Metal car keys have largely disappeared for new cars, replaced by a key fob or remote with a transponder that needs programming before use.
Although these devices add convenience, they’re pricey. You’ll pay $200 to $500 to replace a smart key. If you lose all your keys, you might need to replace the locks, which could cost $1,000.
Although these devices add convenience, they’re pricey. You’ll pay $200 to $700 to replace a smart key on a luxury car, plus $100 an hour for labor. If you lose all your keys, you might need to replace the locks, which could cost $1,000.
Auto insurance will cover the cost of replacing smart keys (or metal keys) only if the loss comes from a peril covered under the policy. For example, if your keys are damaged when you collide with another car, collision coverage would pay to replace them.
Comprehensive coverage — which reimburses you for loss or damage to your vehicle from theft, vandalism, fire, hail or flood — would include replacement of the keys, as part of the vehicle.
If your car keys are stolen, Homeowners insurance may pay to replace them because theft is a “named peril” under the policy, however your deductible is likely larger than the cost to replace them.
Technology is well on the way to eliminating car keys. More carmakers are offering smartphone apps that allow you to unlock and start your car. However, you have still have a key fob or remote control key, you can avoid paying the high cost of replacing it by keeping spares in a safe place.
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