Our Alero will not start until we put the key in the ignition & wait 10 minutes. on 2004 Oldsmobile Alero

After the 10 minutes it will start. It used happen once in a while and now it has been happening more frequently. We are told it has someone to do with the security system.

Asked by for the 2004 Oldsmobile Alero
The key has a chip inside that the car must detect before it will let it start. There is a passlock sensor in the ignition lock cylinder that may be failing causing the anti-theft system to not recognize the key chip.
What is this repair going to cost us? And what are our options?
The sensor will cost around $100. Not sure about labor. You may be able to find the fix on YouTube.