Top tips to find your perfect gadget insurance

When you buy a new gadget such as a laptop, camera or phone, it is imperative that you take insurance to cover them. Such devices are delicate and their screens break when dropped. These devices are also prone to theft. Not only that, it’s very expensive to replace them, particularly with the dynamics in technology advancements. This type of insurance gives you protection from unforeseen events like accidents, theft as well as loss. Furthermore, it cushions you from incurring costs of replacement or repair.

Taking this type of insurance is not mandatory, and you should therefore take into considerations certain factors as listed below. These considerations should be based on the terms and conditions by the service providers.

The Warranty/guarantee period

The manufacturer has the responsibility to resolve any issues on gadgets that become defective within the warranty period. The insurance, however, covers faults that occur outside the guarantee period. Warranties do not cover theft or breakages even if they occur within the specified period. Be versed with your rights under the consumer law when a manufacturing related defect occurs.

The cost of replacement

Do a comparative analysis of the total costs of any insurance cover and the total cost of replacing the gadget you want to insure. If the cost of the insurance policy supersedes the amount it would you cost you to replace it, then it does not make any financial sense. Insurance may pay for any damages or losses that occur if the warranty period has expired. Bodies such as Competition and Consumer Protection Commission give more advice on this issue.

What the insurance covers

It is important that you research various packages offered by insurers that suit your specific needs. Ordinarily, most insurers will provide covers against theft, liquid damage, accidental damage. They will also cover unauthorised calls if the gadget is a phone and is stolen. Insurance experts such as RTE emphasize that consumers should know that cover for loss is often limited to tablets, iPads and phones.

What situations are not covered?

There are policies that advertise that your gadgets are covered for theft but with thinly veiled exclusions. Pay keen attention to the small prints to understand the actual gadget insurance that you are buying. For instance, if a phone is stolen when left in your car, without being hidden in a casing or in a glove compartment may not be covered. Companies such as  switchedoninsurance.com and Debenhams clearly spell out what is covered.

The commencement date of the cover

It is crucial to note the date when the insurance starts covering you after taking it. It may not be right from day one, but could start even 14 days later. This is important because if you damage or you’re your gadget during this exclusion period, then you won’t be able to make a claim.

The age of the device to be insured

A majority of insurance companies will be hesitant to provide a cover for gadgets that are more than two years old. Subsequently, they won’t accept a claim in case the gadget is damaged or won out. This also calls you to assess the cost of replacing the device against the total cost of the insurance policy and see if it is worth it.

Value for money

Consumer advisory sites such as home.bt.com advice that you first do research beforehand to see what other companies are providing before committing to one. Resist the temptations by sales staff.

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