Car insurance is a necessity for any responsible driver, but what about when you lose your car keys? Car insurance policies typically do not include coverage for lost keys. However, some insurance providers offer additional coverage options that can be purchased separately to cover the cost of lost keys.
It’s important to read your policy carefully and speak with your insurance provider to understand what is and isn’t covered.
Does car insurance cover lost or stolen keys?
Does car insurance cover lost keys? Losing your car keys can be an inconvenient and stressful situation, especially if you don’t have a spare set readily available. While traditional mechanical keys are relatively inexpensive and easy to replace, contemporary electronic key fobs or smart keys come with a hefty price tag. This raises an important question: does your car insurance policy cover the cost of replacing lost or stolen keys?
Standard car insurance policies do not include coverage for lost or stolen keys. However, under certain circumstances, your insurance provider might offer optional extras for key cover. Budget Insurance have access to a national network of locksmiths and offer optional cover for keys that have been permanently lost, stolen, or locked in the building or vehicle, new locks, and even reprogramming your immobiliser with no excess to pay.
Key benefits of Keycare cover
Not left stranded or facing hefty replacement costs.
Peace of mind
Emergency helpline available 24 hours a day, 365 days per year
Up to £1000 of cover per year for lost or stolen keys
Keys for any lock are covered
Key cover insurance considerations
Claims must be reported within 30 days
Claims relating to damaged keys or locks, or the result of wear and tear are not covered
Lost keys will usually require a period of three days before being replaced
Replacement keys
It’s worth noting that even though comprehensive coverage might offer some assistance, the cost of replacing your keys might not exceed your policy’s excess. This means that you could end up paying for the entire replacement cost out of pocket, even if you have comprehensive coverage.
The cost and process of replacing lost or stolen keys can vary significantly depending on the type of key your vehicle uses. Traditional mechanical keys are relatively inexpensive to replace, and you can have a new key made at a general hardware store or by a locksmith. However, electronic key fobs and smart keys are more complex and expensive to replace.
Roadside assistance and lost keys
Some car insurance providers offer roadside assistance as an optional add-on to their standard policies. If your policy includes roadside assistance and you lose your keys, your insurance provider could dispatch a locksmith to assist you. However, while your insurer might cover the dispatch fee, you’ll likely be responsible for the cost of creating the new key.
Conclusion
While losing your car keys can be a frustrating and costly experience, it’s essential to understand what your standard car insurance policy covers before you find yourself in such a situation.
Remember, while some policies might offer some assistance in replacement car keys, the cost of replacement might not exceed your excess, leaving you to cover the cost. It’s always advisable to have a spare set of keys and to keep them in a safe and easily accessible place to avoid the inconvenience and potential costs associated with lost or stolen keys.
Frequently asked questions
What is comprehensive car insurance?
A comprehensive car insurance policy is like your trusty vehicle’s shield against unforeseen calamities. It goes beyond the basic coverage of a standard policy, offering protection for situations that might leave you with a large bill. This includes events such as theft, vandalism, fire, and natural disasters like floods or hailstorms.
Are my car keys covered from wear and tear?
Car keys are not covered for wear and tear in the same way your vehicle might be. Over time, keys can become worn down or damaged due to frequent use. This can lead to problems such as the key not fitting into the ignition properly or even breaking. It’s always a good idea to have a spare key on hand, and if you notice your key is showing signs of wear, it might be time to get a replacement.
Are stolen car keys covered by insurance?
Many comprehensive car insurance policies do cover stolen car keys. However, this is not a universal rule and can vary from policy to policy. It’s always a smart move to check your individual coverage details or have a chat with your insurance provider to be sure.
What can I do if my car keys are stolen?
Discovering that your car keys have been stolen can be a stressful and unsettling experience. However, it is important to remain calm and take the necessary steps to ensure the safety of your vehicle. The first thing you should do is report the theft to the police.
This will not only increase the chances of recovering your keys, but it will also help prevent any potential criminal activity with your stolen keys. Once you have reported the theft, you should contact your insurance company to inform them of the situation. They will be able to guide you through the process of filing a claim and getting a replacement set of keys.
Does claiming for lost keys affect no claims?
Many people wonder if claiming for lost keys will affect their no claims discount, and the answer is not a straightforward one.
In most cases, claiming for lost keys will not affect your no claims bonus. This is because insurance providers generally view lost keys as a separate issue from accidents or damage to your vehicle. However, it’s important to check the specific terms and conditions of your policy to be sure.
Some insurance providers may have clauses in their policies that state that lost keys claims will affect your no claims bonus. These clauses are usually found in more comprehensive policies and are designed to discourage frequent claims for lost keys. If you’re unsure about whether or not your no claims bonus will be affected, it’s best to contact your insurance provider directly to clarify.
If I lose my car keys, should I replace the spare set?
While it might seem like an unnecessary expense, replacing the spare set is actually a wise decision. After all, the purpose of having a spare set is to provide a backup in case of emergencies. By replacing the lost keys and the spare set, you ensure that you are fully prepared for any future mishaps. It may cost a little extra upfront, but the peace of mind that comes with having a spare set is invaluable.