Are lost keys covered by car insurance?

Lost car keys can be frustrating and leave you stranded in the middle of nowhere. While most car insurance companies provide coverage for stolen items, many Canadians often wonder whether car insurance policies include lost car keys as an insured peril. To learn more about lost car keys and what to do if you're left stranded, check out our guide below.

Am I covered if my car keys are lost?

Unfortunately, car insurance, specifically comprehensive coverage, does not provide policyholders coverage for lost keys. The only way your lost car keys could be included in your car insurance is if your policy has this peril included in your policy documents, which most companies will not include, given that it is a preventable peril, rather than something like natural disasters which are not preventable.

So, what exactly are you supposed to do when you've lost your car keys or locked them in your vehicle? Really, the only option for you is to add roadside assistance to your insurance portfolio. With roadside assistance, your insurance provider will send an auto locksmith to your location if you lose your car keys or if you have broken keys to provide you with replacement keys. Depending on the specifics of your roadside assistance policy, your replacement set may be fully or partially covered.

It's important to note that while the majority of insurance providers don't offer lost key car insurance, there may be some that do. As such, we recommend reaching out to different insurance companies at the time of your renewal to see if they have comprehensive coverage that includes lost personal property, such as your car keys.

What about stolen car keys?

Now, you're probably thinking, what about stolen car keys? Is there a type of key insurance that will cover a key replacement if you have stolen keys? If you have a comprehensive policy, getting a replacement key will be covered if it is stolen or damaged as a result of a covered peril listed in your policy. To confirm whether your comprehensive car insurance covers stolen keys, make sure you read your policy carefully or speak with an insurance agent.

How to prevent lost and stolen keys

Lost or stolen keys can put a damper on your day. Luckily, there are ways you can prevent your car keys from being lost or stolen in the first place:

Keep a spare key around

Consider keeping a duplicate key handy wherever you go. Whether it be in your bag, wallet, or briefcase, having a replacement on you will always come in handy.

Attach an Apple ID tag

If you feel comfortable doing so, consider attaching an Apple ID tag to your set of keys. That way, you can have your own set of smart keys and easily track the location from your smartphone.

Make sure you lock your doors

Take an extra minute each time you exit your vehicle to ensure that you've locked your doors and have your car keys with you.

Park in a safe location

When you're out, make sure you choose a parking lot that is well-lit, has security cameras in place, or is gated. These features typically deter potential thefts, saving you the hassle of dealing with having to replace keys.

Car insurance coverage options

Lost or stolen keys can be easily replaced, but when it comes to your vehicle, dealing with the aftermath of a collision or other incident can be overwhelming, which is exactly why having the right car insurance coverage in place is a must. Here are some of the types of auto insurance you'll need to consider:

Third-party liability insurance

Third-party liability insurance is a mandatory insurance policy in Canada, regardless of what province or territory you live in. However, the minimum amount of coverage you are required to purchase. With third-party liability car insurance, you'll be protected in the event you cause bodily harm, death, or property damage while you are behind the wheel of a vehicle.

Should a third party sue you for damages, this policy will cover the cost of repairs, replacements, medical costs, legal fees, and other expenses that may arise from a lawsuit.

Accident benefits coverage

Accident benefits coverage is another mandatory car insurance policy for all Canadians. With this insurance, you'll have coverage if you are in an accident and either you, your passengers, or pedestrians are injured, regardless of who is found at fault for the collision.

Accident benefits covers costs associated with medical bills, rehabilitation, lost wages, and more, depending on the specifics listed in your policy.

Uninsured motorist coverage

Uninsured motorist coverage is the last legally required insurance coverage Canadians must purchase from car insurance providers. This insurance will kick into place if you are involved in a car accident with another driver who is uninsured or underinsured. Hit-and-run accidents are also included with this policy. Ultimately, uninsured motorist coverage ensures that policyholders are fairly compensated following a collision.

Collision car insurance

Collision car coverage is an optional insurance policy that Canadians will want to seriously consider. With this type of car insurance coverage, your insurance company will pay for any repairs or replacements needed if your vehicle is damaged in a collision. Keep in mind that before your insurance provider will cover these expenses, you will need to pay a deductible at the time you file an insurance claim.

