I finally installed a 2 position keyswitch. I connected the red wire to batt, orange to ignition and brown to lights/accessories. The gray wire can be left out or connected to the orange/brown if you need to. You can also use a 2 position key switch as on a old school Harley. Red goes to position 1 and the other 3 wires got to position 2.

I used 14/4 round trailer hook up wire to extend the cable. I cut the connector off the stock key switch and soldered it onto the cable. This cable is very heavy duty semi truck tuff. The clamp is a heavy duty Kuryakyn 7/8-1" p clamp.

Ebay has the wire and key switch. J&P Cycles has the chrome box.

No more fumbling trying to find the dam key! And no more leaving the tail light on. I'm trying to post some pictures but NO GO? Maybe someone can help me post pics and attach them to this thread?

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As far as water retention I dont ride in rainy weather and the bike is kept garaged her in my No Cal home.

There is a rubber key cover available (like a ATV) that will keep water out.  

I have ridden my Vespa in the rain. It has ABS and ATC. But we ride the savage and Vespa on nice 70-80 weather.  Today was 76 and perfect riding weather.

Although not in the picture I do have a Arctic Cat rubber key cover that will cover the switch then water is not a problem. And fortunately 12volts DC won't give a shock.  

Access to the key and no dead battery is important, water Meh. My goal was to create easy access to the key and keep the rider from leaving the tail light on.