TORRANCE, Calif. — Toyota Financial Services (TFS) and Lexus Financial Services (LFS) have added Key Replacement Protection to their lines of F&I protections, the companies announced.

The new protection is being offered as an added enhancement to the captives’ tire-and-wheel program and will be offered as a standalone product later this year. The product is being administered by Safe-Guard Products International.

"Today's vehicle technology is great for consumers," said Karen Ideno, vice president of product and marketing for Toyota Finance Services. "Unfortunately, this sometimes comes with a high cost to replace. We know key replacement can be stressful for our customers, and we're happy to now offer a solution."

Key Replacement Protection is designed to replace covered vehicle key/remote if lost, damaged, or stolen, offering up to $800 per occurrence. The F&I product also offers lock-out and towing assistance (up to $100 per occurrence for each benefit).

The captives’ new protection also offers taxi, rental, and public transportation reimbursement (up to $75 per occurrence), as well as a replacement benefit for additional nonprogrammable keys on the key ring — up to $250 per covered key claim for a total of up to three occurrences.