The safety of expensive gadgets like laptops, computers, and mobile phones is paramount in the digital era when more people are buying such items. There is a one-year warranty provided by manufacturers and covers only manufacturing defects. Thus, if a gadget is lost or stolen, you may have to pay out of pocket or purchase a new one. Therefore, people prefer to insure their devices to ensure their safety.
What Is Gadget Insurance?
Gadget Insurance offers protection against various gadgets’ damage, loss, or theft. For example, smartphones, laptops, tablets, games consoles, digital cameras, e-readers, and even fitness trackers and sat navs. Given the cost of many of these devices, replacing them on your own can be difficult, so many people opt for a replacement policy.
Do you need Gadget Insurance?
Your situation determines whether you need gadget insurance. Here are some questions to ask yourself:
- If your gadgets were damaged or lost, could you afford to replace them?
- Is the warranty still valid on your devices?
- Do you have any experience with losing or damaging devices?
- Is your home insurance already covering your gadgets?
You can get gadget insurance for just a little money a month if you are accident prone or use your gadgets on the go.
What Does Gadget Insurance Cover?
Insurance companies vary in what they cover, except for the following:
- Theft, which includes replacing stolen goods
- Loss, which covers accidental loss of your gadgets
- Coverage for mechanical breakdowns of your gadgets
- Damages, including drops, cracked screens, and other breakages
- Damage caused by liquid spills, also known as liquid damage
- Worldwide coverage, which covers you for up to 90 days anywhere in the world
What Is Not Covered In The Gadget Insurance Policy?
Your policy might cover some of these, but most gadget insurance does not:
- Before your insurance begins, you suffer damage or losses
- Devices not listed on your policy
- The manufacturer’s warranty already covers damage
- Loss or damage to your gadget as a result of not taking proper care of it
- You must pay your policy excess for each claim you make
- If you buy cover for non-new or refurbished devices, there are no manufacturer warranties
- Scratches, dents, or other cosmetic damage
- Your gadget’s contents, for example, photos, software, music, or downloads
Can The Replacement Cover Be Replaced With A New One?
A replacement policy is not a new policy but rather a policy intended to replace the existing one. This policy aims to return you to your position immediately before the loss or damage occurs. We will replace the electronic gadget with one of comparable specification or equivalent value, considering the original electronic gadget’s age and condition, if not replaced with an identical electronic device of the same age and condition. If you request a replacement electronic gadget, we cannot guarantee that it will be the same colour as your original gadget.
Do I Already Have Coverage For My Gadgets?
A separate insurance policy may already cover your gadgets. For example, some homeowners’ insurance policies provide protection, such as protection against accidental damage or damage caused outside the home. Still, if you have several high-value devices, the coverage may not be sufficient, and you may not have coverage against damage caused by outside factors. Sometimes the excess can be excessive, which means it’s not worth claiming. Nevertheless, you may still want to check if you’re covered elsewhere; read the fine print to ensure the coverage will be adequate, and if not, you may wish to look for a separate policy.
There will almost always be a warranty included with electronic devices, but typically this will be for a short period and will only cover mechanical failure. In case you face an unexpected cost for repairing or replacing your device, you may want to invest in a basic policy that will cover things like accidental damage.
You can quote the insurance premium for your gadget at Fincrew gadget insurance now.
