Are Lost Or Stolen Car Keys Covered by Insurance?
We've all left the keys in the car and it can be a big trouble to retrieve them. The cost of replacing your keys is high, particularly when they're a key fob.
Thankfully, comprehensive auto insurance (also referred to "other than collision coverage") may pay for keys that are lost or stolen. But is it worth claiming?
What is the key replacement coverage in Car Insurance?
The Car Key Replacement Cover add-on is an insurance policy that can be added to an overall auto insurance plan. It helps reimburse the costs of repair or replacement of keys or locks, as well as locksets in the event of them being lost, stolen, or damaged. The policy is available on the internet, is simple to purchase and settle and won't affect the eligibility of your no-claim bonus at the time renewal.
However, it's important to remember that claiming compensation for keys stolen or lost might not be worth it based on the cost of replacing them as well as your insurance deductible for car. Mechanical keys that are old and worn-out cost less to replace however, high-tech remote keys for cars can be expensive. In these cases the cost of key replacement could easily be more than your deductible. If you file a claim to cover the loss of your keys the claim will be recorded on your claims record which could lead to higher rates at the time of renewal.
If you are looking for an insurance plan for your vehicle that covers key replacement for your car opt for a policy that has a low or zero deductible. This will help you save money. Compare quotes from different insurance companies to find the best deal.
The process for claiming car key replacement coverage varies from insurer to insurance company. In the majority of cases, it's important to inform your insurance provider of the incident as soon as you can and to provide any documentation that could be required. Also, you'll need to file an FIR from the police that is one of the most crucial documents needed for a car insurance claim.
While most car insurance policies do not provide key replacement coverage, many home and renters insurance plans allow you to claim through personal property protection. The majority of homeowners and renters insurance policies provide protection against theft of personal items including keys to cars. However, the exact terms of this coverage could differ from insurer to insurer, which is why it's essential to check the policy's terms and conditions carefully.
Many drivers are aware of how crucial it is to have a functional and functional car key. However, they are unaware that even a key that functions well can be damaged. Keys are susceptible to cracks, scratches, and other kinds of damage, which makes them more likely to be damaged or stolen. Most of these problems can be solved with regular maintenance and preventive care.
Are keys protected against wear and tear?
Car keys aren't covered by your insurance policy for your automobile. Instead you can buy an additional car key replacement cover to get assistance with replacing keys that have been stolen or lost. This type of coverage depends on a variety of variables.
The cost of insurance is the first thing to be considered. The replacement of your keys might not be as costly as you think. It's possible to get keys cheaper than the insurance deductible dependent on whether you have electronic key fobs, traditional turn-key ignitions or both.
You should also factor in the cost of making a claim. Your insurance policy for your car may require you to pay your deductible prior any claims being paid. If the total cost of the key replacement is greater than the deductible, it's unlikely you'll be able to gain from filing an insurance claim.
If you have a homeowners or renters policy, it is important to determine if the policy covers stolen or lost keys. Generally, personal property check here insurance provided through these policies will include the theft of your keys, in addition to other items stolen from inside or outside your home. However, it's important to keep in mind that your deductible may apply and you may end up paying for the stolen keys yourself.
Also, check with your car dealership to determine if they offer any special key-related coverage as part of the buying process. Purchasing this coverage at the time of your car purchase will help you save money should you ever require replacement keys in the future.
The majority of car insurance policies do not include key replacement coverage, but some companies offer it as an option or as a separate product. If this coverage is worth the additional cost will depend on your specific requirements and how much you can afford to spend on monthly premiums. If you choose to purchase this coverage, make sure to keep the receipts so that you can claim the coverage in the event keys get lost or stolen.
Do I Need to File an Claim for Key Replacement?
If you have comprehensive auto insurance, the loss of keys could be covered under the policy. The insurer may also offer a key replacement service as an optional extra for an additional cost. Certain insurance companies have a nationwide network of locksmiths who will replace your keys, or recode the immobiliser even if never removed the key from the car. This is a valuable service if your keys are permanently lost or you find yourself locked out of your vehicle, especially as many cars are equipped with electronic ignition systems that need to be programmed to start the engine.
If your car keys were stolen, you'll need submit a claim to the police and file a first information report. You'll also need to contact your insurance company and provide the necessary documents. Certain providers offer cashless settlements if you visit one of their garages in their network and get your key replaced. You'll have to ensure that the replacement cost doesn't exceed your deductible and that you meet other requirements set by the insurance company.
In most instances the filing of a claim is not worth it for keys that are stolen or lost. It's because the typical car insurance deductible for a brand new vehicle is $1000, whereas your keys could only cost between $200 and $500. It's usually more affordable to buy new keys yourself in the event that you have spare keys. You'll also be able to avoid the possibility of your future premiums rising as a result of making an claim.
It could be worthwhile to file a claim if the items that were taken from your vehicle are covered by another type of insurance, for example renters' or homeowners'. This is especially true if your item was valuable or difficult to replace and you have a small deductible.
Although it's not likely, some insurance companies might allow you to add an individual property endorsement to your policy, which will cover the loss of keys to your car. This kind of insurance is typically provided as an addition to comprehensive coverage and it's important to speak with your insurance company about the options available before purchasing a car.
Can I file a claim for replacement of my keys if I've left keys in the car?
Your state and insurer will decide if you can claim compensation in the event that you lose your keys. Certain states have laws that allow you to purchase key replacement cover as part of your comprehensive insurance or other than collision insurance and some don't. Additionally, you should be aware that if your keys are stolen while your car is locked with the engine running and it is was parked in a public area and you are unable to make a claim through your auto insurance. However, you may still be able to make a claim through the insurance for property or vehicle protection on your policy.
The act of leaving keys in your car is considered to be negligence, so most insurers will reject an insurance claim. In some cases you may be able to file a claim with your home insurance or a roadside service plan that offers locksmith services. Some of these plans have a section that deals with keys that are stolen or lost. A claim for keys stolen from a car is not worth filing unless there's an accident that is major or caused damage to the vehicle.
Even so, filing a claim for the cost of a lost or lost key is risky. For example, if you submit a claim to recover lost keys and it's determined that the theft wasn't caused by an event covered like a car fire or an earthquake, your car insurance premium could increase.
It's generally more affordable to replace your car keys if you lose them than it is to file a claim for the cost of replacing your car. The replacement of a standard key is relatively cheap, and there's a good possibility that it won't cost you more than your policy's deductible. On the other hand the transponder or smart key could increase replacement costs up to $200 or more, especially when you take into account the cost of labor and hourly fees for programming.