Simple keys are going the way of the fax machine

There was a time when replacing a lost car key or set of office keys was no biggie, in fact a call to the locksmith would probably have you up and running in no time. But over the last few years, advances in technology and security have seen us graduate from standard metal keys to smarter devices, many of them complete with transponders and programmed microchips, while the locks have become increasingly sophisticated and secure. Loss or theft of such keys can cost a lot more than you bargained for.

 

"Most people take it for granted that their keys and replacement of locks are covered under their motor or buildings insurance policy, but this may not always be the case. Even where cover is included, the limits of cover may not be sufficient if you have expensive transponder type keys for your vehicle, or where your building keys are numerous and more specialised. It is essential to check what you are covered for in this regard and discuss any amendments needed with your broker to ensure that your policy will respond to your specific requirements,” explains Bina Ferreira, National Manager of Commercial Products at Aon South Africa.

 

Costs to replace a single key on certain luxury vehicles can be anywhere between R5000 and R15 000 per key, plus keys with built-in transponder chips must still be programmed by a qualified dealer at an additional cost, plus the time that your vehicle will be out of action to get it re-programmed and re-keyed.

 

"If your car keys are stolen, it means that someone has your keys and may know where your vehicle is, putting you at risk for theft. This will mean that that you have to ‘rekey’ the vehicle which can include replacing all the door lock cylinders and ignition, plus a new key and spares complete with programming of the key transponder and chip, which comes at a serious cost,” explains Bina.

 

If the keys to your building are stolen, you will most likely not simply be cutting new keys, but have to replace each and every lock which can run into thousands of Rands. "If you have extra security requirements on your office building, it may mean that your locks will have been upgraded, say to multi-point type locks that run the whole length of the door for example, and these can be very expensive if you end up having to replace more than simply the key cylinder. A tally of your locks and keys and the potential costs you would face if your security is compromised can add up to significantly more than the R5000 or R10 000 key and locks cover on your commercial insurance policy.

"We have many clients who take out additional coverage on locks and keys due to the high volume of keys that are carried by their security and site supervisors, and furthermore, have more specialised locks installed due to their security requirements. Schools in particular are one example where a grounds man or caretaker may have hundreds of keys in his possession at any one time - a loss would incur significant replacement costs, but would be a non-negotiable to ensure the safety and security not only of the school assets, but more importantly the children and staff on site,” explains Bina.

It is essential to check that your insurance policy covers you for lost or stolen keys, and whether the limits of coverage are sufficient to replace all of them plus locks should this be necessary. "With huge advances in security, losing your vehicle or building keys will do a very impressive job of keeping you firmly locked out, with an expensive predicament on your hands if your insurance limits have not been customised for your specific requirements,” concludes Bina.