Will Car Insurance Pay to Replace My Lost Keys?

Last Updated on October 3, 2021

Losing your car keys can be a very stressful experience. Not only does this situation come with a variety of logistical challenges, but car keys can be very expensive to replace. Many recent car models use smart keys, which are even more costly to replace than traditional car keys.

If you’re in this situation, you may be wondering if your car insurance will pay to replace your lost car keys. There are some instances where your insurance plan will pay for key replacements, but this is not common. Here’s what you need to know about car insurance and key replacements.

What Type of Car Insurance Covers Key Replacements?

Most standard car insurance policies are not going to pay for a key replacement. If you have collision or comprehensive coverage, these policies may cover a key replacement as part of a larger claim.

For example, if you are in a car accident and your keys are damaged in the process, your collision coverage would likely pay for the replacement. Comprehensive coverage could pay for a key replacement if your car is stolen with the key inside, or if it is damaged in a fire, flood, or other covered natural disasters. You will need to check the exact details of your policy to determine when key replacements are covered.

If you lose your keys without any damage to your car, your insurance will usually not cover the loss. In this case, you will have to pay for the replacement yourself. There are some policies that provide coverage for theft, usually as an add-on.

Many people are under the impression that roadside assistance coverage will pay for a smart key replacement, but this usually is not true. If you are locked out of your car, they will pay for an emergency locksmith service to help you get back inside. This type of plan typically also covers towing services to get your car home. However, it won’t pay for a full key replacement.

Should I Use Car Insurance to Cover a Key Replacement?

Even if your car insurance company offers some coverage for lost keys, this doesn’t necessarily mean you should use it. In many cases, it makes more financial sense to pay for the key replacement out of pocket.

A replacement for a smart key typically costs around $500, although the price can go all the way up to $1,000. Although this may sound like a lot, it’s usually not worth filing a claim for on its own. However, if you are filing a claim for other damages to your car and you have also lost your keys, it may make sense to include it as part of your claim.

Keep in mind that you will still have to pay your deductible every time you file a claim. If you file a claim purely for a $500 key replacement, but you have a $400 deductible, you’ll only get $100 in coverage. Additionally, insurance companies will usually increase your rates every time you file a claim. This means that it is likely not worth it to file a claim for a $500 key replacement, as the additional costs over time could end up costing much more.

If you have homeowner’s insurance and your car keys were stolen, you may be able to use that policy to cover the replacement. Homeowner’s insurance typically covers theft of your personal property. Depending on your deductible for the homeowner’s insurance, this could be a financially viable option.

What Should I Do if I Lose My Car Keys?

If you lose your car keys, don’t panic. Even if you have smart car keys, there are ways to get them replaced and ensure your car stays safe.

It’s important to remember that if your car uses a smart lock system, it should come with two master keys. Ideally, you should keep the keys in different places to minimize the chances of losing them both at once. However, if you do lose one key, you should be able to get it cloned. You can look for a locksmith that specializes in smart car keys, or you can head to your local dealership to get a replacement.

If you lose both keys, the situation will get much more complicated. This is because the locks on your car will have to be changed and the internal system reprogrammed. This means the cost of replacing your keys is going to be much more expensive. In this case, you may want to get quotes from multiple locksmiths before committing to one.

Losing your keys can be a very stressful experience. Ultimately, paying for a replacement out of pocket makes more sense than using your car insurance. However, there are some situations where your insurance will provide this kind of coverage.