Are Stolen Car Keys Covered By Insurance 101 The Ultimate Guide For Beginners
Are Stolen Car Keys Covered By Insurance 101 The Ultimate Guide For Beginners
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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, especially when you have a high-tech key fob.
Thankfully, comprehensive car insurance (sometimes referred to as "other than collision" coverage) could cover the cost of lost or stolen keys. But is it worth the expense?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an add-on policy included in a comprehensive insurance plan that assists in paying the cost of repair or replacement of the keys of the insured vehicle or lockset in the event that they are lost, stolen, or misplaced damaged or destroyed. This 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.
It is important to remember that the cost of replacing lost or stolen keys to your car and also your insurance deductible might not make it worthwhile. Replacement of mechanical keys that are older may be less expensive, whereas remote car keys with high-tech features may cost more. In such cases, the cost of a key replacement could easily exceed your deductible. Also, if you file a claim for the loss of your keys, the claim will be recorded on your claim record and could result in higher rates at the time of renewal.
If you're looking to buy a comprehensive car insurance plan that includes car key replacement coverage, look for a policy that has a low deductible or zero deductible to make the most of your money. Compare quotes from various insurance providers to get the best price.
The procedure for claiming key replacement coverage varies by insurance company. In the majority of cases, it's important to inform your insurance company 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 when filing a claim for car insurance.
Many home and renters policies provide key replacement coverage. You can make a claim under the personal property protection insurance. This is because many homeowners and rental policies protect personal belongings from theft which includes your car keys. However, the specifics of this coverage may differ from insurer to insurer, so it is important to read the terms and conditions of the policy carefully.
While most drivers understand the importance of having a functioning and working car key, they fail to know that even a functional key can be damaged. Keys are susceptible to cracks, scratches, and other types of damage, which makes them more prone to break or be stolen. Most of these problems are easily solved by regular maintenance and preventive maintenance.
Are keys covered for wear and tear?
Typically, keys for cars aren't covered under your car insurance policy. Instead you can purchase an additional key replacement policy to get assistance with replacing keys that have been stolen or lost. The decision on whether this kind of insurance is worth it, depends on a number of factors.
The first thing to think about is the cost of the insurance. Replacing your keys may not be as expensive as you think. It is possible to purchase keys for less 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 an insurance claim. Whether or not you have comprehensive coverage, your car insurance policy will likely require that you pay your deductible prior to any damage claims are settled. If the total cost of your car key replacement is greater than the deductible, it's unlikely that you'll gain from making claims.
Another factor to consider is whether or not your renters or home insurance policy covers for keys stolen or lost. Generally, personal property insurance that is provided by these policies will cover the theft of your keys in addition to other items that are taken from the outside or inside your home. It's important to keep in mind that your deductible still applies and you could end up paying yourself for the keys that were stolen.
You should also inquire with your dealer to see if it offers keys with a special insurance policy as part of the purchase process. If you choose to purchase this coverage when you purchase your vehicle you will save money in the future should you need to replace the keys.
Certain more info insurance companies offer essential replacement coverage as an optional product or an add-on. The extra cost of this insurance will depend on the specific needs you have as well as the amount of you're able to pay each month to cover your policy. If you do opt to purchase this insurance ensure that you keep the receipts so that you can file a claim 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 loss of keys may be covered under the policy. The insurance provider may also provide a key replacement service as an option with a cost. Some insurers have national networks of locksmiths that can provide the services required to replace your keys, or recode your immobiliser even if the key was never actually taken from the vehicle. This can be a valuable service in the event that you've lost your keys forever or you are locked out of your vehicle. A lot of cars have electronic ignition systems which need to be programmed to allow you to start the vehicle.
If your car keys were stolen, you'll have to submit a claim to the police and file the first report. You'll also have to contact your insurance provider and submit the required documents. Certain providers offer cashless settlements when you visit one of their network garages and request a replacement key. You'll need to make sure that the replacement costs don't exceed your deductible, and that you meet the other requirements established by the insurance company.
In most cases it's not worth submitting an insurance claim for a stolen or lost key. This is because a typical car insurance deductible is $1000. Likewise, keys can cost between $200 and $500 to replace. It's generally cheaper to buy new keys yourself if you have spares. You'll also avoid the possibility of future premiums increasing because of filing claims.
However, if you have items stolen from the car that are covered by different types of insurance, such as renters or homeowners, it may be worthwhile to file claims. This is especially true if your item is valuable or difficult to replace and you have a small deductible.
Although it's unlikely, certain car insurance providers may permit you to add an individual property endorsement to your policy, which will protect you from losing your keys to your car. This type of coverage is typically offered as an addition to the comprehensive coverage, so it's important to talk to your insurance company about your options prior to purchasing 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 determine whether you can make a claim in the event that someone steals your keys. Some states have laws that allow you to purchase keys replacement coverage as part of your comprehensive insurance or other than collision insurance, while others don't. Additionally, you should be aware that if your keys are stolen while your car is unlocked, with the engine running and it is parked in a public place it is not possible to claim the loss through your auto insurance. You might be able to make claims under your car or property insurance.
The majority of insurers won't pay out if you leave your keys in the car. This is because it is considered to be negligence. In some cases you may be eligible to file a claim through your home insurance plan or a roadside assistance 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 worthwhile unless there's an accident that is major or caused damage to the vehicle.
Even so, it could be risky to file a claim to get back the cost of a stolen or lost key. For example, if you make a claim for lost keys and it's determined that the theft wasn't caused by an event covered like a vehicle fire or an earthquake, your car insurance premium could increase.
It's usually cheaper to simply replace your car keys if you lose them than it is to file a claim for the cost of replacing your vehicle. The replacement of a standard key is relatively inexpensive and there's a high possibility that it won't cost you more than the deductible of your policy. A transponder or smart card could cost as much as $200, or even more, when you consider the cost of labor and the hourly charge for programming.