Gadget insurance helps cover the cost of repairing or replacing gadgets like phones, laptops, tablets, cameras, GPS devices, and music players.
Before you take gadget insurance, determine the value of your gadget and determine how much it would cost to replace or repair them if anything happened to them. If the cost is too high and you can’t afford it, the best thing is to take the insurance. It is also a good choice if you are prone to gadget damage or theft.
If you have existing insurance like travel or contents insurance, it might cover some costs of your gadgets, but you need to determine whether it’s enough. You can take the insurance to cover one gadget or have all the gadgets in your home covered under one insurance policy.
What Does Gadget Insurance Cover?
Before you take gadget insurance, ensure that you understand what it covers and to what extent. Some of the common things that the insurance covers include:
Theft and loss
Most gadget insurance policies will cover theft, but some companies will want you to prove forced entry if your gadget was stolen from your home or office.
If you lose your phone, some companies will want to know when the last time you had your phone was and where it was. If it was in an unprotected place, like on top of the desk, or if you can’t remember when and where you last had it, the insurance company might not cover the loss.
Accidental damage
Gadget insurance will help repair or replace your phone if it suffers accidental damage; for example, it accidentally falls and cracks the screen.
Water damage or mechanical breakdown
If your phone dies or suffers any other mechanical issues and your warranty period is every, the policy will help repair or replace it. However, if your warranty is still active, you can’t make a claim. It also covers the costs of replacing or repairing your phone if it gets damaged by water or any other liquid.
Unauthorized call cover
If someone steals your phone and makes unauthorized calls, this cover protects you against paying for those phone bills.
Extended warranty cover
This allows you to extend any gadget warranty you have, meaning that you can get a replacement for a faulty or broken gadget.
International cover
This helps cover damage or loss for your gadgets when you are abroad, provided you do not remain there for over four consecutive weeks. However, your cover might be invalid if you travel to a place against the FCDO (Foreign, Commonwealth, and Development Office).
Some insurance companies have a 48-hour guaranteed replacement, and others offer a like-for-like replacement within 24 hours. Others will not allow you to make claims within 14 days after applying for the insurance or amending the policy.
Dil Bole Oberoi
