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Insure your car keys or risk paying up to £400 for new ones

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Replacing lost or stolen car keys can cost a bundle: an average of £240, though fancier ones can run to nearly £400. 

The Go.Compare insurance site says one in six drivers have had to replace their car keys and some were likely surprised to learn that not all insurance policies provided cover. 

Based on feedback from more than 1,500 drivers, the company found that women were much less likely to lose their car keys than men. Just 13% of women said their car keys were lost or stolen at some point compared with 22% of men.

Payouts vary

Go.Compare said it also reviewed more than 300 standard car insurance policies and found that 87% covered stolen keys as standard but only 64% covered lost keys. How much the companies paid out also varied.  Some policies, but not all, reimbursed customers for work on locks. 

Ryan Fulthorpe, Go.Compare’s car insurance spokesperson, said: “With such a variety in costs when it comes to replacing a lost or stolen car key, including the complete replacement of a locking system for some new cars, it’s absolutely worth spending a few minutes checking your policy and the level of cover that you have in place for lost or stolen keys.”

More than half of drivers concede they let their car insurance renew automatically, with a third of them failing to shop around for better deals or better cover.

Try a finder app

Fulthorpe offered two tips for keeping your car keys safe.

First was to download a finder app or get a Bluetooth tracking device to help you locate them on a map.

Then try to keep your keys in a designated place at home, but nowhere close to external doors where they might be easier for someone to snatch away.