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Should I Get Car Key Insurance?

The stress of losing or breaking keys is a headache that is manageable compared to the stress and headache of trying to replace one. Even if you have a spare, you are bound to replace your lost key. Replacing one now is not like replacing a car key ten years ago. Traditional keys of the past are easier to replace, even home improvement stores could do it. Now, with how complex and intricate a modern key is, it is much more expensive and complicated. Modern keys nowadays are more technologically advanced than ever before, with the amount of technology inside a key it is bound to burn a lot of cash. However, there is a way to maneuver around the price.

Car Key Insurance

The evolution of car keys throughout the years is tremendous. From normal, traditional keys with no amount of electronics whatsoever to a modern version of technologically complex and sophisticated keys. If these modern keys are lost or broken, it will be a pain to replace them with money from your own pocket. However, having insurance, key cover, will definitely help.

Having a key cover add-on to your car insurance policy will protect you when you lose or break your keys. This particular insurance policy will cover the cost of getting a new set of keys, main and spare. Regardless of the price, having this at hand would surely be better than purchasing a replacement.

Keep in mind, not all car dealers or insurance companies would provide the same policy. Some would provide it as a standard part of their insurance and others would ask a small fee to be paid. There are also intricacies in this policy. Some policies will only cover your car key replacement expenses if the key was stolen, and not broken or misplaced, and vice-versa. Others will cover any situation, but that policy comes with a price.

Elements of Car Key Insurance

Every car key insurance policy varies, but all of them have a common feature. These are:

  • Key Replacement Cost – key cutting, blank fob, programming
  • Recoding Car’s Locks
  • Locksmith Fee

Generally, these are the main features of all insurance policies concerning key replacements. The insurance policy covers the key replacement, to recode and reprogram the locks and the computer of the car, and the fee of the locksmith that will do these things. However, do keep in mind that there are limits to these policies. The maximum benefit from the insurance policy may be enough to cover the expense of one key but it may not be enough to cover the loss of the main and spare key. There are also some add-ons to this, like delivery fee and such. 

Stolen, Lost, Broken Keys

If you do need a replacement due to your key being stolen, lost, or broken, speak with your insurers. There is a step-by-step process that needs to be followed and they will help you through. Also, if your keys were stolen, you should report it to the authorities. You likewise ask them for a copy and show this report to your insurers, they will likely need proof that the key was stolen.

Insurance Cost

The cost of it varies from insurance companies and car dealers. Generally, the price range is between £20 to £40 a year. This price range seems a bit heavy to several people, but it is well worth the price. Considering the cost of replacing a modern key, with the key cutting, the blank fob, and programming, it is still cost-effective to have the car key insurance policy. Nevertheless, it is the person’s choice and their situation to dictate whether or not they need this insurance policy.

Bottom Line

Losing, breaking, or getting a car key stolen is one headache you don’t want to be a part of. Replacing it is another headache all on its own. Having a spare would be a great help for the locksmith or car dealer that would replace it but, if you lost your main and spare key, they would have to carefully start replacing it from scratch. Having an insurance policy on car keys would be a tremendous help. 

The importance of having a car key cover policy is painfully detailed above. For you to not burn your money on a replacement car key, purchasing a key cover would do wonders. It may be costly, but there are less expensive car insurances. It may just take a while to find them. Overall, having a car key insurance policy will help you in the long run, especially if you own a modern, high-end vehicle.