Are Lost Or Stolen Car Keys Covered by Insurance?
We've all forgotten our keys in the car. Retrieving them can be a hassle. The cost of replacing your keys is high, especially when they're keys fobs.
Fortunately, comprehensive car insurance (also referred to "other than collision coverage") can cover the cost for keys that are stolen or lost. But is it really worth it?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an added policy that is part of a comprehensive car insurance plan that assists in paying the cost of replacing or repairing the keys of the insured vehicle or lock/lockset in case they get stolen, lost, misplaced damaged or destroyed. The policy is available on the internet, and is easy to purchase and settle, and it doesn't affect your no-claim bonus at the time renewal.
It's important to note that claiming keys stolen or lost might not be worthwhile based on the cost of replacing them as well as your car insurance deductible. Outdated mechanical keys cost less to replace, and high-tech remote car keys can be costly. In these instances the cost of a replacement claim for keys could easily exceed your policy deductible. 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 in search of an insurance plan for your vehicle that covers key replacement for your car, choose a policy with a low or zero deductible. This will help you save money. Compare quotes from a variety of insurance providers to get the best deal.
The process for claiming car key replacement coverage varies by insurer. In the majority of instances, it is important to notify your insurance provider of the incident as quickly as you can and provide any documentation that may be required. You'll need to file the police FIR that is one of most important documents needed when filing claims for insurance coverage for cars.
Many renters and home policies provide key replacement coverage. You can make claims under the personal property protection insurance. The majority of homeowners and rental insurance policies cover thefts of personal items such as keys to cars. However, the exact details of this coverage could differ from insurer to insurer, which is why it is important to read 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 know that even a functional key can be damaged. Keys are prone to cracks, scratches and other forms of damage. This increases the likelihood that they will be stolen or damaged. Fortunately, most of these issues can be easily resolved with a little bit of preventive care and regular maintenance.
Are keys covered for wear and Tear?
Car keys are not covered by your auto insurance policy. Instead, you can purchase an additional key replacement policy to get assistance in replacing your lost or stolen keys. Whether this type of coverage is worth it is contingent on a variety of factors.
The first thing to consider is the cost of the coverage. The replacement of your keys might not be as costly as you'd think. It's possible to get keys for less than your 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 submitting an insurance claim. The policy for your car insurance might require you to pay the deductible prior to any claims being paid. If the cost of replacing your car keys exceeds your deductible it is unlikely that you'll benefit from filing a claim.
If you have a home or renters insurance policy it is essential to verify if your policy covers theft or loss of keys. Personal property coverage is usually included in these policies and will cover the theft of keys as well as other items stolen from your home. However, it is important to note that your deductible will apply and you may end up paying for stolen keys yourself.
It is also advisable to check with your dealer to see whether it provides any special coverage for keys as part of the purchasing process. The purchase of this insurance at the time of your car purchase will help you save money should you ever require replacement keys in the future.
Most standard automobile insurance policies don't offer key replacement coverage, but certain providers offer it as an add-on or a standalone product. The extra cost of this policy will depend on the specific needs you have and how much you're able to pay each month to cover your insurance. If you do choose to purchase this coverage, make sure to keep the receipts so you can claim the insurance in the event that keys get lost or stolen.
Do I have to make a claim for a key replacement?
If you have comprehensive auto insurance, the policy could cover keys lost. The insurance provider may also provide key replacement services as an option with a cost. Some insurers have a national network of locksmiths that can replace your keys or recode the immobiliser even if have not removed the keys from your car. This can be a valuable service when you've lost your keys for the last time or you are locked out of your vehicle. Many vehicles have electronic ignition systems which need to be programmed in order to start the car.
You'll also need to call your insurance company and provide the required documents. You'll also have to contact your insurance provider and submit the required documents. Certain providers offer cashless settlements if you visit one of their garages in their network and get your key replaced. You must ensure that the replacement cost does not exceed your deductible, and that you meet the other requirements set forth by the insurer.
In the majority of cases, filing a claim is not worth it for the loss or theft of a key. It's because the typical car insurance deductible for a new vehicle is $1000, whereas your keys could only cost between $200 and $500. It's generally cheaper to buy new keys yourself if you have spares. You'll also avoid having your premiums increase in the future as a result.
It may be worth filing claims in the event that the items stolen from your vehicle are covered by a different kind of insurance, like renters' or homeowners'. This is true especially in the case of a low-deductible and the item is expensive or difficult to replace.
Although it's not likely, some insurance companies might permit you to add an endorsement for personal property to your policy to protect you from losing your keys to your car. This kind of insurance is typically offered as an add-on to comprehensive coverage which is why it's crucial to consult with the insurance company regarding your options prior to purchasing the car.
Can I file a Claim for Key Replacement if I've left the keys in the car?
If you leave your keys in your car, and they are stolen the answer to whether or not you can claim a claim will be contingent on your state and the insurance company. Some states allow the purchase of key replacement insurance as part of comprehensive or other than collision insurance, whereas other states do not allow. It is also important to know that if your keys are stolen while your car is unlocked, with the engine running and the car parked in a public place it is not possible to make a here claim through your auto insurance. However, you may still be able to file claims through your vehicle protection or property insurance on your policy.
The act of leaving keys in your car is considered negligence, so most insurers will reject an insurance claim. In some cases, you might be eligible to claim a claim through your home insurance or a roadside assistance plan that offers locksmith services. Certain plans include a specific section for keys that are stolen or lost. In general,, a claim for stolen keys won't be worthwhile unless it has to do with a major damage or loss to your car.
Even if you do, filing a claim for the cost of a lost or lost key can be risky. If you file a lost key claim and are able to prove that the loss was not caused by an event like a vehicle accident or tornado your insurance premium might go up.
It's usually more affordable to replace your car keys in the event that you lose them than it is to file a claim to pay for replacing your car. Replacing your regular keys is fairly inexpensive, and there's a good chance that it won't cost more than the deductible of your policy. On the other hand a transponder or smart key can increase the cost of replacement up to $200 or more, particularly when you factor in costs for labor and hourly charges for programming.