The Under-Appreciated Benefits Of Are Stolen Car Keys Covered By Insurance
The Under-Appreciated Benefits Of Are Stolen Car Keys Covered By Insurance
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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 also high, especially when they're a key fob.
Thankfully, comprehensive car insurance (sometimes referred to as "other than collision" coverage) can pay for the cost of stolen or lost keys. But is it really worth it?
What is the Key Replacement Protection in a Car Insurance Policy?
Car Key Replacement Cover is an add-on policy in a comprehensive car insurance plan that helps reimburse the cost of replacing or repairing keys to the insured vehicle's locks in the event of them being lost, stolen, lost damaged or destroyed. This policy is simple to purchase and pay online. It does not affect your eligibility for a no-claim bonus at renewal.
It is important to remember that the cost of replacing stolen or lost keys to your car and also your insurance deductible might not be enough to justify the expense. Replacement of keys made of metal that are older may be less expensive, whereas remote car keys that have high-tech features may cost more. In such cases, a key replacement claim could easily exceed your policy deductible. Also, if you file a claim to cover the loss of your keys the claim will be recorded on your claims file and could result in higher premiums at the time of renewal.
If you're looking to buy a comprehensive car insurance plan that offers car key replacement coverage, look for a plan with a low deductible or zero deductible to make the most of your money. Compare quotes from various insurance companies to find the best deal.
The process of claiming coverage for car keys differs by insurer. In most instances, you'll need notify the insurer of the incident immediately and provide any documentation required to your insurance company. You'll need to file the police FIR that is among the most important documents to file an insurance claim for your car.
Many renters and homeowners policies cover key replacement. You can file an claim under the personal property protection insurance. The majority of homeowners and rental insurance policies cover thefts of personal items, including car keys. The specifics of the coverage can differ from one insurer to another, so make sure to review the policy's conditions and terms carefully.
While most drivers understand the importance of having a functioning and working car key, they fail to know that even a functional key could be damaged. Keys are vulnerable to cracks, scratches and other types of damage, which makes them more likely to break or even be stolen. Fortunately, most of these issues can be easily addressed with a small amount of preventive maintenance and regular maintenance.
Are Keys Protected from Wear and Tear?
Typically, keys for cars aren't covered under your automobile insurance policy. You can opt to purchase a separate protection for keys to your car to get help in replacing the keys you lost or stolen. This type of cover is contingent on several factors.
The first thing to consider is the cost of the coverage. Replacing your keys may not be as costly as you'd think. In fact, depending on the type of keys you own, such as electronic key fobs or traditional turn-key ignitions, it's possible that they could be less expensive than your insurance deductible.
It is also important to consider the cost of filing an insurance claim. Your car insurance policy might require you to pay the deductible prior to any claims being paid. If the total cost of your car key replacement is greater than your deductible, it's unlikely that you'll be able to benefit from making claims.
Another aspect to take into consideration is whether your renters or homeowners insurance policy offers any protection for keys that are stolen or lost. In general, personal property coverage offered 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 remember that your deductible will still apply and you could end up having to pay yourself for the keys that were stolen.
It is also advisable to check with your dealer to see whether it provides any special coverage for keys as part of the purchase process. Purchasing this coverage at the time of your vehicle purchase can save you money should you ever require replacing your keys in the future.
The majority of standard car insurance policies don't include the essential replacement coverage, but some companies offer it as an optional additional product or as a standalone one. The cost of this insurance will depend on the specific needs you have and how much money you can afford each month to cover your insurance. If you do choose to purchase this coverage be sure to keep the receipts so you can file a claim in the event that your keys are lost or stolen.
Do I have to file a claim for key replacement?
If you have comprehensive auto insurance, your policy could cover keys lost. The insurance provider may also provide key replacement services as an optional service for an additional cost. Some insurers have a national network of locksmiths who will replace your keys or recode the immobiliser, even if you have not removed the keys from the vehicle. This can be an invaluable service in the event that your keys are forever lost or you find yourself locked out of your vehicle especially since a lot of cars have electronic ignition systems that need to be programmed in order to start the engine.
You'll also need to call your insurance company and provide the necessary documents. You'll also need to call your insurance provider and submit the required documentation. Certain providers offer cashless settlements when you visit one of their garages in their network and get your key replaced. You'll have to ensure that the replacement costs don't exceed your deductible and that you meet other requirements set by the insurer.
In most instances it's not worth submitting claims for a stolen or lost key. This is because the average insurance deductible for a new vehicle is $1000, however keys can cost between $200 and $500. If you have a spare, it's generally more affordable to pay for the new keys out of pocket. You'll also avoid increasing your premiums in the future as a result.
However, if you own items stolen from your vehicle that are covered by different types of insurance such as homeowners or renters, it may be worth filing a claim. This is especially true in the case of a low-deductible and the item is expensive or difficult to replace.
It's not likely, but certain car insurance companies may permit you to add an endorsement to your policy to cover the loss or theft of your car keys. This kind of insurance is typically offered as an additional benefit to the comprehensive coverage and it's important to speak with your insurance provider about your options prior to purchasing a 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 your car, and someone steals them, the answer to whether or not you're able to file a claim will depend on the state you live in and the insurer you choose to use. Some states allow the purchase of key replacement insurance as part of comprehensive insurance or other than collision insurance, while other states do not allow. Additionally, you should be aware that if your keys are stolen while your car is unlocked, with the engine running and the car was parked in a public area, you won't be able to claim the loss through your auto insurance. You may be able make claims under your property or vehicle insurance.
The act of leaving keys in your car is considered to be negligence therefore, most insurers will reject a claim. In some cases you may be able file a claim with your home insurance, or a roadside service plan that offers locksmith services. Some of these plans include sections that deal with keys that have been stolen or lost. A claim for keys that were stolen from your car is not worthwhile 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 could be risky. If you file a lost key claim and are able to prove that the theft wasn't caused by an event like a vehicle accident or a tornado, your insurance premium may increase.
If you lose keys to your car It's generally cheaper to replace them rather than submit an insurance claim to cover the cost of a new car. The replacement of a standard key is fairly 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 you up to $200 car stolen keys in car insurance or even more, when you take into account the cost of labor and the hourly rate for programming.