Why Are Stolen Car Keys Covered By Insurance Is The Right Choice For You?
Why Are Stolen Car Keys Covered By Insurance Is The Right Choice For You?
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Are Lost Or Stolen Car Keys Covered by Insurance?
We've all lost keys in the car, and it can be a huge trouble to retrieve them. It's also expensive to replace your keys, especially in the case of a sophisticated key fob.
Fortunately, comprehensive car insurance (also referred to "other than collision coverage") can be able to cover the cost of keys that are stolen or lost. But is it worth claiming?
What is Key Replacement Cover in Car Insurance?
Car Key Replacement Cover is an additional policy in a comprehensive car insurance plan that helps reimburse the cost of replacing or repairing keys to the insured vehicle's lockset in the event that they are lost, stolen, lost damaged or broken. The policy is available on the internet, and is easy to purchase and settle and it doesn't affect your no-claim bonus eligibility at the time of renewal.
However, it's important to remember that claiming for keys that are stolen or lost may not be worth it based on the cost of replacing them and the deductible on your car insurance. Replacement of mechanical keys that are older can be cheaper, while remote keys for cars with advanced features may cost more. In these cases claims for replacement keys could easily exceed your policy deductible. Also, if you file a claim for the loss of your keys, the incident will stay on your claims record which could lead to higher rates at the time of renewal.
If you're looking for a comprehensive auto insurance plan that covers key replacement for your car, choose a policy with a low or zero deductible. This will allow you to save money. It's recommended to compare quotes from different insurance providers to find the best price.
The process for claiming car key replacement coverage varies from insurer to insurance company. In most cases, you'll need to immediately report the incident and provide any documentation required to your insurance provider. You'll have to submit the police FIR which is among the most crucial documents needed when filing an insurance claim for your car.
Many home and renters policies include key replacement coverage. You can make a claim under the personal property protection insurance. This is because most homeowners and rental policies cover theft of personal belongings which includes your car keys. However, the specifics of this coverage can vary from insurer to insurer, which is why it is essential to review the terms and conditions of the policy carefully.
Many drivers are aware of how crucial it is to have a working and functioning car key. However they don't realize that even a key that functions well can be damaged. Keys are prone to scratches, cracks and other kinds of damage. This makes them more prone to be broken or stolen. Fortunately, most of problems can be resolved with a little bit of preventive care and regular maintenance.
Are Keys Covered for Wear and Tear?
Car keys aren't covered by your insurance policy for your automobile. Instead you can purchase an additional car key replacement insurance policy to receive assistance in replacing your keys that were stolen or lost. This type of coverage depends on a variety of variables.
The first thing to think about is the cost of the coverage. Replacing your keys might not be as expensive as you think. In fact, based on the type of keys you own like electronic key fobs or traditional turn-key ignitions it's possible that they will be cheaper than your policy cost deductible.
It is also important to consider the cost of filing a claim. Whether or not you have comprehensive coverage, your car insurance policy may require that you pay your deductible prior to any damage claims are settled. If the total cost of your car key replacement exceeds the deductible, it's unlikely you'll be able to be able to benefit from filing an insurance claim.
Another thing to take into consideration is website whether your renters or home insurance policy covers for lost or stolen keys. Personal property insurance is typically included in these policies and covers the theft of keys as well as other items stolen from your home. It is important to remember that your deductible will apply and you may end up paying for the keys that were stolen yourself.
You should also inquire with your dealership to see whether they offer keys with a special insurance policy in the buying process. If you purchase this coverage when you purchase your car, you can save money in the event that you need to replace keys.
The majority of standard automobile insurance policies don't offer key replacement coverage, but some providers do offer it as an option or as a separate product. Whether or not this coverage is worth the extra cost will depend on your individual requirements and how much you are able to pay on cost each month. Keep your receipts in case you decide to purchase this coverage. You can then make a claim if you lose or steal your keys.
Do I need to submit a claim for key replacement?
If you have comprehensive auto insurance, the loss of keys may be covered by the policy. The insurance provider may also provide a key replacement service as an optional extra with a cost. Some providers have nationwide networks of locksmiths who can provide the services needed to replace your keys, or recode your immobiliser, even in the event that the key was not actually taken from the vehicle. This service can be invaluable when you've lost your keys forever or are locked out of your vehicle. Many cars come with electronic ignition systems that need to be programmed to allow you to start the car.
If your car keys were stolen, you'll need to file a claim with the police and file a first information report. You'll also need to call your insurance company and provide the required documents. Certain providers offer cashless settlements when you visit one of their garages and get your key replaced. You must make sure that the cost of replacement does not exceed your deductible, and that you comply with other requirements outlined by the insurer.
In the majority of instances the filing of a claim isn't worth it for keys that are stolen or lost. It's because the standard insurance deductible for a brand new vehicle is $1000, however keys can cost $200 to $500 each. If you have a spare key, it's usually cheaper to pay for new keys out of your pocket. You'll also avoid the possibility of your future premiums rising because of filing a claim.
It may be worth filing a claim when the items stolen from your car are covered by another type of insurance, like renters' or homeowners'. This is true especially in the case of a low-deductible and the item is valuable or difficult to replace.
It's unlikely, but some insurance companies may permit you to add an endorsement to your policy to cover the loss or theft of your car keys. This type of coverage can be added to the comprehensive coverage. It's best to discuss your options with your insurance provider before you purchase a vehicle.
Can I make a claim for a key replacement if I have left keys in the car?
If you leave your keys in the car and they are stolen, the answer to whether or not you can file a claim will depend on your state and the insurance company. Some states allow you to purchase key replacement coverage as part of comprehensive or other than collision insurance, while other states do not allow. It is also important to know that if your keys are stolen while your car is unlocked, with the engine running and the vehicle was parked in a public area, you won't be able to claim the loss through your auto insurance. You may be able make a claim under your vehicle or property insurance.
Leaving your keys in the car is considered negligence, therefore, most insurers will deny an insurance claim. In certain cases you may be allowed to file a claim through your home insurance plan or a roadside assistance program that offers locksmith services. Some of these plans include sections that deal with keys that have been stolen or lost. In general, however, a claim for keys that were stolen will not be worthwhile unless it's to do with a major loss or damage to your vehicle.
Even if you do making a claim to cover the cost of a stolen or lost key could be risky. If you file a lost-key claim and it is determined that the theft wasn't caused by an event like a vehicle accident or tornado the insurance premium could increase.
It's usually more affordable to replace your car keys in the event that you lose them than to file a car insurance claim for the cost of replacing your vehicle. Replacing your regular key can be fairly inexpensive and most likely you'll pay less than the deductible of your insurance policy. However a transponder or smart key can drive replacement costs up to $200 or more, particularly when you consider labor rates and hourly charges for programming.