even more, if you consider the cost of labor and the hourly rate for programming.