Car Key Insurance – Do you Need it?

It’s very likely you’ve done this before—you put your car key down and forget where you place it. You look for it in every corner of your house, until you eventually find it under your car seat.  But what if you never find it? This is where a lost car key insurance comes in very handy.

Losing the car keys isn’t exactly an uncommon scenario. According to a car insurance research poll conducted by the Lloyds Banking Group in 2013, nearly 1 out of 4 car owners have lost their car keys at some point. And 5 percent of car owners have their car keys stolen.

Given these numbers, it can be argued that it is only reasonable for insurers to offer car key insurance cover.  With this coverage, you can get immediate help in case you can’t find your car keys. The insurance will cover the costs of replacing the keys, and even give you a ride in case you need to go home and you can’t use your car because you lost your keys.

What is Lost Key Insurance?

As the name suggests, this is a type of insurance that covers you in the event that you lose your car keys. It may also cover stolen or broken car keys. This means the insurer will pay for the replacement of the keys including the locksmith’s fees. The maximum cover limit may vary depending on the insurer—some offer £1,500 while others offer £2,000.

What Does it Cover?

Car key cover insurance can also include other benefits like vehicle hire for a specific period if your car is unusable because you lost or have your car keys stolen. The coverage may also include transport to your home, in case you are stranded as a result of you not having your car keys. You will also get access to an emergency hotline 24 hours, 365 days a year just in case you can’t find your car keys.

Other insurers can also pay for the cost to replace the door keys as well as re-keying the vehicle to prevent theft. This is important for the peace of mind of car owners, since they won’t have to fear

What Does It Not Cover?

Car insurers have different policies as to which items are not covered in a lost car key insurance. But these are some of the things you can expect to be not covered in this kind of insurance:

  • Car key is lost because of events like war, invasion, foreign enemy hostilities, terrorism, rebellion, coup, revolution, or similar actions of any lawful government of public authority
  • Car key is lost due to radiation, radioactive contamination, or exposure to corrosive or toxic substances/materials
  • Insured key not reported within 45 days after it was lost
  • Replacement keys of a higher standard or specification that those insured

When Do I Need Key Insurance?

You’ll thank the High Heavens for getting car key insurance during that unfortunate time that you can’t find your car keys, and you can’t get into your car.

You may have emergency road service coverage, but this type of policy may not help you at all in case you lose your car keys.

For example, you may have emergency road service coverage, your insurance company may pay for the transportation costs of bringing you back home. Or the insurance may cover for the hauling of your vehicle back to your residence. But it certainly won’t pay for the replacement of your car keys.

And it’s not as if car key replacement is cheap. For example, replacing the key of the best-selling car in the UK, Ford Fiesta, will set you back around £262. This is not counting the locksmith fees.

You may have a comprehensive insurance policy, but it won’t make sense to file a claim under that coverage for a lost key.

Is it Worth It?

Generally speaking, a car key insurance is very much worth it considering inconvenience and out-of-pocket expenses that you’ll have to deal with because of a lost car key.

As mentioned earlier, replacing a car key isn’t that cheap. You’ll have to spend hundreds of pounds for it. You can protect yourself from unwanted expenses if you have a key insurance cover. For as low as  £20 a year, you can get yourself covered in the event that you lose your car key.

Aside from the savings you’ll be able to generate, a car key insurance will also spare you from the inconvenience of being stranded somewhere because you can’t get into your car. When you have a car key cover, you will have someone to help you get home even if you are locked out of your car. Even better, you’ll get to use another car for free while your car is being re-keyed to prevent theft.

What to Consider When Choosing a Key Insurance Provider?

Some of the things to consider when shopping for a car key cover provider are:

  • Features of the policy
  • Exclusions/limitations
  • Duration of the cover
  • Right to cancel
  • Cost

Where is Best to Buy Key Insurance?

You can always go online to request for quotes from insurance companies offering stolen car keys insurance.  You may also pick up the phone and call a car insurance firm to ask if they can give you a key covers insurance policy.

How to Buy Key Insurance

You can start by getting quotes from multiple insurers and comparing their rates as well as features. You may also ask your current car insurance company and inquire if it also offers key covers for car keys. There’s a good chance that you may qualify for a discount if you buy car key insurance from your current car insurer.

The bottom line is that car key insurance is highly recommended to car owners. Losing one’s car key isn’t a remote event. You don’t want to be inconvenienced by it; and worry that your car could be eventually stolen. With car key insurance, you’ll have peace of mind knowing you can get help and protection against out-of-pocket expenses in the event that you lose your car key.

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