Are Lost Or Stolen Car Keys Covered by Insurance?

We've all forgotten our keys in the car. Retrieving them can be a pain. 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) could be able to cover the cost of stolen or lost keys. But is it worth the risk?

What is the Key Replacement Insurance Coverage in Car Insurance Policy?

Car Key Replacement Cover is an added policy included in a comprehensive insurance plan that assists in paying the cost of repair or replacement of the insured vehicle's keys or lock/lockset in case they get lost, stolen, lost 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 of renewal.

However, it's important to remember that claiming compensation for lost or stolen keys may not be worthwhile depending on the cost of replacing them as well as the deductible on your car insurance. Keys that are worn out and damaged are less expensive to replace, while high-tech remote car keys are expensive. In such cases, the cost of a key replacement could easily be more than your deductible. If you submit a claim based on the loss of keys, it will remain on your claims record, which could lead to higher renewal premiums.

If you're looking to purchase an insurance policy for your car that offers car key replacement coverage, look for a plan with a low deductible or zero deductible to get the most of your funds. It's recommended to compare quotes from a variety of insurance providers to find the most affordable price.

The procedure for claiming key replacement coverage differs by insurer. In most cases, you'll need to report the incident promptly and provide any necessary documentation to your insurance company. You'll also have to submit an FIR to the police which is among the most important documents required for a car insurance claim.

While the majority of car insurance policies don't include key replacement coverage, a few home and renters insurance policies permit you to claim for personal property protection coverage. This is because most homeowners and rental policies will cover the theft of personal items, including your car keys. However, the exact terms of this coverage may differ from insurer to insurer, so it's essential to check the policy terms and conditions carefully.

While the majority of motorists are aware of the importance of having a functional and working car key, they don't realize that even a functioning key can be damaged. Keys are susceptible to scratches, cracks, and other kinds of damage, making them more likely to break or be stolen. Most of these problems can be solved with regular maintenance and preventive care.

Are keys covered for wear and Tear?

Car keys aren't covered by your auto insurance policy. Instead, you can purchase an additional car key replacement cover to get assistance in replacing your lost or stolen keys. Whether this type of coverage is worth it, depends on a number of factors.

The cost of coverage is the first thing to be considered. The replacement of your keys might not be as costly as you'd think. In fact, based on the kind of keys you have like electronic key fobs or traditional turn-key ignitions it's possible for them to be cheaper than your policy deductible.

It is also important to think about the cost of filing a claim. No matter if you have comprehensive coverage, your vehicle insurance policy may require that you pay the deductible before any damage claims are paid. If the cost of replacing your car keys exceeds your deductible it is unlikely that you'll gain from filing a claims.

Another thing to be aware of is whether your renters or homeowners insurance policy offers any protection for lost or stolen keys. Personal property coverage is usually offered by these policies and will cover the theft of keys, as and other items taken from your home. However, it is important to remember that your deductible will still be applicable and you may end up paying for the stolen keys yourself.

It is also advisable to check with your dealer to find out whether it provides any special coverage for keys in the buying process. The purchase of this insurance at the time of your vehicle purchase will save you money if you ever require replacing your keys in the future.

The majority of standard automobile insurance policies don't offer the essential replacement coverage, but some providers do offer it as an optional additional product or as a standalone one. The cost of this policy will depend on the specific requirements you have and how much you are able to afford each month to pay for your insurance. If you decide to buy this coverage be sure to keep the receipts so you can claim the insurance in the event keys get lost or stolen.

Do I need to file an Claim for a 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 at an additional charge. Certain providers have national networks of locksmiths that can provide the services needed to replace your keys or recode your immobiliser even when the key was never actually taken from the vehicle. This service can be invaluable in the event that you've lost your keys for the last time or are locked out of your vehicle. Many vehicles have electronic ignition systems that require to be programmed to start the car.

If your car keys are stolen, you'll need to file a claim with the police and file an initial report. You'll also need to call your insurance provider and submit the required documentation. Some companies offer cashless settlements if you visit one of their garages and have your key replaced. You'll have to ensure that the replacement costs don't exceed your deductible and you meet any other requirements set by the insurer.

In most instances, filing a claim is not worth the cost of a stolen or lost key. This is because a typical car insurance deductible is $1000. Likewise, your keys may only cost $200-$500 each to replace. It's typically cheaper to purchase new keys yourself when you have spare keys. You'll also be able to avoid the possibility that your premiums will increase in the future because of filing claims.

It might be worthwhile filing an insurance claim when the items stolen from your vehicle are covered by a different kind of insurance, for example homeowners' or renters'. This is especially true if you have a low-deductible and the item is valuable or difficult to replace.

While it's unlikely, some insurance companies might permit you to add a personal property endorsement to your policy to cover the loss of keys to your car keys stolen how to replace. This kind of insurance can be added to comprehensive coverage. It is recommended to discuss your options with your insurance provider prior to purchasing a car keys stolen from unlocked house.

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

Your state and insurer will decide if you are able to claim a reimbursement when someone steals your keys. Certain states permit you to purchase key replacement coverage as part of comprehensive or other than collision insurance, whereas others do not. Additionally, you should be aware that if your keys get stolen while your vehicle is unlocked, with the engine running and the vehicle located in a public space, you won't be able to claim a reimbursement through your auto insurance. However, you might be able to make a claim through the insurance on your property or vehicle on your policy.

Leaving your keys in the car is considered to be negligence which is why most insurance companies will deny a claim. In certain cases you may be able to file a claim with your home insurance or a roadside assistance plan that provides locksmith services. Certain plans include a specific section for lost or stolen keys. In general, the claim for stolen keys won't be worthwhile unless it has to do with a significant damage or loss to your car.

Even if you do the filing of a claim for the cost of a lost or lost key could be risky. For example, if you submit a claim to recover lost keys and it's determined that the theft wasn't caused by a covered event such as a fire in a vehicle or a tornado, your auto insurance premium could increase.

If you lose keys to your car it's usually cheaper to replace them than file an insurance claim to pay the cost of a new car was stolen with keys inside. Replacing your standard key is relatively cheap, and it's likely that you'll pay less than the deductible in your policy. A transponder or smart card could cost you up to $200 or even more, when you take into account the cost of labor and the hourly cost for programming.