One-third of car insurance companies do not cover lost car keys, with motorists at risk of a costly bill well into the hundreds of pounds.
Analysis from GoCompare found that just 68% of insurance firms will pay if drivers claim on their agreement for losing the keys.
Experts stress that losing car keys used to be a “minor inconvenience” with replacements costing between £50 and £150.
However, the modern car key technology means certain prices have soared to well over £600.
Among the firms that don’t offer cover as standard, 19% have lost keys as an optional extra motorist can add to any agreement.
However, 13% don’t offer any lost car key cover at all, which may cause road users to be caught out.
Tom Banks, GoCompare’s car insurance spokesperson, explained: “At some point in your motoring life, you will inevitably misplace your car keys – and the moment that you find them is always a relief, but it’s a real headache if your search comes up empty and it turns out they’re definitely lost or stolen.”
The situation is a bit different if car keys are stolen, with 91% of firms offering this as part of their standard coverage.
New technology such as keyless entry, remote start capabilities, and anti-theft encryption has led to costs soaring in recent years.
Analysis from NimbleFins found the average car key replacement has risen by up to 150% in five years.
The experts found that bills were up from £136 in 2019 to around the £340 mark by the end of 2024.
However, the actual price will vary depending on the type of vehicle motorists own, with premium models likely to cost even more.
Certain luxury manufacturers could even charge between £400 and £800 to secure one replacement set.
Tom added: “With the levels of cover varying when it comes to replacing a lost or stolen car key, it’s definitely worth spending a few minutes checking your policy and making sure you’re protected.
“It’s also worth noting that an insurance policy may not cover keys that have simply been mislaid and you will be expected to take reasonable steps to safeguard your keys.”
