Why Are Stolen Car Keys Covered By Insurance Is Your Next Big Obsession?
Why Are Stolen Car Keys Covered By Insurance Is Your Next Big Obsession?
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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 major trouble to retrieve them. The cost of replacing your keys is also high, particularly when they're a key fob.
Fortunately, comprehensive car insurance (also referred to "other than collision coverage") may pay for keys that are stolen or lost. But is it worth the expense?
What is the Key Replacement Protection in a Car Insurance Policy?
Car Key Replacement Cover is an additional policy in a comprehensive car insurance plan that helps reimburse the cost of repair or replacement of keys to the insured vehicle's lockset in the event that they are stolen, lost, misplaced, damaged or broken. This policy is available online, easy to purchase and settle, and won't affect your no-claim bonus at the time renewal.
However, it's worth noting that claiming compensation for keys that are stolen or lost may not be worthwhile based on the cost of replacing them as well as your insurance deductible for car. Mechanical keys that are old and worn-out are less expensive to replace, while high-tech remote car keys can be costly. In such cases, the cost of a key replacement can easily exceed your deductible. If you file a claim due to the loss of keys it will be recorded on your record of claims, which could lead to higher renewal costs.
If you're in the market for an insurance policy for your car that includes car key replacement coverage, look for a plan with an affordable deductible or no deductible to make the most of your funds. Compare quotes from different insurance providers to get the best deal.
The process for claiming car key replacement coverage 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 also need to submit an FIR from the police, which is one of the most important documents for the insurance claim of a car.
While most car insurance policies do not provide key replacement coverage, some renters and homeowners insurance policies permit you to claim for personal property protection insurance. Most rental and homeowners insurance policies will cover thefts of personal belongings, including keys to your car. However, the specifics of this coverage could differ from insurer to insurer, so it is important to read the policy terms and conditions carefully.
Most drivers know how important it is to have a working and functioning car key. However, they are unaware that even a key that functions well can be damaged. Keys are susceptible to cracks, scratches and other types of damage. This increases the likelihood that they will be lost or broken. Fortunately, the majority of these issues can be easily resolved with a little bit of regular maintenance and preventive care.
Are Keys Protected from Wear and Tear?
Typically, car keys aren't covered by your car insurance policy. Instead you can purchase an additional key replacement cover to get assistance in replacing your lost or stolen keys. The decision on whether this kind of insurance is worth the cost, however is contingent on a variety of factors.
The first thing you should consider is the cost of the coverage. Replacing your keys might not be as expensive as you think. In fact, based on the kind of keys you have, such as electronic key fobs or traditional turn-key ignitions, it's possible for them to be less expensive than your policy deductible.
It is also important to consider the cost of making a claim. Your insurance policy for your car might require you to pay the deductible prior to any claims being paid. If the total cost of the key replacement is greater than your deductible, it's unlikely that you'll be able to benefit from making claims.
Another factor to be aware of is whether your renters or home insurance policy provides any coverage for keys stolen or lost. Personal property coverage is usually offered by these policies and will cover the theft of keys, as along with other items that are stolen from your home. However, it is important to remember that your deductible will be applicable and you may end up paying for keys stolen by yourself.
Finally, you should inquire with your dealership to see if they offer any specific key-related insurance as part of the buying process. Purchasing this coverage at the time of your vehicle purchase will help you save money in the event that you need to replace your keys in the future.
Some providers offer essential replacement coverage as an optional feature or add-on. Whether or not this coverage is worth the extra cost depends on your particular requirements and the amount you are able to afford on your monthly premiums. If you do decide to buy this coverage be sure to keep the receipts so 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, your policy could cover keys lost. Additionally, the insurer might provide a key replacement service as an option at an additional cost. Certain insurance companies have a national network of locksmiths that can replace your keys or recode the immobiliser, even if you have not removed the keys from your car. This can be an invaluable service in the event that your keys are forever lost or if you find yourself locked from your car particularly since many vehicles have electronic ignition systems that have to be programmed in order to allow the engine to start.
You'll also need to contact your insurance provider and submit the required documents. You'll also have to contact the insurance company and provide the required documents. Some companies 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 cost doesn't exceed your deductible, and that you meet other requirements set by the insurance company.
In most cases it's not worth filing a claim for a lost or stolen key. This is because the typical car insurance deductible is $1000, and keys can cost $200-$500 each to replace. It's typically cheaper to buy new keys yourself if you have spares. car stolen with keys You'll also avoid the possibility of having your insurance premiums rise in the future due to.
It could be worthwhile to file claims in the event that the items stolen from your car are covered by another type of insurance, for example renters' or homeowners'. This is true especially if you have a low-deductible and the item is expensive or difficult to replace.
While it's unlikely, some insurance companies may allow you to add an individual property endorsement to your policy that will be able to cover the loss of your keys to your car. This kind of insurance can be added to comprehensive insurance. It is recommended to discuss your options with your insurance provider prior to purchasing a car.
Can I file a Claim for Key Replacement if I've left the keys in the car?
The state you live in and the insurer you choose will decide if you can claim compensation if someone steals your keys. Some states allow you to purchase key replacement insurance as part of comprehensive insurance or other than collision insurance, but others do not. Also, you should know that if your keys are stolen while your vehicle is unlocked with the engine running and the vehicle parked in a public place it is not possible to make a claim through your auto insurance. You may be able make claims under your property or vehicle insurance.
The majority of insurers won't pay out if you leave your keys in your vehicle. This is because it is considered negligence. In certain instances, you might be eligible to file a claim with your home insurance plan or a roadside assistance plan that provides locksmith services. Some of these plans may contain a specific section regarding lost or stolen keys. A claim for keys stolen from a car is not worth filing unless there's been serious damage or accident to the vehicle.
Even then making a claim to cover the cost of a stolen or lost key can be risky. For instance, if file a claim for lost keys and you find that the theft was not caused by a covered event such as a fire in a vehicle or a tornado, your automobile insurance premium could rise.
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 vehicle. Replacing your regular key can be fairly inexpensive, and it's likely that you'll pay less than the deductible on your insurance policy. A transponder or smart key can cost you up to $200 or even more, when you consider the cost of labor and the hourly cost for programming.