Probably not possible but wanting to know.

I purchased the honorbuddy a few days ago and was using it on my name without really thinking. But I would like to use on a alt is there a way to switch out the key for that?

 

I'm confused what exactly are you asking? you wanna change ur name on your honnorbuddy account?

 

No. I believe you can only use it on WoW account if im not mistaken? I would like to switch it to another WoW account if possible.

 

its not bound to your wow account. you can use your session on as many accounts as you want, but you can only use as many sessions as you have at any given time.
so if you have 3 sessions, you can run 3 accounts at the same time. ANY 3 accounts. 1 session means you can only run 1 account at a time, but you can always use the bot on as many wow accounts as you want.

 

And expanding on what CodenameG said, the usually asked questions about these things are answered here:

Buddy products: Product Licensing and Fair Use - Buddy Wiki​

cheers,
chinajade