Why Are Stolen Car Keys Covered By Insurance Is Right For You?

Are Lost Or Stolen Car Keys Covered by Insurance?

We've all forgotten our keys in the car. Finding them can be a pain. It's also not cheap to replace your keys, especially in the case of a sophisticated key fob.

Fortunately 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 coverage in Car Insurance?

The Car Key Replacement Cover add-on is an insurance policy that is added to a comprehensive auto insurance plan. It will pay for the costs of replacing or repairing keys, locks, or locksets in the event that they are stolen, lost, misplaced or damaged. The policy is available on the internet, and is easy to purchase and settle, and doesn't impact the eligibility of your no-claim bonus at the time renewal.

However, it's worth noting that claiming compensation for keys stolen or lost might not be worthwhile based on the cost of replacing them and your insurance deductible for car. Outdated mechanical keys cost less to replace, and high-tech remote car keys can be costly. In such cases the cost of key replacement could easily be more than your deductible. If you make a claim due to the loss of keys it will remain on your record of claims, which could lead to higher renewal premiums.

If you're looking to buy a comprehensive car insurance plan that includes car key replacement coverage, search for a policy that has a low deductible or zero deductible to get the most of your money. Compare quotes from a variety of insurance providers to get the best price.

The procedure for claiming key replacement coverage differs by insurer. In most instances, you'll have to notify the insurer of the incident immediately and provide all necessary documentation to your insurance provider. You'll have to submit the police FIR, which is among the most crucial documents to file an insurance claim for your car.

While most car insurance policies do not provide key replacement coverage, a few home and renters insurance policies permit you to make a claim for personal property protection insurance. This is because the majority of rental and homeowners policies cover theft of personal belongings including keys to your car. However, the specifics of this coverage can vary from insurer to insurer, therefore it is important to read the terms and conditions of the policy carefully.

Most drivers know how important it is to have a working and functioning car key. However they don't realize that even a key that works well could be damaged. Keys are prone to scratches, cracks, and other forms of damage, which makes them more likely to break or even be stolen. The majority of these issues are easily solved by regular maintenance and preventive maintenance.

Are keys protected against wear and tear?

Car keys are not covered by your auto insurance policy. Instead you can purchase an additional car key replacement policy to get assistance with replacing keys that have been stolen or lost. Whether this type of coverage is worth the cost, however will depend on a variety of factors.

The first thing to consider is the cost of the coverage. Replacing your keys might not be as expensive as you might expect. It's possible to get keys for less than your insurance deductible dependent on whether you have electronic key fobs traditional turn-key ignitions or both.

You should also consider the cost of making an insurance claim. The policy for your car insurance may require you to pay the 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 be benefited from filing a claim.

If you have a homeowners or renters policy, it is important to verify if your policy covers theft or loss of keys. Generally, personal property insurance provided through these policies will cover the theft of your keys in addition to other items taken from outside or inside your home. However, it is important to note that your deductible will be in effect and you could end up paying for keys that were stolen yourself.

You should also check with your dealer to see if it offers keys with a special insurance policy as part of the purchasing process. If you choose to purchase this coverage when you purchase your vehicle, you can save money in the future should you need to replace the keys.

Certain insurance companies offer key replacement coverage as an optional service or add-on. If this coverage is worth the cost will depend on your individual requirements and how much you are able to pay on your cost each month. Keep your receipts in case you decide to purchase this coverage. You could then make a claim if you lose or steal your keys.

Do I have to file a Claim for Key Replacement?

If you have comprehensive auto insurance, your lost keys may be covered under the policy. Alternatively, the insurer may offer key replacement coverage as an optional extra for an additional cost. Certain providers have nationwide networks of locksmiths who offer services required to replace your keys, or recode your immobiliser, even when the key was never actually taken from the vehicle. This is an extremely useful service when your keys are lost or if you are locked out of your car especially since a lot of cars come equipped with electronic ignition systems that have to be programmed in order to allow the engine to start.

If your car keys are stolen, you'll need file a claim with the police and submit an initial report. You'll also need to contact your insurance company and provide them with the appropriate documents. Some companies will provide cashless settlement when you go to one of their network garages to get your key replaced. You must make sure that the cost of replacement is not more than your deductible, and you adhere to any other requirements set forth by the insurer.

In the majority of cases it's not worth submitting an insurance claim for a stolen or lost key. This is because the average insurance deductible for new vehicle is $1000, however your keys may cost $200 to $500 each. If you have spare keys, it's generally more affordable to purchase the new keys out of your pocket. You'll also avoid the possibility of future premiums increasing as a result of making a claim.

It could be worthwhile to file an insurance claim in the event that the items stolen from your car are covered by another type of insurance, for example renters' or homeowners'. This is particularly true if the object was expensive or difficult to replace and you have a low deductible.

Although it's not likely, some insurance companies might allow you to add an individual website property endorsement to your policy that will cover the loss of keys to your car. This type of coverage is typically offered as an additional benefit to comprehensive coverage which is why it's crucial to consult with your insurance provider about the options available before purchasing the car.

Can I make a claim for a key replacement if I have left the keys in the car?

If you leave your keys in the car and someone steals them the decision on whether or not you can file a claim will depend on the state you live in and the insurer you choose to use. Some states allow you to purchase key replacement insurance as part of comprehensive or other than collision insurance, whereas others do not. You should also be aware that you will not be able to claim on your auto insurance if lose your keys when the vehicle is unlocked and the engine is running and the car is parked in a public space. However, you may still be able to make claims through your insurance for property or vehicle protection on your policy.

Most insurers will not pay out if you leave your keys in the vehicle. This is because it is considered negligence. In some instances, you may be able file claims through your home insurance or a roadside service plan that offers locksmith services. Some of these plans have sections that deal with lost or stolen keys. A claim for stolen car keys is not worth filing unless there's a major accident or damage to the vehicle.

Even so, filing a claim for the cost of a lost or lost key is risky. For instance, if you make a claim for lost keys and you find that the theft wasn't caused by an event covered like a car fire or an earthquake, your car insurance premium could go up.

If you lose your car keys, it's usually cheaper to replace them than to make an insurance claim to cover the cost of buying a new car. Replacing your regular keys is relatively cheap, and there's a good possibility that it won't cost you more than your policy's deductible. A smart or transponder can cost you up to $200 or more, if you consider labor rates and the hourly rate for programming.