Can I Claim My Lost Car Keys On Insurance?

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There are some that may think the question of can I claim my lost car keys on insurance is silly. For these individuals, they may be revealing their age. It may be those that are used to having a standard set of car keys and always kept a few spare sets around. If one set became misplaced, then they always had a backup to rely on. Those days are mostly gone. As the car keys of today use the same high technology like the cars, they apply to. Now some have FOBs to allow for easy access and the starting of the vehicle. Not to mention the new keyless starts that are now available.

What Happens When You Lose Your Car Keys?

If you are driving one of the modern day cars and you have lost your keys, what can happen is a big expense. How much is all going to depend on the make and model of the vehicle? It is not just a matter of getting a new key. It includes the programming for the FOB. Many say the average cost of the replacement can be around $200. Then for some vehicles, it can go as high as $500.

Aside from the cost is the inconvenience. The solution for the replacement is now needed. One has the choice of taking the car back to the dealer to have a replacement and programming done. Another solution may be to have a locksmith who specializes in vehicle locks do the job for you. It takes a specialized locksmith who can cut the key and create the program. It is services that are not going to be cheap.

Another option that some use is buying a new set of keys off of the internet. It may work for some of the older vehicles.  It raises a safety issue.  Plus, the driver needs to know what type of key they are looking for as there are different types. There are transponders, Key FOBS, and remotes. This can make it confusing to make the right purchase online. It is indicated by some that trying to find a key replacement online can be far too complex. Plus, it can be disappointing in many cases.

Did I lose My High Tech Car Keys – Will My Insurance Cover This?

Some wonder if they can claim the cost of the lost keys through their insurance. The answer is it may be possible. But it raises another question. Is it worth putting a claim in for?

What Does the Insurance Cover?

The first determination has to be is to find out whether there is lost key coverage. Is this included in the insurance coverage?

Everyone driving in Canada has to have basic insurance. They are not allowed to drive without it. But this insurance is basic. The must have insurance such as;

  • Third party liability
  • Coverage for accident benefits
  • Uninsured automobile coverage
  • Direct Compensation
  • Property Damage Coverage

None of this type of coverage is going to cover a claim for lost keys. But insurance buyers have the opportunity to buy extra insurance. They can increase the coverage for their basic insurance amounts. Plus they can buy other insurance such as comprehensive insurance.

How The Keys are Lost, is Important

As a Result of Collision

There are times that keys get lost as a result of a collision. In this case, it is possible that the collision part of the insurance will cover the cost of replacement. The keys could get lost in the rubble of the accident. Or, they could be badly damaged.

As a Result of Theft or Act of Nature

Keys are sometimes stolen. Or they can get lost as a result of an act of nature. For example, a tree falls on the vehicle. The keys could be lost in the debris. In these cases most likely the coverage by the insurance company would come under comprehensive insurance.

Other Loss of Keys

There are times where people can just leave their keys in a public place by accident.  Or they can drop out of their pocket. For these individuals, it may be possible to claim through their homeowner’s insurance.

Is It Worth Making a Claim?

It will all depend on the circumstances. In the case of a collision then it is worth it. But in the case of a comprehensive claim, it may be another story. It is normal for there to be deductions for comprehensive claims. The deduction amounts can differ. Some individuals opt for higher deductions to help keep the cost of premiums down. In this case, the deduction may be higher than the cost for key replacement. It is probably not worth putting a claim in. Plus, the claim shows on the insurance record. Some claims or too many claims will increase the cost of the insurance at renewal time.

Every Insurance Company is Different

There is a lot of competition among the insurance companies in Canada. They all have to come up with different incentives to attract new customers. It is worth asking the Insurance company if they have automatic coverage for lost or stolen keys. Some may have this built into their standard policy. With the expense that comes with a key replacement, this coverage is beneficial. If it is not included in the coverage ask if there is an option for this as an add-on. Don’t just take it for granted that an Insurance Company is going to inform you about everything. They will talk about the most important offerings that they have. But everyone is different. What is important to some people may not be as important to others.

It is for this reason why insurance shopping is so important. Vehicle insurance in Canada is expensive. A lot of this is out of control of the insurance shopper. But there are many cost factors about vehicle insurance that there is control over. By becoming a smart vehicle insurance shopper, it puts one in a position to get good insurance rates.

Resources

https://www.consumerreports.org/cro/magazine/2013/07/car-key-replacement-for-less/index.htm
https://unitedlocksmith.net/blog/the-dangers-of-aftermarket-electronic-car-keys
https://mitchellwhale.com/auto-insurance/mandatory-vs-optional-coverage-ontario/
http://danlawrie.com/will-insurance-cover-your-high-tech-car-key/

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