Average cost of car key replacement rises to £215 and average locks sets now cost £689
The average cost for a replacement car key across all major makes and models now stands at £215, according to Keycare, the UK’s leading expert in key cover, recovery and assistance products and services. The average key replacement cost in 2015 has risen by 29% compared to 2013 and now range from £162 for a Vauxhall Astra key and £262 for a Ford Fiesta.*
*Average costs of key replacement for 5 popular makes and models, including VAT
Average lock sets now cost £689 and for some makes and models lock sets are in excess of £1000, for example a Lexus SC 430 Auto Convertible replacement lock set (including labour and VAT) is now around £1490.
David Robertson, CEO of Keycare explains the significance for brokers: “With the pace of new technology in our cars today, replacing lost car keys is an increasingly expensive mishap that customers really value insurance cover for. Motorists are often shocked by how much it costs to replace vehicle locks or a lost or stolen car key.
“Key cover has a low repudiation rate which, combined with an enduring human propensity to lose keys, continues to make key cover an add-on product that is popular and valued amongst customers. It is profitable for insurers and distributors and can have enviable customer retention rates – a top priority for the industry. This is an add-on product that offers real value to all parties and is a service customers can rely on in their hour of need.”
Notes to editors
*Figures taken from Keycare claims data for 2014/15. Figures compare costs for 5 of the UK’s most popular makes and models.
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About Keycare Ltd
Keycare Ltd is the UK’s leading expert in the key recovery and assistance market. Commissioned by leading insurers and household name distributors, Keycare specialises in recovering lost or stolen keys for their customers. Managing over 1.8 million policies, Keycare provides a bespoke, white labelled key recovery solution together with a 24 hour UK based helpline full incident management and dedicated account management.
Keycare creates genuine business benefits for its partners, generating valuable extra income and contributing to customer loyalty and retention.
Keycare is an independent family owned business and was founded in 1977. It is based in Shipley, West Yorkshire. Underwritten by Ageas Insurance, Keycare Limited is authorised and regulated by the Financial Conduct Authority. FCA registration no. 309514.