For all you forgetful people out there, this will be great news: did you know you can buy insurance to cover lost car keys? Even better news: you may already have it!
Anyone who frequently misplaces car keys, forgets what they did with the keys, or who simply loses them with regular frequency (you know who you are!) will want to know about this useful component to coverage that can save a lot of money.
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It’s called “replacement car key insurance”.
The industry term for this wonderfully helpful coverage is replacement car key insurance. Every policy is different, but here’s what can be covered:
- lost car keys or fob
- stolen car keys or fob
- car hire
- transportation of a stranded car to a repair place, if necessary
You might already be covered and not even know it.
What many car owners don’t even know is that they may already be covered! Many car insurance policies include replacement car key coverage as standard issue. Around 87% of policies cover for theft of car keys*, no extra fee. However, if you’ve left your keys in (or on top of) your car and they were stolen as a result, almost no policies will cover you.
Others will consider this to be an option. Either way, it’s important to compare car insurance plans carefully and ask about lost car key coverage.
Some insurers also cover car hire so you can get to your destination when you have a lockout. Levels of coverage vary among the major insurers, and even sometimes within one carrier, depending on the demographics of the insured.
It’s estimated that about half of all fully comprehensive car insurance policies cover lost car keys. Just over a quarter of policies offer the coverage as an option that carries an extra fee, and only 22% of car insurance policies offer no coverage for lost car keys at all*.
The cost of lost car keys is definitely rising.
Once upon a time, a key was a key. It was a simple device made of metal and you could cut a new one in minutes and for a minimal charge. Losing car keys isn’t a huge deal if you can have 5 spares in your desk!
But we can no longer simply ask the hardware store to cut us new car keys. Technological advances have made sure of that. Keys aren’t simple metal “groove and tooth” design any more.
Key technology took a big leap forward in the 1990s, when key fobs and transponders entered the scene. Now we have programmed chips, immobilisers, and and other advanced car key technology that’s pretty difficult for just anyone to duplicate.
Of course that’s the whole point! Modern keys prevent theft. They do also, however, make it extremely frustrating (and expensive) when you lose them!
Replacing lost car keys today will run you into the hundreds of pounds in many cases. And if you have the auto manufacturer issue you new keys it can run even more.
That’s why replacement car key insurance can make sense.
High-tech car keys are good for security and protection for your vehicle, but they’re a real pain for people who lose their keys often. Since it’s no longer a matter of a quick jaunt to the hardware store to replace your car keys, replacement car key insurance makes a lot of sense.
Imagine: the cost of replacing the keys to a Toyota Prius can run you £400 or more!
That same study mentioned earlier also found that over half of replacement car key policies offered more than £500 in coverage. Most of those offered between £500 and £1,500 worth of cover.
The insurance is a good idea on several levels.
But the financial cost isn’t the only nightmare you’ll be facing: your car is essentially stranded until you can get a replacement car key.
Car specialist locksmiths will not only repair your broken car key or or replace your lost car key, they will do it for much less than the car dealer…and much more quickly.
AutoLocks Ltd. can arrive at your side in as little as half an hour- our average is 40 minutes from distress call to being on site to fix or replace your key. What’s more, we come to you, we bring our advanced equipment, and send out trained specialists (best in the industry).
In addition, if our specialists need to gain entry to your car they’ll do so with state-of-the-art equipment that won’t damage anything at all. So, lost car keys don’t have to ruin the day- chances are you’re insured, and we’ll get to you sooner than anyone!
*Source: Gocompare 29 September 2014 study. Retrieved from https://www.gocompare.com/car-insurance/lost-car-keys-insurance/.