7 Essential Tips For Making The Best Use Of Your Are Stolen Car Keys Covered By Insurance
7 Essential Tips For Making The Best Use Of Your Are Stolen Car Keys Covered By Insurance
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Are Lost Or Stolen Car Keys Covered by Insurance?
We've all tossed keys in the car, and it can be a major hassle to get them back. It's also expensive to replace your keys, particularly in the case of a sophisticated key fob.
Fortunately comprehensive car insurance (sometimes referred to as "other than collision" coverage) could cover the cost of lost or stolen keys. But is it worth claiming?
What is the 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 repair or replacement of 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 settle online. It doesn't affect your eligibility for a no-claim bonus at renewal.
However, it's important to remember that claiming compensation for lost or stolen keys may not be worth it based on the cost of replacing them as well as your insurance deductible for car. Replacement of mechanical keys older ones can be less expensive, whereas remote keys for cars with advanced features may cost more. In such cases, a key replacement claim could easily exceed your policy deductible. If you submit a claim based on the loss of keys, it will be recorded on your claim record, which could lead to more expensive renewal fees.
If you're in the market for a comprehensive car insurance plan that includes car key replacement coverage, search for a plan with a low deductible or zero deductible to get the most out of your money. It's recommended to compare quotes from various insurance providers to determine the best deal.
The process for claiming car key replacement coverage varies by insurer. In most cases, it's important to inform your insurance provider of the incident as quickly as possible and to provide any documentation that may be required. You'll need to submit the police FIR that is among the most important documents needed when filing claims for insurance coverage for cars.
Many renters and home policies include key replacement coverage. You can file a claim under the personal property protection coverage. This is because many rental and homeowners policies protect personal belongings from theft, including your car keys. However, the exact terms of this coverage could differ from insurer to insurer, which is why it is important to read the policy terms and conditions carefully.
While the majority of motorists are aware of the importance of having a functioning and working car key, they fail to realize that even a functioning key could be damaged. Keys are susceptible to cracks, scratches and other forms of damage. This increases the likelihood that they will be broken or stolen. Fortunately, the majority of these issues can be easily addressed with a small amount of preventive care and regular maintenance.
Are keys protected against wear and tear?
Car keys aren't covered by your auto insurance policy. You can instead purchase a separate cover for keys to your car to receive assistance in replacing keys that have been stolen or lost. Whether this type of coverage is worth the cost, however is contingent on a variety of factors.
The cost of insurance is the first thing you need to take into consideration. Replacing your keys may not be as costly as you'd think. It is possible to purchase keys for less than the insurance deductible depending on whether you have electronic key fobs, traditional turn-key ignitions or both.
It is also important to consider the cost of filing a claim. The policy for your car insurance might require you to pay your deductible prior any claims being settled. If the cost of replacing your car keys is greater than your deductible it is unlikely that you'll gain from filing a claim.
Another thing to consider is whether or not your renters or home insurance policy covers for keys that are stolen or lost. Personal property protection is usually provided by these policies and will cover the theft of keys, as and other items taken from your home. It is important to keep in mind that your deductible will still apply and you could end up paying yourself for keys stolen.
Also, inquire with your dealership to see if they offer any specific key-related insurance as part of the buying process. If you buy this insurance when you purchase your car, you can save money in the future should you need to replace the keys.
Certain insurance companies offer essential replacement coverage as an optional feature or an add-on. The cost of this policy will depend on the specific needs you have and how much you're able to pay each month to pay for your policy. If you do choose to purchase this coverage, make sure to keep the receipts in order that you can claim the coverage in the event your keys are lost or stolen.
Do I have to submit a claim for key replacement?
If you have comprehensive car insurance, your lost keys may be covered by the policy. In addition, the insurance company may offer key replacement cover as an option for an additional cost. Certain insurers have a national network of locksmiths who can replace your keys or reset the immobiliser even if you have not removed the keys from the vehicle. This can be an invaluable service when your keys are lost or you find yourself locked from your car, especially as many cars come equipped with electronic ignition systems that need to be programmed to start the engine.
If your car keys have been stolen, you'll have to file a claim with the police and submit the first report. You'll also need to call your insurance provider and submit the required documentation. Some providers offer cashless settlements if you visit one of their garages in their network and have your key replaced. You will need to ensure that the replacement cost does not exceed the deductible and that you meet the other requirements set forth by the insurer.
In most instances it is not worth the cost of the loss or theft of a key. This is because the average insurance deductible for a brand new vehicle is $1000, however your keys may cost between $200 and $500. It's typically cheaper to buy new keys yourself when you have spare keys. You'll also avoid the possibility that your premiums will increase in the future due to car stolen lost spare key making a claim.
If you do have items stolen from the car that are covered by other types of insurance like renters or homeowners, it may be worth submitting claims. This is especially true if you have a low-deductible and the item is expensive or difficult to replace.
Although it's unlikely, certain insurance companies might allow you to add an endorsement for personal property to your policy that will be able to cover the loss of your keys to your car. This type of insurance could be added to the comprehensive coverage. It's best to discuss your options with your insurance provider before you purchase a vehicle.
Can I file a claim for Key Replacement if I left the Keys in the Car?
If you leave your keys in the car and someone takes them away, the answer to whether or not you are able to claim a claim will be contingent on the state you live in and the insurer you choose to use. Some states have laws that allow you to get key replacement insurance as part of your comprehensive or other than collision coverage however, some states don't allow. Also, you should know that if your keys get stolen while your vehicle is unlocked with the engine running and it is parked in a public place, you won't be able to make a claim through your auto insurance. You may be able make an insurance claim under your vehicle or property insurance.
Leaving your keys in the car is considered to be negligence, which is why most insurance companies will deny a claim. In some cases you may be able to file a claim with your home insurance or a roadside service plan that provides locksmith services. Some of these plans have sections that deal with keys that have been stolen or lost. A claim for keys stolen from a car is not worthwhile unless there's a major accident or damage to the vehicle.
Even then, filing a claim for the cost of a lost or lost key can 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 go up.
It's generally more affordable to simply replace your car keys in the event that you lose them than to file a claim for the cost of replacing your car. Replacing a regular key is fairly inexpensive and there's a high chance that it won't cost more than your policy's deductible. On the other hand, a smart or transponder key can drive replacement costs up to $200 or more, particularly when you take into account the cost of labor and hourly fees for programming.