What Is Are Stolen Car Keys Covered By Insurance And Why Is Everyone Talking About It?
What Is Are Stolen Car Keys Covered By Insurance And Why Is Everyone Talking About It?
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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 big problem to retrieve them. It's also expensive to replace your keys, particularly in the case of a sophisticated key fob.
Thankfully, comprehensive auto insurance (also known as "other than collision coverage") can be able to cover the cost of keys that are lost or stolen. But is it worth claiming?
What is the Key Replacement Cover in Car Insurance?
The Car Key Replacement Cover add-on is a policy that can be added to a comprehensive auto insurance plan. It helps reimburse the costs of replacing or repairing keys or locks, as well as locksets in the event of them being stolen, lost, misplaced or damaged. This policy is simple to purchase and settle online. It doesn't affect your ability to claim the no-claim bonus when renewing.
It's important to know that the cost of replacing lost or stolen car keys as well as your insurance deductible may not be enough to justify the expense. Mechanical keys that are old and worn-out cost less to replace, however, high-tech remote keys for cars are expensive. In such cases the cost of a key replacement could easily be more than your deductible. If you file a claim for the loss of your keys, the claim will be recorded on your claim record and could result in higher premiums when it comes time for renewal.
If you're looking for a comprehensive auto insurance plan that covers key replacement, choose a policy with an affordable or no deductible. This will allow you to save money. Compare quotes from various insurance providers to get the best deal.
The procedure for claiming key replacement coverage varies from insurer to insurer. In most instances, it is important to inform your insurance provider of the incident as soon as you can and provide any documentation that might be required. You'll also need to submit an FIR to the police which is among the most important documents required for the insurance claim of a car.
Many home and renters policies provide key replacement coverage. You can also make claims under the personal property protection coverage. The majority of homeowners and rental insurance policies provide protection against theft of personal items including keys to cars. The exact details of the coverage may vary from one insurance company to the next therefore, make sure you review the policy's terms and condition carefully.
While most drivers understand the importance of having a functional and working car key, they fail to realize that even a well-functioning key could be damaged. Keys are susceptible to scratches, cracks and other kinds of damage. This makes them more prone to be lost or broken. Most of these issues can be resolved by regular maintenance and preventive maintenance.
Are keys protected against wear and tear?
Typically, keys for cars aren't covered under your automobile insurance policy. You can opt to buy a separate insurance policy for your car keys to get assistance in replacing the keys you lost or stolen. This kind of insurance depends on several factors.
The first thing to think about is the cost of the insurance. Replacing your keys might not be as costly as you 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 policy deductible.
It is also important to consider the cost of filing a claim. Your insurance policy for your car might require you to pay your 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 will benefit from filing claims.
If you have a homeowners or renters insurance policy it is essential to check if your policy covers theft or loss of keys. Generally, personal property insurance that is provided by these policies will include the theft of your keys, in addition to other items that are taken from outside or inside your home. It's important to remember that your deductible still applies and you could end up having to pay yourself for keys stolen.
Also, inquire with your dealership to find out if they provide any special key-related coverage as part of the purchase process. Purchasing this coverage at the time of your vehicle purchase can save you money if you ever require replacement keys in the future.
Certain insurance companies offer essential replacement coverage as an optional service or an add-on. The cost of this insurance will depend on the specific needs you have and the amount of you're able to pay each month to pay for your insurance. If you do opt to purchase this insurance ensure that you keep the receipts in order that you can claim the coverage in the event keys get lost or stolen.
Do I need to file a claim for key replacement?
If you have comprehensive auto insurance, your policy may cover lost keys. The insurance provider may also provide key replacement services as an option at an additional charge. Certain insurers have a national network of locksmiths who can replace your keys, or recode the immobiliser, even if you have not removed the keys from the vehicle. This is an extremely useful service when your keys are lost or if you find yourself locked out of your vehicle especially since a lot of cars have electronic ignition systems that require to be programmed to allow the engine to start.
If your car keys have been stolen, you'll have to make a claim with the police and submit a first information report. You'll also need to contact the insurance provider and provide them with the appropriate documents. Some companies offer cashless settlements when you visit one of their network garages and have your key replaced. You'll need to ensure that the replacement costs don't exceed your deductible, and that you meet any other requirements set by the insurer.
In most cases it is not worth the cost of the loss or theft of a key. It's because the typical car insurance deductible for a brand 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 your pocket. You'll also avoid the possibility of future premiums increasing as a result of making claims.
It may be worth filing claims if the items that were 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 valuable or difficult to replace.
Although it's unlikely, certain insurance companies may permit you to add an endorsement for personal property to your policy, which will be able to cover the loss of your keys to your car. This kind of insurance can be added to comprehensive coverage. It's best to discuss your options with your insurance company prior to purchasing a car.
Can I file a claim for key replacement if I have left the keys in the car?
If you leave your keys in the car and they are stolen 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 you to purchase key replacement insurance as part of comprehensive insurance or other than collision insurance, while others do not. You should also be aware that you won't be able to claim on your auto insurance if lose your keys while the vehicle is not locked and the engine is running, and the vehicle is parked in a public space. You may be able make claims under your property or vehicle insurance.
Most insurance companies will not pay out when you leave your keys in your vehicle. This is because it is considered negligence. In some cases you may be eligible to file a claim with your home insurance plan or a roadside assistance plan that offers locksmith services. Some of these plans might include a specific section for lost or stolen keys. In general, it is possible to file a claim for stolen keys won't be worthwhile unless it's to do with a significant loss or damage to your car.
Even if you do making a claim to cover the cost of a lost or lost key can be risky. If you file a lost key claim and are able to prove that the loss was not caused by an event like a car crash or tornado, your insurance premium may go up.
It's usually more affordable to simply replace your car keys if you lose them than to file a car insurance claim for the cost of replacing your car. Replacing a regular key is relatively more info cheap and there's a high chance that it won't cost more than the deductible of your policy. On the other hand the transponder or smart key can drive replacement costs up to $200 or more, especially when you consider labor rates and hourly charges for programming.