Losing track of your keys can quickly turn into having a stolen car, so it is wise to understand all your coverage options well in advance of such an incident occurring.
Comprehensive, specified perils and all-perils car policies typically cover theft of a vehicle’s contents including key fob. Furthermore, personal property coverage on homeowners or renters policies may also help replace lost keys.
Comprehensive Coverage
Doing something as silly as leaving your keys in your car can be disastrous, but sometimes it can’t be helped. If they end up stolen after being left in the ignition, cupholder or under your visor, you may be eligible to file a claim under your comprehensive (or “other than collision”) insurance policy – not required in all states but often mandated if financing or leasing the vehicle in question.
An insurance claim against car theft will provide the actual cash value of your vehicle minus depreciation and your deductible, less any depreciation or other deductions. Your insurer typically begins the valuation process by running dealership reports for your make and model – similar to how adjusters value used cars – while online car value calculators are also helpful in establishing its actual cash value.
Comprehensive insurance can cover damages to your vehicle from things other than collision, such as fire, flooding, glass breakage and vandalism – or from hitting an animal. Some policies even offer rental car coverage which will cover rental car expenses while it’s being repaired following a loss.
Comprehensive auto policies typically won’t cover stolen personal property from your vehicle such as cell phones, laptops and textbooks – however this type of coverage can typically be found through homeowners or renters insurance policies.
Dependent upon the value and amount of your deductible, filing an insurance claim might be worthwhile in order to have them replaced. But be mindful that doing so could result in an increase in premiums as a result of having one on record.
if you need more information or are confused by your policy, speak to an agent. They can assist in better understanding it as well as determine whether filing an insurance claim would be best in the case that your vehicle was stolen with keys inside. Furthermore, agents can assist in finding appropriate coverage options to safeguard your assets and financial future.
Collision Coverage
No matter if your keys were left inside an unlocked car or they were stolen, filing an insurance claim as quickly as possible is critical to protecting yourself against delays that could void or disapprove it altogether, leading to possible investigations for fraud. Therefore it’s wiser to take all steps to replace your items immediately rather than waiting.
Comprehensive car insurance provides protection from non-crash damages such as theft, weather and animal damage to your car. It’s typically sold alongside collision coverage – which pays for repairs or replacements after an accident has taken place – with more than 75% of drivers opting for both types.
If your car is stolen, its actual cash value (ACV) minus your deductible will be distributed. This valuation takes into account factors like make and model, age, accident history and relevant details sourced from resources like Kelley Blue Book to arrive at its valuation. Unfortunately personal property such as an MP3 player connected via an auxillary outlet or textbooks won’t be included; you will need to file separate claims with both auto and renters/homeowners policies separately in such instances.
After filing a claim for leaving keys in your car, many insurance companies conduct a detailed credit check to make sure there isn’t any evidence of fraudulent activity or try and altering or selling of your vehicle after it happened. They might also check dealership reports to see if anything changed on it after your initial incident occurred.
Thieves may only want certain parts from your vehicle in order to sell or use them themselves – such as premium stereos, GPS devices and tires – such as stereos, GPS devices and rims and tires. Catalytic converters, third-row SUV seats and truck tailgates may also be targets of thieves; in such instances, your insurer is likely to cover costs associated with having these parts discreetly removed before refunding you the remainder of its value.
Some insurance companies may deny your claim if they suspect “owner give-up” fraud; to determine this, speak with an independent insurance agent who can help fill out all necessary paperwork and identify discounts you qualify for.
Uninsured/Underinsured Motorist Coverage
Lost car keys can be one of the worst experiences. From accidentally placing it in your cupholder or forgetting to bring it with you to having to replace your stolen vehicle due to comprehensive coverage being unavailable if someone steals it, these mishaps can be costly affairs that leave us frustrated and upset.
Before calling your insurance provider to check whether or not your policy covers a stolen car, ensure you have all of the pertinent details at your fingertips – photos, documents and other forms of evidence related to the incident; as well as your vehicle details such as year, make and any additional features such as tracking devices installed.
For instance, if your car features an automatic locking device or you have installed any safety or security features to deter theft such as tracking systems or alarms that trigger upon engine start up, these will likely be covered under comprehensive coverage. Personal items will likely not be covered, however; you could consider filing separate claims against homeowners/renters policies instead.
Uninsured/Underinsured Motorist Coverage, also known as Uninsured/Underinsured Motorist Insurance (UM/UIM), could also prove helpful. UM/UIM covers damages when an accident involves either no insurance coverage from another driver, or when their limits don’t meet up to cover them adequately.
Root makes it simple and cost-effective for safe drivers to save on auto insurance premiums. Simply request a quote, see how much money could be saved, and switch plans when ready – everything can be managed within the app!
Rental Car Coverage
Many credit card issuers offer rental car coverage when you reserve and pay with their card, typically as secondary coverage – meaning it kicks in after your own auto policy has paid out. This option may be especially appealing to travelers who don’t wish to pay extra for collision protection plans with rental companies, or are traveling overseas where their personal policy may not provide sufficient protection. According to NerdWallet, most major cards provide ample rental car protection, however it’s essential to read over their policies carefully prior to traveling abroad.
People renting cars often struggle to resist the sales pitch at the rental desk, where employees attempt to convince them to purchase an “LDW.” Though not strictly speaking insurance, these contracts act as insurance replacement in case of accidents or theft; typically these waivers cost between $25-40 per day.
Car rental companies don’t operate for altruistic reasons – they make money. Auto insurance is big business for them and many consumers lack an understanding of it or lack confidence to ask questions about it themselves.
Make sure that you know what is covered under your auto policy before traveling abroad to avoid being scammed by researching all available options and knowing exactly what your protections cover – even if you reduced collision and comprehensive protection on your own car to save money, chances are these same protections still extend to rentals for recreational use under most policies. In many instances, homeowners/renters insurance will also cover belongings lost from a vehicle as part of its contents, too!
Personal Effects Coverage of Auto Insurance Can Come in Handy in Case Your Rental Car Gets Stolen