Are Lost Or Stolen Car Keys Covered by Insurance?
We've all tossed keys in the car, and it can be a huge trouble to retrieve them. The cost of replacing your keys is also high, particularly if they are keys fobs.
Thankfully Comprehensive car insurance (sometimes referred to as "other than collision" coverage) may be able to cover the cost of lost or stolen keys. But is it worth the risk?
What is the Key Replacement Protection in a Car Insurance Policy?
Car Key Replacement Cover is an added policy in a comprehensive car insurance plan that assists in paying the cost of replacing or repairing the keys of the insured vehicle or locks in the event of them being lost, stolen, or misplaced damaged or destroyed. This policy is easy to purchase and pay online. It will not affect your ability to claim an annual no-claim bonus.
However, it's important to remember that claiming keys stolen or lost might not be worthwhile based on the cost of replacing them as well as your car insurance deductible. Keys that are worn out and damaged cost less to replace, and high-tech remote car keys can be costly. In these instances, a key replacement claim could easily exceed your policy deductible. If you file a claim due to the loss of keys, it will be recorded on your claim record, which could lead to more expensive renewal fees.
If you're looking to purchase a comprehensive car insurance plan which includes key replacement coverage, look for a plan with an affordable deductible or no deductible to make the most of your funds. Compare quotes from various insurance companies to find the best deal.
The process of claiming coverage for keys to your car varies depending on the insurer. In the majority of cases, it's essential to notify your insurance provider of the incident as quickly as possible and to provide any documentation that could be required. You'll also need to submit an FIR from the police, which is one of the most important documents for an insurance claim for a car.
While most car insurance policies don't include key replacement coverage, a few renters and homeowners insurance policies permit you to claim through personal property protection coverage. This is because many rental and homeowners policies protect personal belongings from theft which includes your car keys. The exact details of the coverage can differ between different insurance companies, so make sure to read the policy conditions and terms carefully.
Most drivers are aware of how important it is to have a working and functional car key. However, they are unaware that even a key that works well can be damaged. Keys are prone to cracks, scratches, and other kinds of damage, which makes them more prone to break or even be stolen. Most of these issues are easily solved by regular maintenance and preventive care.
Are Keys Protected from Wear and Tear?
Typically, car keys aren't covered under your automobile insurance policy. Instead you can purchase an additional key replacement insurance policy to receive assistance in replacing your keys that were stolen or lost. The decision on whether this kind of insurance is worth the cost, however will depend on a variety of factors.
The cost of coverage is the first thing you need to take into consideration. Replacing your keys may not be as expensive as you think. In fact, depending on the type of keys you have like electronic key fobs or traditional turn-key ignitions it's possible that they will be cheaper than your policy deductible.
It is also important to consider 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 the deductible, it's unlikely that you'll benefit from filing a claims.
Another thing to be aware of is whether your renters or home insurance policy offers any protection for lost or stolen keys. Generally, personal property coverage offered by these policies will cover the theft of your keys in addition to other items that are stolen from inside or outside your home. It is important to keep in mind that your deductible will apply and you may end up paying for keys that were stolen yourself.
It is also advisable to check with your dealer to find out whether they offer any special coverage for keys in the buying process. In the time of your vehicle purchase will save you money if you ever require replacing your keys in the future.
Certain providers offer key replacement coverage as an optional service or an add-on. The extra cost of this policy will depend on the specific needs you have and the amount of money you can afford each month to pay for your policy. If you decide to buy this coverage, make sure to keep the receipts in order that you can claim the insurance in the event that your keys are lost or stolen.
Do I need to file an Claim for Key Replacement?
If you have comprehensive car insurance, the loss of keys may be covered by the policy. The insurance company may also provide key replacement services as an option for an additional cost. Certain insurers have a nationwide network of locksmiths who can replace your keys or recode the immobiliser, even if you have never removed the key from your car. This can be a valuable service when you've lost your keys permanently or you are locked out of your vehicle. A lot of cars have electronic ignition systems which need to be programmed to start the vehicle.
If your car keys were stolen, you'll need submit a claim to the police and submit a first information report. You'll also need to contact your insurance provider and submit the required documents. Some companies offer cashless settlements if you visit one of their network garages and have your key replaced. You'll have to ensure that the replacement cost doesn't exceed your deductible and you meet the other requirements established by the insurer.
In the majority of cases it's not worth submitting a claim for a stolen or lost key. This is because the average insurance deductible for a new vehicle is $1000, but keys can cost $200 to $500 each. It's generally cheaper to purchase new keys yourself if you have spares. You'll also avoid having your premiums increase in the future as a result.
However, if you own items stolen from the car that are covered by other kinds of insurance like homeowners or renters, it may be worth submitting a claim. This is especially true if the object was expensive or difficult to replace and you have a small deductible.
While it's unlikely, some insurance companies may allow you to add an individual property endorsement to your policy, which will cover the loss of car keys. This type of coverage is typically offered as an additional benefit to a comprehensive insurance policy which is why it's crucial to speak with your insurance company about your options before you purchase the car.
Can I file a claim for Key Replacement if I left the keys in the car?
The state you live in and the insurer you choose will decide if you are able to claim a reimbursement if you lose your keys. Some states have laws that allow you to purchase key replacement insurance as part of your comprehensive insurance or other than collision coverage and some don't. It is important to know that you will not be able to make a claim on your auto insurance if you lose your keys when the vehicle is unlocked, the engine is running, and the vehicle is parked in a public area. You might be able to make a claim under your car or property insurance.
The act of leaving keys in your car is considered to be negligence therefore, most insurers will deny a claim. In certain cases you may be able to file a claim with your home insurance or a roadside assistance program that offers locksmith services. Some of these plans have a section that deals with keys that are stolen or lost. In general, though it is possible to file a claim for keys stolen won't be worth filing unless it has to more info do with a major damage or loss to your vehicle.
Even if it is, it can be risky to file a claim to recover the cost of a stolen or lost key. For instance, if file a claim for lost keys, and it is determined that the theft was not caused by a covered incident like a car fire or a tornado, your auto insurance premium could increase.
If you lose your car keys, it's usually cheaper to replace them than to make an insurance claim to pay the cost of a new vehicle. Replacing your regular key is relatively cheap and most likely you'll pay less than the deductible of your policy. However, a smart or transponder key can drive replacement costs up to $200 or more, especially when you consider labor rates and hourly charges for programming.