Buying Guide on Gadget Insurance
Why do I need gadget insurance?
The gadgets we use in our daily lives are costly and thus, hard to replace. Therefore, it is necessary to buy the best gadget insurance.
Our gadgets are our trusty companions providing security and connection when we need it most (for example, a phone comes in handy to call roadside assistance when the car breaks down).
You can get gadget insurance on most portable electronic devices such as digital cameras, smartphones, tablets, laptops, game consoles, and headphones.
If your gadgets get stolen or damaged, the insurance company will cover your loss and compensate you accordingly. From camera insurance to smartphone insurance, tablet insurance, and game console insurance, it is best to get coverage for your expensive gadgets as soon as possible.
How Does Gadget Insurance Work?
When it comes to getting the best gadget insurance coverage, you can find a large variety of market policies. The way they work may differ, so you must learn about the policy and how it works before buying it.
Sometimes your home insurance provider may also offer some level of gadget coverage. Talk to your home insurance provider to see how much coverage they offer for your gadgets.
But in general, we’d advise buying a separate gadget insurance policy. Not only will the policy provide you with comprehensive gadget coverage but also give you additional benefits that otherwise you may not be able to receive under a home insurance policy.
A gadget insurance policy will cover the cost of repairing or replacing products due to accidental damage, liquid damage, and theft. You may also get additional benefits like a 24-hour replacement, multi gadget discount, and more.
Some companies also offer gadget insurance for students. These policies provide excellent coverage to student gadgets everywhere they go, both on and off-campus.
What does gadget insurance cover?
It varies from company to company and the type of policy you select. However, some of the best policies available include the following coverage:
- Theft
- Accidental Loss
- Accidental Damage
- Cracked Screen
- Liquid Damage
- Breakdown
- Malicious Damage
- Unauthorized Use
- Accessories
What doesn’t gadget insurance cover?
Knowing what is covered and what isn’t will help you with a better policy selection and ensure that you make an informed buying decision. That is why it is always a great idea to sort the insurance so that the start date is the same as the day you get the new phone, camera, laptop, or other gadget.
It’s important to understand that the damage type you indicate can also be a way out for the insurance service provider not to pay out your claim.
For instance, you fail to take proper care of your mobile device, say you drop it on the road or leave it by the kitchen hob. Then the insurance provider may not cover such loss.
Similarly, if the phone breakage has the manufacturer’s warranty, the insurance provider may send them back to deal with the issue.
Another problem may arise if you have a multi-gadget policy, but the damaged gadget is not listed. Therefore, you must be clear about what is covered and what isn’t to be on the safe side.
Some policy providers offer buyers a chance to get their policy customized. Therefore, if you want certain things added to your policy coverage, this is the best way to go. Look for a policy provider that gives you the flexibility to customize your gadget insurance coverage.
What is the average pricing of gadget protection?
The average gadget insurance cost may vary between policy providers. Some companies may throw in extras like tech packs that can extend to laptops and tablets, or bespoke policies which may have different pricing depending on the coverage selected.
The gadget insurance cost may also vary because some people only take out insurance on their new device as it would cost a lot of money to replace or repair without insurance, while others may choose to insure their entire family’s mobile phones under one multi-device policy for their convenience.
In general, we can say the gadget insurance covers the cost of repair and replacement if the gadgets get stolen, damaged, or lost.
Can I get gadget insurance for traveling?
Usually, when we travel abroad, we carry a variety of gadgets with us. So, it makes absolute sense to invest in gadget insurance for traveling. Knowing that we are covered if something goes wrong while on holiday can give peace of mind and the freedom to enjoy the break to the fullest.
Whether it is the camera that gets stolen or the laptop gets damaged, gadget insurance for traveling would ease the financial pressure of replacing them once back home from the trip.
There are two main options for selecting content for your gadgets, to add gadget coverage to the travel insurance policy.
Some travel insurance service providers give the customer an option to buy additional coverage for high-value items like phones, digital cameras, and laptops. But needless to say, they don’t pay out enough to cover the cost of gadgets.
Therefore, we’d advise travelers to opt for the second option – to buy a separate travel gadget policy. By opting for a different insurance policy, you can be sure that all your gadgets are well-protected while traveling either for holidays or business.
Conclusion
All in all, gadget insurance is not an option but a necessity because we all use gadgets daily and invest good money in them. Therefore, to keep our investment safe for years to come, insurance is the way to go.
You have to choose an insurer carefully because not all companies offer varied coverage types. Most companies only concentrate on accidental damage.
Another thing that you must take into consideration is the deductible. Most cell phones depreciate rapidly, and the deductible can rival the purchasing cost of a pre-owned replacement.
To sum it up, it can be said that there is not just one best gadget insurance provider. What may be good for one user may not be right for another. We all have different insurance needs, budget, and requirements.
