5 mins read 
TL;DR: Replacing a modern key fob typically costs $150–$400+ depending on your vehicle and programming needs. A comprehensive key replacement program can cover lost, stolen, or damaged keys and fobs, often with no deductible. Some plans use tiers (e.g., up to $400 per key, one covered replacement per year). Caribou offers Key Replacement as an optional add-on alongside refinancing.
What is a car key replacement program?
A car key replacement program helps pay to repair or replace eligible keys, remotes/transponders, pay to repair or replace eligible keys, remotes/transponders, and key fobs if they’re lost, stolen, or damaged, typically with $0 out-of-pocket at the time of service, subject to your tier’s annual limits (e.g., $400 per key, up to one qualifying replacement per year). Some programs are available when you refinance and are priced as a small monthly add-on.
What’s typically covered
- Mechanical keys, transponder keys, switchblade keys, and smart fobs
- An approved dealer or qualified provider deprograms the lost key and programs the replacement.
- Often bundled extras like 24/7 roadside assistance (varies by plan)
What’s not typically covered
- Unauthorized replacements outside the program network (varies by provider)
- Valet or limited-function keys
- Keys not originally provided with the vehicle
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What does a key replacement cost without coverage?
Here are typical price range (parts + programming). Costs vary by make, model, and region:
- Basic mechanical key: ~$5–$15
- Transponder key: ~$125–$250
- Switchblade key: ~$150–$300
- Smart key/fob: ~$200–$400+ (luxury models can be higher)
Real-world snapshots: Edmunds reports common totals in these ranges across several popular models (e.g., ~$180 for a basic transponder key, ~$250–$300 for some combo keys, and ~$300 for smart keys on mainstream sedans). Your vehicle and location impact labor/programming.
Is Key Replacement worth it?
If your vehicle uses a transponder or smart fob, a single loss can run a few hundred dollars. Programs with clear dollar caps often pay for themselves with one claim. For context, some providers in the market advertise limits as high as $800 per key, showing how pricey modern keys can be. Compare specifics before you buy.
How to add on Key Replacement
When you refinance through Caribou, you may be able to add Key Replacement (and other protections) to your new loan in minutes: no deductible, simple claims, and coverage aligned to your term.
When you refinance your car loan, you can add these benefits at a low monthly cost. For example, if you refinance your car loan with a term of 36 or 48 months, a tier 1 plan with $400/year coverage may cost around $4 to $8 a month. If you choose a tier 2 plan with $800/year replacement coverage, it may cost around $10 to $15 a month. If you have a longer-term loan, you can probably expect to pay less for the replacement program.
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Other program benefits
Key replacement programs often come with other benefits like 24-hour roadside assistance services, rental discounts, and access to a concierge while traveling. Roadside assistance helps with towing, flat-tire changes, jump-starts, lockouts, and emergency fuel or fluid delivery. The service can provide emergency roadside assistance, towing, flat tire changes and repairs, battery jump-start service, vehicle lockout help, fluid or supply deliveries, and even repairs to your vehicle. Having a key replacement program can add all of these benefits to help you while on the road.
Key replacement FAQs
- What type of car keys do most modern vehicles have?
Most cars made in the last 10 years use electronic transponder key fobs, which combine the key and lock/unlock buttons in one device. - How much does it cost to replace an electronic transponder key?
Electronic keys that unlock your car remotely use built-in transponders. The replacement cost for an electronic transponder key fob could be hundreds of dollars, with many replacement sets running over $200. - How much does it cost for a key replacement program?
You can find key replacement coverage for around $4 to $15 a month, depending on the yearly replacement value needed. You usually pay nothing at the time of replacement. - Which keys does the car key replacement program apply to?
Eligible keys or remotes are the ones you received when you bought the vehicle. Other keys with limited functionality and valet keys are excluded. - What events are covered through the program?
The program helps you replace keys, remote transponders, and key fobs you lost, someone stole, or you damaged.You can benefit from up to one qualifying replacement per year. - How are the keys replaced?
An approved dealer deprograms the old key and pairs a new one with your car. Then, a new replacement key is paired with the car that is covered by the program.
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