Are Lost Or Stolen Car Keys Covered by Insurance?
We've all left the keys in the car and it can be a huge problem to retrieve them. The cost of replacing your keys is expensive, especially in the case of a key fob.
Thankfully, comprehensive car insurance (sometimes referred to as "other than collision" coverage) could cover the cost of lost or stolen keys. But is it worth the expense?
What is the Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an add-on policy in a comprehensive car 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 lost, stolen, or misplaced, damaged or broken. This policy is available on the internet, and is easy to purchase and settle and doesn't impact your no-claim bonus at the time renewal.
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 car insurance deductible. Mechanical keys that are old and worn-out cost less to replace, and high-tech remote car keys can be costly. In these instances the cost of a key replacement could easily exceed your deductible. If you file a claim due to the loss of keys it will be recorded on your record of claims, which could lead to higher renewal costs.
If you're in the market for a comprehensive car insurance plan that includes car key replacement coverage, search for a policy with the lowest deductible or a zero deductible to get the most out of your money. It's recommended to compare quotes from a variety of insurance providers to find the best price.
The process of claiming coverage for car keys differs by insurance company. In most cases, you'll need to report the incident promptly and provide any documentation required to your insurance company. You'll need to submit the police FIR that is among the most important documents needed when filing claims for insurance coverage for cars.
Many renters and home policies include key replacement coverage. You can file a claim under the personal property protection insurance. This is because most rental and homeowners policies protect personal belongings from theft including keys to your car. The specifics of the coverage could differ from one insurer to another therefore, make sure you review the policy's conditions and terms carefully.
Most drivers are aware of how important it is to have a functional and functional car key. However, they are unaware that even a key that works well could be damaged. Keys are vulnerable to cracks, scratches, and other kinds of damage, which makes them more likely to be damaged or stolen. Most of these problems can be resolved by regular maintenance and preventive maintenance.
Are Keys Protected from Wear and Tear?
Car keys aren't covered by your insurance policy for your automobile. Instead you can buy a separate car key replacement cover to get assistance with replacing lost or stolen keys. The decision on whether this kind of insurance is worth it will depend on a variety of factors.
The cost of insurance is the first thing you need to be considered. Replacing your keys might not be as expensive as you think. In fact, depending on the type of keys you own like electronic key fobs or traditional turn-key ignitions it's possible that they will be cheaper than your policy cost deductible.
You should also factor in the cost of filing a claim. No matter if you have comprehensive coverage, your car insurance policy will likely require you to pay your deductible before any damage claims are settled. If the total cost of your vehicle key replacement is greater than the deductible, it's unlikely you'll be able to benefit from making an insurance claim.
Another factor to be aware of is whether your renters or homeowners insurance policy covers for keys stolen or lost. Personal property insurance is typically 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 note that your deductible may be applicable and you may end up paying for keys stolen by yourself.
You should also check with your dealership to see if it offers any special coverage for keys in the buying process. Purchasing this coverage at the time of your car purchase can save you money in the event that you require replacement keys in the future.
The majority of standard car insurance policies do not include important replacement coverage, however some providers do offer it as an option or as a separate product. The cost of this coverage will depend on the specific needs you have and how much you're able to pay each month to pay for your insurance. Keep the receipts in case you decide to purchase this coverage. You can make a claim should you lose or take your keys.
Do I have to file an Claim for a Key Replacement?
If you have extensive auto insurance, your policy could cover lost keys. The insurance company may also provide the replacement of keys as an optional service at an additional charge. Certain providers have national networks of locksmiths that can provide the services required to replace your keys or recode your immobiliser even if the key was never removed from the vehicle. This can be a valuable service if you have lost your keys permanently or you are locked out of your vehicle. Many cars come with electronic ignition systems which need to be programmed to allow you to start the car.
If your car keys were stolen, you'll need make a claim with the police and file the first report. You'll also have to contact your insurance provider and submit the necessary documents. Some providers will offer cash-free settlements if you go to one of their network garages to replace your key. You'll need to ensure that the replacement cost does not exceed your deductible, and you adhere to any other requirements outlined by the insurance company.
In most instances it's not worth filing an insurance claim for a stolen or lost key. This is because a typical automobile insurance deductible is $1000, and keys can cost between $200 and $500 to replace. It's typically cheaper to buy new keys yourself when you have spare keys. You'll also be able to avoid the possibility of your future premiums rising as a result of making claims.
However, if you have items that were stolen from your car that are covered by different types of insurance such as renters or homeowners it could be worthwhile to file a claim. This is especially true if your item is valuable or difficult to replace and you have a small deductible.
Although it's unlikely, certain car insurance providers may allow 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 can be added to comprehensive insurance. It is recommended to discuss your options with your insurance provider before you purchase a vehicle.
Can I file a claim for replacement of my keys if I've left the keys in the car?
Your state and insurer will decide if you can claim compensation when someone steals your keys. Certain states permit the purchase of key replacement coverage as part of comprehensive insurance or other than collision insurance, but others do not. It is also important to know that if your keys get stolen while your vehicle is unlocked, with the engine running and the vehicle located in a public space, you won't be able to claim the loss through your auto insurance. However, you may still be able to make claims through your vehicle protection or property insurance on your policy.
Most insurers will not pay out the keys you have left in the car. This is because it is considered click here negligence. In certain cases, you might be able file an insurance claim through your home insurance plan, or a roadside service plan that provides locksmith services. Certain plans contain a specific section regarding keys that are stolen or lost. In general, however it is possible to file a claim for keys stolen won't be worthwhile unless it has to do with a major loss or damage to your 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 are able to prove that the theft wasn't caused by an event covered like a vehicle accident or tornado your insurance premium might increase.
It's generally more affordable to replace your car keys if you lose them than to file a car insurance claim to pay for replacing your vehicle. Replacing your regular keys is relatively inexpensive, and there's a good chance that it won't cost more than your policy's deductible. However the transponder or smart key could increase replacement costs up to $200 or more, particularly when you take into account labor rates and hourly charges for programming.