Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost our keys in the car. Finding them isn't easy. It's also expensive to replace your keys, particularly when you have a high-tech key fob.
Fortunately, comprehensive car insurance (sometimes referred to as "other than collision" coverage) could pay for the cost of lost or stolen keys. But is it really worth it?
What is the primary replacement Insurance Coverage in Car Insurance Policy?
Car Key Replacement Cover is an add-on policy included in a comprehensive insurance plan that covers the cost of repair or replacement of the insured vehicle's keys or lock/lockset in case they get lost, stolen, or misplaced, damaged or broken. This policy is simple to purchase and pay online. It does not affect your chances of an annual no-claim bonus.
It's important to note that claiming for keys that are stolen or lost may not be worth it based on the cost of replacing them and the deductible on your car insurance. Mechanical keys that are old and worn-out are less expensive to replace, while high-tech remote car keys are expensive. In these cases, the cost of a key replacement could easily exceed your deductible. If you file a claim due to the loss of keys, it will remain on your record of claims which could result in higher renewal costs.
If you're looking to purchase an insurance plan for your car that is comprehensive that offers car key replacement coverage, look for a policy with a low deductible or zero deductible to make the most of your funds. It's recommended to compare quotes from different insurance companies to find the best price.
The procedure for claiming key replacement coverage varies from insurer to insurance company. In the majority of instances, it is important to notify your insurance provider of the incident as soon as you can and to provide any documentation that could be required. You'll have to submit the police FIR which is among the most crucial documents needed when filing a claim for car insurance.
While the majority of automobile insurance policies don't provide key replacement coverage, a few renters and homeowners insurance plans allow you to make a claim for personal property protection insurance. This is because most rental and homeowners policies cover theft of personal belongings which includes your car keys. However, the specifics of this coverage may differ from insurer to insurer, so it's essential to check the terms and conditions of the policy carefully.
While most drivers understand the importance of having a functional and working car key, they fail to realize that even a functioning key could be damaged. Keys are susceptible to scratches, cracks and other forms of damage. This makes them more prone to be broken or stolen. Fortunately, most of problems can be resolved with a little bit of preventive maintenance and regular maintenance.
Are keys protected against wear and tear?
Typically, car keys aren't covered by your car insurance policy. Instead you can buy an additional car key replacement cover to get assistance in replacing your keys that have been stolen or lost. Whether this type of coverage is worth the cost, however is contingent on a variety of factors.
The cost of coverage is the first thing you need to take into consideration. The replacement of your keys might not be as expensive as you might expect. It's possible to get keys cheaper than your insurance deductible dependent on whether you have electronic key fobs traditional turn-key ignitions, or both.
It is also important to think about the cost of submitting an insurance claim. Your insurance policy for your car might require you to pay your deductible prior to any claims being paid. If the cost of replacing the keys to your car exceeds your deductible, it's unlikely that you'll be benefited from filing a claim.
Another aspect to take into consideration is whether your renters or home insurance policy offers any protection for lost or stolen keys. Personal property coverage is usually offered by these policies and will cover the theft of keys, as and other items taken from your home. However, it is important to keep in mind that your deductible will still apply and you may end up paying for keys stolen by yourself.
You should also inquire with your dealership to see whether it provides keys with a special insurance policy in the buying process. If you choose to purchase this coverage when you purchase your vehicle you can save money in the future should you have to replace keys.
Most standard car insurance policies don't include key replacement coverage, but certain providers offer it as an optional option or as a separate product. If this coverage is worth the cost depends on your particular requirements and the amount you are able to afford on your cost each month. Keep your receipts if you opt to purchase this policy. You can make a claim if you lose or steal your keys.
Do I have to submit a claim for key replacement?
If you have comprehensive auto insurance, the policy could cover lost keys. Additionally, the insurer might offer key replacement cover as an optional extra for an additional cost. Certain insurance companies have a national network of locksmiths who can replace your keys, or recode the immobiliser even if you have not removed the keys from the vehicle. This is an extremely useful service if your keys are permanently lost or you find yourself locked out of your vehicle especially since a lot of cars have electronic ignition systems that have to be programmed to allow the engine to start.
If your car keys were stolen, you'll need file a claim with the police and submit a first information report. You'll also have to contact your insurance company and provide the required documents. Some insurance companies will offer a cashless settlement if you visit one of their garages in their network to have your key replaced. You'll need to make sure car stolen with keys that the cost of replacement is not more than the deductible and that you meet the other requirements set forth by the insurer.
In most cases the filing of a claim is not worth it for keys that are stolen or lost. This is because a typical automobile insurance deductible is $1000. Likewise, your keys may only cost between $200 and $500 to replace. If you have spare keys you can usually afford to pay for new keys out of pocket. You will also avoid the possibility of having your insurance premiums rise in the future due to.
It might be worthwhile filing an insurance claim when the items stolen from your car are covered by a different kind of insurance, like renters' or homeowners'. This is particularly true if the item was valuable or difficult to replace and you have a small deductible.
Although it's unlikely, certain insurance companies might permit you to add an individual property endorsement to your policy to protect you from losing your keys to your car. This type of coverage is typically offered as an additional benefit to the comprehensive coverage and it's important to consult with the insurance company regarding your options before you purchase an automobile.
Can I make a claim for a key replacement if I left keys in the car?
The state you live in and the insurer you choose will decide if you can make a claim in the event that you lose your keys. Certain states permit you to purchase key replacement insurance as part of comprehensive insurance or other than collision insurance, while other states do not allow. You should also be aware that you will not be able to make a claim against your auto insurance if you lose your keys while the vehicle is not locked and the engine is running, and the vehicle is parked in public. You may be able make claims under your vehicle or property insurance.
Leaving 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 through your home insurance or a roadside assistance plan that provides locksmith services. Certain plans offer a section that deals with keys that are stolen or lost. In general,, a claim for stolen keys won't be worthwhile unless it has to do with a significant loss or damage to your car.
Even if you do making a claim to cover the cost of a lost or lost key can be risky. For instance, if make a claim for lost keys and you find that the theft wasn't caused by an event covered like a car fire or a tornado, your automobile insurance premium could go up.
If you lose your car keys, it's usually cheaper to replace them rather than submit an insurance claim to cover the cost of a new vehicle. Replacing a regular key is fairly inexpensive, and there's a good chance it won't cost more than your policy's deductible. A transponder or smart card could cost up to $200, or even more, if you consider labor rates and the hourly cost for programming.