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Gadgets Guide

Why and How to Do Gadget Insurance?

how to insure your gadgets

Starting from creating work presentations to completing school assignments, handling work communication to stay in touch, delivering food to calling cabs, our smartphones, smartwatches, and laptops have sorted our lives. Therefore, it is important to get your gadgets insured. You must be thinking why should you choose a gadget and tech insurance? You might be thinking that you are super careful with your gadgets, then why should you pay extra money to cover any losses, thefts, or breakages? Even if you are careful with your gadgets, they can be hacked and misused. Want to know how you can get gadget insurance? Here are some ways to get your gadgets insured.

What is gadget insurance?

In simple language, a gadget insurance policy secures digital tools like smartphones, laptops, cameras, smartwatches, etc. against undue damage and losses like water damage, physical breakage, and theft, and reimburses in case of any loses.

Things that gadget insurance cover

Most of the gadget insurances cover these: Theft, loss, liquid damage, mechanical breakdown. However, some policies might not cover things like theft and loss, so it is important to check your insurance policy. Gadget insurance allows you to ensure a single item, like an iPad, or different items, like a laptop, Fitbit, or mobile phone.

Reasons to get a gadget insurance

Gadget insurance saves time

Unlike claims for huge properties, standalone gadget insurance policy claims are simple, fast, and hassle-free, therefore saving an ample amount of your time. Having gadget insurance in place will keep you stay safe without any constant worry of new and costly laptop or phone getting broken/stolen, therefore guaranteeing peace of mind.

Good for saving your important work

Similarly, like a vehicle or home insurance, gadget insurance cover is just as significant as your productivity and work are bound to suffer if any of these gadgets get damaged. Here are a few reasons to opt one:

Financial compensation- A gadget insurance will offer financial compensation against water and physical damage, burglary, and theft, therefore saving a lot of money.

Gadget insurance will provide you a dedicated cover and on-the-go protection.

Dedicated cover- An important reason why you should get dedicated gadget insurance is that it will provide coverage depending on the specific requirements and problems related to the specific device.

Be safe everywhere- Home insurance is not enough. You will be carrying your portable gadgets to different places; thus, an insurance policy would come in handy in case of any losses caused while traveling.

how to insure your gadgets

Handle the individual policies

If you got too many gadgets, insurance cover for every individual item would mean you have the right solution for each gadget instead of a “catch-all” method. For instance, you may be provided flexible repair choices allowing you to take your Apple gadgets to be repaired at the local Apple store.

Ways to get Your Gadgets Insured

As far as your phone is concerned, it is something that you use every time and possibly given half the chance you would use it while you are asleep also. Some of the home insurance claim systems can be lengthy, mainly for small things, whereas a standalone gadget insurance cover should be simple and quick.

Fine print

While you might consider all these as a smart solution to protect your smart devices against theft or damage, you must know a few important things. First, insurance is available for all the newly purchased gadgets. Second, you will get a gap of four to fifteen-day from the date of buying a policy by offering the invoice’s copy. Some companies may even ask you to upload images of this device. Third, the claim process is not easy. For example, if you happened to damage your phone due to carelessness, it will not be protected under insurance. However, if someone bumped into you and your phone gets damaged, it will be restored without any queries.  Likewise, if you left your device at a public place, it would not be covered. But, if someone snatched your phone, it can be covered. You must fill in the form that came along with the policy documents and submit them. Once you get a go-ahead signal from the insurer’s side, you can take your phone to the service center for repair works. In most cases, you make the payment and the insurance company will reimburse it to you once you have submitted all the documents. However, the customer must bear 5 to 10 percent of the repair expenses.

Should I get gadget insurance?

While deciding whether you need gadget insurance or not, you must ask yourself these questions: Are you prone to accidents? If yes or if you have lost gadgets in the past or damaged it, then you must choose gadget insurance. Gadget insurance could help you to save money in the long term, mainly where different claims may need to be made a year. Can you afford to buy new gadgets? Gadgets include high-value items like tablets and iPads, iPods, cameras, camcorders, and laptops.

It is also important to consider whether you can afford to replace your gadgets if worst happened or if you would be happy to buy cheaper models or survive without them. How important is your gadget? If you rely on your gadgets, like for instance, your tablet, laptop, or iPad which needs a quick replacement in case of any damage or loss, gadget insurance could be helpful for you. Keep in mind that all gadget insurance policies do not have a rapid replacement so you will have to check whether yours does or not.

importance of gadget insurance

Ways to Get Your Gadgets Insured

Most of the major brands provide different ways to get your electronic gadgets insured. They provide their own or partnered insurance policies to purchasers right at the time of purchasing a new product (whether choosing an in-store purchase or purchasing online). It is one of the common ways to get your gadgets insured. The premium amount is computed depending on the coverage provided, and the value of ensuring. Notably, while making a claim, the invoice of the purchased item and the serial number of the gadget will be needed.

Look around to find the best gadget insurance

You will find many companies offering different kinds of gadgets insurances. To find the best gadget insurance cover at the best price, you must do a comparison of all the gadget insurances. Get as many quotes as possible and then compare each other. When you compare gadget insurance, it is good to think about these below-mentioned things while taking your final decision.

Insurance cover options- Consider what you require to protect your gadgets against them. Then, find a policy that provides this type of cover. You might have to pay some extra amount to add things like theft or loss, so ensure that you have the right cover you require.

Monthly price- This is how much you pay for your insurance every month. It differs depending on how many gadgets you want to insure, what covers you have. Find the lowest cost alternative after you decide which cover you require. 

Maximum coverage- It is the most an insurer will pay for a single item on your policy. So, check how much does your gadgets cost and find a policy that will pay enough money for you to restore them if you want to claim.

Surplus- This is how much you pay towards every claim that you make. You can select how much you are planning to pay. You will find the monthly prices higher if you do not have much excess. Think about how much can you pay for claims and find a policy that provides this.

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