Has any one had the misfortune of getting your key completely soaked? I was curious to know if getting it wet will ruin the chip inside. I used to be able to keep my key in my wetsuit when surfing but I dont think it is such a good idea with a 75$ key that may get ruined if it gets wet (its a little bulky too.) The Element does make a great surfmobile though!

i was wondering what would happen when the key got wet also...so i took the the valet key and dropped it into a glass of water for about 1/2 an hour; the key worked fine after that (i was able to open the door and start the engine).

It's completely sealed in plastic, I can't imagine it being affected by water. I just wouldn't drop it from any great height.