Hello there, Sean, and welcome to planDisney!
It's always nice to see a fellow Magic Key Holder here. I've had my Magic Key since the program's inception and I couldn't be any happier. It's allowed me to return to the Disneyland Resort time and again to get my Disney fix.
When you say "lapse," I'm guessing that you mean to just allow your
Magic Key to expire without renewing. I've spoken to a Cast Member about this previously and confirmed that it is possible to hold multiple Magic Keys in your account, so this shouldn't be an issue. In fact, you could purchase a new Magic Key now while there is availability (except for the Southern California based Imagine Key) and you'd have a full year to activate it. You would have two different Magic Key Passes in your account: one that would be expiring soon and one that is waiting to be activated. If you opted to wait until your old one expires, there is no blackout period where you would be unable to purchase a new Magic Key. You would be subject to availability, of course, but you are able to purchase another one immediately. This might be a good strategy if you anticipate a long period where you wouldn't be able to visit the Parks, so you don't want to
renew and have an active Magic Key that is being unused.
Have you been able to enjoy a meal at the
Magic Key Terrace yet? I love hosting my family and friends there whenever I can because it feels like a special place just for us. It's even got its own backstory too! And don't forget to check the Magic Key Portal in the
Disneyland Mobile App before visiting the Parks because you never know what offers will be available to us!
Sean, I hope that this was informative for you. Please feel free to visit again anytime if you have more questions. You're always welcome at planDisney and we'd love to hear from you.
Wishing You a Great, Big, Beautiful Tomorrow!
-Al