Car key replacement costs: Can auto insurance help?

AVC Photo Studio // Shutterstock Losing your car keys can be a stressful and costly ordeal. The price to replace a lost car key varies significantly depending on the type of key, your car model and whether you choose a dealership or locksmith. But what if your insurance can help cover the expense? In this article, CheapInsurance.com looks at the factors that influence car key replacement costs, explore your DIY options, and determine whether your insurance policy will come to the rescue. Key Takeaways Car key replacement costs vary widely based on key type and vehicle make/model. Insurance typically doesn’t cover lost car keys. DIY key replacement can be risky, especially for modern keys. Professional locksmiths or dealerships often offer reliable replacement services. Prevention is key: designate a key spot, consider a spare and use key tracking devices. Not All Keys Are Created Equal: Understanding Key Types and Costs The type of key you have significantly impacts the replacement cost. Traditional metal keys: These are the most basic type and typically the cheapest to replace. You might be able to copy them at a local hardware store. Transponder keys: These keys have an embedded chip that communicates with your car’s immobilizer system. Replacement involves programming the chip, and sometimes programming your vehicle’s onboard computers,  increasing the cost. These keys are more expensive. Expect to pay anywhere from $50 to $200, depending on the complexity of the key and whether programming is required. Key fobs: These remote entry keys combine a traditional key with electronic components for locking/unlocking and other functions. Replacement and programming can be expensive. Key fobs are generally the most expensive to replace, with costs ranging from $100 to several hundred dollars, especially for luxury vehicles or those with advanced features. The Breakdown: Factors Affecting Car Key Replacement Price Several factors influence the final cost of replacing your car key: Car make and model: Luxury or high-end vehicles often have more complex key systems, leading to higher replacement costs. Key complexity: Transponder keys and key fobs with advanced features (like push-button start) are generally more expensive to replace than traditional metal keys. Dealer vs. locksmith: Dealerships often charge more for key replacement, but may offer genuine parts and programming. Locksmiths can be more affordable, but might not have access to the same level of technology. Additional services: If you need emergency roadside assistance or key programming, expect to pay extra. Time of day and location: Replacing a key outside of regular business hours or in remote areas can incur additional charges. DIY vs. Pro: Can You Save Money Replacing Keys Yourself? The allure of DIY can be tempting when faced with unexpected costs. While it’s possible to replace some basic keys yourself, the complexity of modern car keys often necessitates professional help. DIY Replacement Pros:  Potential cost savings if you have the right tools and knowledge. Cons:  Risk of damaging your car’s locking system, time-consuming and may not be possible for advanced key types. Not all keys can be easily duplicated, and incorrect replacements can lead to significant problems. Importance of Matching Key Specifications When attempting DIY key replacement, accurately identifying your key’s specifications is crucial. This includes: Key blank: The physical shape of the key. Transponder chip: If applicable, the type and code of the chip embedded in the key. Remote frequency: For key fobs, the frequency at which the remote operates. Incorrectly matching these specifications can result in a key that doesn’t work, leaving you locked out of your vehicle. DIY Replacement Resources (Use with Caution) Hardware stores: While some hardware stores offer key cutting services, their capabilities are often limited to basic key types. Online retailers: Websites like Amazon and eBay sell key blanks and replacement parts, but verifying the quality and compatibility can be challenging. Key cutting kiosks: These machines are becoming increasingly common, but they may not be able to handle complex key types. Remember: For transponder keys and key fobs, professional programming is often required, even if you can cut the key yourself. Incorrect programming can render the key useless. Disclaimer: Attempting DIY key replacement is at your own risk. If you encounter difficulties, it’s advisable to consult a professional locksmith. Professional Replacement Pros: Expertise, efficiency, and often includes programming for transponder keys and key fobs. Cons: Higher cost compared to DIY. Ultimately, the decision to DIY or hire a professional depends on the type of key, your mechanical skills and your willingness to risk potential complications. Calling on Cavalry: When Does Auto Insurance Cover Lost Car Keys? The hope of insurance covering the cost of a lost car key is a tempting one. Unfortunately, most standard insurance policies don’t include coverage for lost or stolen keys. The primary reason is that losing keys isn’t typically considered a covered peril. However, there’s a glimmer of hope. Some specialized emergency service plans and add-ons might offer coverage for lost keys with roadside assistance. If your keys are physically damaged in an accident you may have some protection if your policy includes comprehensive coverage. It’s essential to review your insurance policy carefully to understand your coverage. If you’re considering additional coverage, weigh the potential costs against the likelihood of losing your keys and the potential replacement expenses. Beyond Replacement: Additional Costs to Consider While the cost of a new car key is the most immediate expense, other costs can quickly add up. Be prepared for: Emergency locksmith services: If you’re locked out of your car, calling a locksmith for on-the-spot assistance can be costly. Towing fees: If you can’t access your vehicle due to lost keys, you might need to tow it to a dealership or repair shop. Lost time: Losing your keys can disrupt your schedule, leading to potential lost income or other inconveniences. Security concerns: If your car is stolen due to lost keys, you might face additional expenses related to insurance deductibles, rental cars and personal belongings. Prevention is Key (Literally): Tips to Avoid Losing Your Keys Again Losing your car keys is certainly frustrating, but there are steps you can take to minimize the risk: Designated key spot: Establish a specific place to store your keys when you’re at home. A key hook near the door is a popular choice. Spare key stash: Consider keeping a spare key in a secure, accessible location, like a hidden compartment in your car or with a trusted neighbor. Key fob attachments: Use a key fob attachment with a bright color or a distinctive charm to make your keys easier to spot. Digital backup: Consider using a digital key app that provides virtual access to your car. Key tracking devices: Explore key tracking devices with GPS capabilities for added peace of mind. By implementing these preventive measures, you can reduce the chances of losing your car keys and the associated costs. Don’t Get Locked Out: Recap and Resources Losing your car keys can be a tolling experience. As we’ve explored, the price of a replacement varies widely based on factors like key type, car model and chosen service provider. While insurance typically doesn’t cover lost keys, understanding your policy is crucial. By being prepared and taking preventative measures, you can mitigate the impact of losing your keys. Remember to consider potential additional costs beyond the key replacement itself. For more information on car key replacement or locksmith services, consider contacting your car dealership or local locksmith. Helpful Resources AutoZone: Provides information on car key replacement costs and services. J.D. Power: Offers insights into car key replacement costs by key type. This story was produced by CheapInsurance.com and reviewed and distributed by Stacker Media.