Comprehensive car insurance

Comprehensive car insurance, also known as stolen car coverage, is also a policy you'll want to think about purchasing. With comprehensive car coverage, your insurance company will pay for any repairs or replacements needed if your vehicle is damaged in a non-collision event. Common insured perils include theft, vandalism, and severe weather conditions. Similar to collision coverage, you'll need to pay a deductible to your insurance provider before your policy will kick in and cover the rest of the costs. Remember, however, that comprehensive car insurance policies will not cover lost keys.

Accident forgiveness coverage

Accident forgiveness insurance is a one-time insurance policy that new and experienced drivers can add to their portfolio as an optional extra. Normally, following an at-fault collision, your insurance premiums will increase. But with accident forgiveness, you can avoid an insurance rate increase with this policy. Keep in mind that once you use this policy, you will not be able to use it a second time.

Get in touch with BrokerLink today

Looking to save on car insurance or brush up on safe driving tips? BrokerLink can help with both! With years of professional experience, BrokerLink is a leading brokerage across Canada with a track record of helping Canadians just like you find customized and affordable insurance solutions. We've got locations across the country, so if we're in your neighbourhood, feel free to come into one of our offices to work with a broker face-to-face!

If you aren't able to make it in, don't stress--you can also contact us over the phone to speak with one of our friendly brokers anytime. And if you're in a bit of a rush, you can go ahead and get a competitive car insurance quote in minutes using our free online quote tool available on any device!

Get an auto insurance quote 1-866-724-2372

FAQs on stolen car keys

What are the most common stolen cars?

While all vehicles on the road may be a target for theft, some models are more vulnerable than others. Some of the most stolen cars include the Honda CR-V, Dodge RAM 1500 Series, Ford F150 Series, Lexus RX Series, and the Toyota Highlander, to name a few. To prevent theft, make sure you have a working security system in place and remember to lock your doors at all times. Additionally, parking in a secure underground lot, your garage, or in an area with working CCTV cameras is recommended.

How much does it cost to replace lost or stolen keys?

Key replacement costs can differ depending on the type of keys you have and your vehicle model. For example, electronic key fobs, or smart keys, tend to be more expensive to replace compared to car keys that require you to manually lock and unlock your vehicle. On average, replacing lost or stolen keys can cost you anywhere between $20 - $500.

Does home insurance cover lost or stolen keys?

Your car keys are your personal property, so technically, if your car keys are stolen from your home, you could file a claim with your insurance provider for a key replacement. However, most homeowners insurance policies will not cover the cost of lost keys unless it is otherwise stated in your policy details.

What happens if your car is stolen and then found?

If your car is stolen and found shortly after, there can be some confusion as to what exactly you're supposed to do. Assuming that you have already contacted law enforcement and your insurance company, you'll then have to wait for the police to investigate and recover your vehicle. Once they have, law enforcement will release your vehicle back to you. At this time, you will need to inform your provider that your vehicle has been found and returned to you. Depending on the state of your car, you can then go ahead and begin filing a claim for damages and lost items.

If my car keys are stolen, do I need to file a claim?

Yes, if your car key is stolen from your vehicle, you will need to file a claim with your insurance company in order to be compensated for a replacement. Keep in mind, however, that with comprehensive car insurance, you will need to pay a deductible before your policy will kick in and pay for the remaining replacement costs. As such, we recommend taking a look at how much it would cost if you paid for your replacement key on your own rather than making a claim with your provider. Sometimes, the replacement cost may be significantly less than your deductible, which can help you save money on your replacement.

Will making a claim for my stolen keys affect my insurance premiums?

Normally, when you file a claim with your insurance company, your insurance premiums will increase the next time you are up for renewal. However, when it comes to a car key replacement, you may be able to avoid an insurance rate increase with your provider, given the severity of the event. That said, it really depends on your company and the details of your exact policy. Therefore, if your car key has been stolen, you will need to speak with your insurance company and have them clarify the specifics of your coverage and whether a rate increase would incur as a result of a claim.

What should I do if someone stole my car keys?

If your car key has been stolen, the first thing you need to do is call the police and file a police report. This can possibly help you prevent your vehicle from being stolen at a later date. You may also wish to notify your insurance company that your keys have been stolen. Further, consider getting a new key. While you may have a spare lying around, you'll need to change the locks on your vehicle to prevent the individual who stole your keys from having access to your car. Depending on the vehicle you have, you may be able to do this directly with a locksmith or you'll need to visit a mechanics shop for professional assistance changing the locks.

If you have any questions, contact one of our local branches.