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Top Tips for Looking For the Best Gadget Insurance Cover

Published on 22 October 13

We are living in a world where we are ever reliant on our gadgets and some of us unfortunate enough to know the hassle and inconvenience when either we suffer the loss or damage of our gadgets. No matter what the gadget, be it laptop, mobile phone, MP3, sat nav, tablet or digital camera, we all would like the peace of mind that we are protected.

One way to protect such items is by taking out gadget insurance. There are a multitude of these insurance products on the market and in this article I’m going to provide a few top tips to help you get the policy that is perfect for you!

Consider which gadgets you would like to insure. Usually a key factor will be the cost of replacement if the item is lost / stolen or likely cost of repair in the event of an unfortunate accident. A factor in deciding this might also be the excess / deductible on the policy. Would the replacement cost of the item be below the excess amount and therefore render the policy useless for that particular item.

Do not be tempted to go for the easy option and fall into the trap of buying your insurance from your gadget store. Not only do the store policies often work out to be poor value for money, the cover provided is often quite limited when compared to other products available in the market place.

If you have a number of gadgets to insure, shop around for an umbrella policy. Most providers offer discounts for multiple items and therefore provide better value for money than insuring separately insurance from -£1.49 per month for the best insurance policies for your gadget.

When comparing products, ensure you are satisfied that the cover provided meets your needs. Insurance products often come with numerous exclusions and limitations. Be sure you understand the product you are buying, what the cover entails and that it meets your needs. For example, some accidental damage cover excludes water damage, although water damage is one of the most common causes of a gadget malfunction/breakdown.

Does the cover also include accessories? We often forget that accessories for our gadgets can be expensive themselves. In the event the item is lost or stolen, not only will you need to replace the gadget, but also the accessories. Determine if this is something you would need and if appropriate, factor in when you are considering the benefits and costs of the various policies on offer.

Determine the policy excess/deductible. This is the amount you as the policyholder will be required to meet in the event of a claim, eg, an excess of $100 would mean you would receive $100 from a successful claim for a $200 repair. Usually, the higher the excess, the lower the premium.

Factor in any additional benefits offered by the provider. In some cases, there may be an introductory offer of a period of reduced premiums or a free month of cover. Some providers also include other services such as free data back-up. This particular service is a great advantage providing peace of mind that valuable information and precious memories are not lost in the event that something happens to your gadget.

Where the provider is offering repair/replacement services, take a look at the time period quoted in the policy. If the item is being repaired, do they guarantee repair within a satisfactory timescale, do they offer collection and delivery of the item and do they offer a replacement whilst your item is being repaired? Where they arrange replacement of a lost/damaged item, how long will the replacement take. Many providers now offer a guaranteed 48 hour replacement scheme.

If you travel, make sure the policy adequately covers you both at home and abroad.

Wherever possible, check out customer feedback/reviews for both the provider and the particular policy you are considering. Is the company reputable and easy to deal with. In the event of a claim, will the process be smooth and quickly resolved. Positive experiences from previous customers/claimants provides good peace of mind that should you need to make a claim, the process will be as smooth and easy as possible.

This blog is listed under Gadgets Community

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