Does Your Car Insurance Reimburse Your Lost or Stolen Keys?
Car insurance covers damages and losses from at-fault car accidents, collisions, and other specified perils. But lost or stolen car keys? That’s another story. Standard car insurance policies don’t cover lost or stolen keys as they are viewed as a policyholders personal property.
Comprehensive coverage pays for damage to your vehicle that is not caused by a collision, such as vandalism, fire, natural disasters, or theft.
Comprehensive policies pay for theft-related incidents, but replacing a modern key fob is often less than the policy deductible, so a claim isn’t practical.
Even if your car insurance policy covers lost keys, filing a claim may not be cost-effective as it will affect your premiums. So check with your auto insurance company to see if key replacement insurance is included or if additional options are available.
When Can You File a Claim for Lost or Stolen Keys Under Car Insurance?
Most car insurance policies don’t cover lost or stolen keys unless specifically mentioned in the policy. Some insurance companies offer car key coverage as an add-on. Still, key replacement is not included in standard comprehensive or collision coverage.
The dealer may offer key replacement coverage when you buy the car. Still, it is separate from your auto insurance coverage.
Car insurance usually does not cover the loss of car keys. But suppose your car is stolen, and you have comprehensive insurance. In that case, you can file an insurance claim for the stolen vehicle, including the keys and other personal belongings.
How to Get a Replacement Lost Car Key
Losing your car keys is frustrating, but there are ways to get a replacement. You can go to the dealership or a reputable locksmith if you lose your only key.
Most dealerships have access to key databases that can cut and program a new key. Sometimes, they may need to access your vehicle to do the programming. Mobile locksmiths can cut keys on-site and program transponder chips.
However, dealership programming may be required for vehicles with advanced key fobs or transponders. Using a mobile locksmith is more cost-effective than going to the dealership.
How Much Does It Cost to Replace a Smart or Laser-cut Key?
A smart key for a luxury car costs between $200 and $400, plus labor to program, which is around $100 an hour. Many newer cars use laser-cut keys with built-in transponder chips that need to be programmed by the dealership or a qualified locksmith.
If you lose all your car keys, you may need to replace the locks altogether, which can cost up to $1,000. Losing your keys can be as frustrating as the replacement cost. A locksmith can unlock your vehicle but may not be able to reprogram certain types of keys, so you may need to have it towed to the dealership for further assistance.
Do Any Car Insurance Policies Cover Lost or Stolen Car Keys?
Lost or stolen car keys may be covered under personal property in your renters or homeowners policy. These policies cover personal belongings against theft, whether at your home or elsewhere.
For example, suppose your purse or handbag with your car keys gets stolen while you are traveling. In that case, you can file an insurance claim under your personal property coverage.
Additionally, you may be able to add a vehicle protection plan to your car insurance coverage that includes replacement keys. However, filing a claim through property insurance will typically require a deductible, which may be more than the cost of the key.
Check with your home or renters insurance provider to see if this coverage is available and worthwhile.
Is Filing an Insurance Claim for Stolen or Lost Keys Worth It?
Whether or not to file a claim for lost or stolen car keys depends how much your key costs and your car insurance deductible. Traditional mechanical keys are cheap to replace, especially if you still have a spare. Key fobs and smart keys are a bit more expensive. Even smart key fobs that cost hundreds of dollars to replace and re-program usually don’t exceed the average deductible, which is around $500.
Since most car key replacement costs are under the deductible, filing an insurance claim won’t provide any financial benefit and will stay on your claims record and increase your premium at renewal.
Before you file an insurance claim, compare the total cost to replace with your deductible to see if the expense is worth the long-term impact on your policy.
What Should I Do If I Lost My Car Keys and Cannot Get Inside My Vehicle?
If you lock yourself out and can’t get to your car, roadside assistance may be able to help. Many roadside assistance plans include lockout services so an automotive locksmith can get you back in your vehicle.
If your plan includes key replacement insurance, it may cover part of the cost of a new key. However, in most cases, this type of coverage only pays for the cost of the locksmith, and you’ll have to still pay for a new key.
Suppose the locksmith can’t make a new key on-site. In that case, your roadside assistance plan may pay for towing your car to a dealership or service center that can make a replacement key.
Even if a key replacement is not included in your coverage, calling your roadside assistance provider can still be helpful. They can send help quickly and check if your keys are locked in the car.
Can you buy insurance for stolen keys?
Some insurance providers and dealerships offer insurance for stolen car keys as an add-on or through a vehicle protection plan at the time of purchase. This covers the cost of key fob replacement, locksmith services, and re-keying the door if your keys are stolen.
While some comprehensive car insurance policies offer a key replacement as an optional add-on, note that these policies only cover stolen keys, not lost ones. Know your car insurance options to decide if adding key replacement protection is good for you.
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Frequently Asked Questions
Does roadside assistance cover lost keys?
Roadside assistance doesn’t cover the cost of lost keys. However, some policies may include key-related services like lockout assistance or locksmith support as part of their package.
Does car insurance cover broken keys?
Whether car insurance covers broken keys depends on how the damage happened. Suppose the keys were broken due to a covered peril like an accident or vandalism. In that case, your insurance might cover a replacement. But it’s unlikely to be covered if the damage was due to wear and tear or negligence. Check with your auto insurance provider for specific policy details.
What is key replacement insurance coverage in car insurance?
Key replacement is either an add-on or an included benefit in some car insurance policies. It covers the cost of replacing lost, stolen, or damaged car keys. It also covers the replacement of locks if needed and may cover the cost of cutting new keys and programming electronic fobs. Claims under this type of insurance coverage don’t require a deductible, but specifics vary by policy.
Will my car insurance rates go up if I have my keys replaced?
If you replace your car keys without filing a claim, your insurance rates won’t change. But suppose you file a claim for key replacement. In that case, your insurance rates might increase as insurers may adjust rates for policyholders with claims history.
What should I do if my car keys are lost?
If you lose your car keys, check if your roadside assistance plan includes key replacement services. If not, you may need to call a locksmith or tow your car to a dealership for key replacement. It’s best to compare quotes from different service providers before going for a replacement.
