Gadget Insurance

Do you really need gadget insurance?

Most of us have a handful of gadgets these days and just about every adult we know has a mobile phone (as well as their children if they’re aged 10 or over). These gadgets – iPhones, tablets, cameras, smart watches, satnavs, Gameboys, laptops etc – aren’t exactly cheap to buy in the first place. And some of them aren’t exactly what you’d call ‘robust’.

Not only that, but they’re the type of hi-tech accessories that we take with us everywhere, even on holiday abroad. In other words, they’re not confined to the security of our homes.

So, it makes sense to get gadget insurance to cover them in the event they get lost, stolen or broken. That’s if we want to continue to appreciate the convenience and flexibility they give us, yet can’t afford to replace them.

So, now you’ve decided you absolutely do need cover, which is the best gadget insurance to get? Well, as you can imagine there are numerous different options, some with add-ons that you probably haven’t considered – or even heard of – before. In this article, we give you the lowdown of what’s available and why it’s a good/bad idea, as well as tips on how to keep your gadget insurance premiums low.

Things to consider before finalising the policy

Meanwhile, it’s worth considering that quite a number of gadget insurance policies won’t cover gadgets which are more than three years old (since this can typically be when they start going faulty anyway). Another issue to think about is if, like most students and many young professionals in cities, you live in a shared flat then claiming on your house insurance means it’ll cost your flatmates money too. That’s because a claim will put the following year’s house insurance premiums up. And this is the reason, in fact, why many people turn to gadget insurance – understandably, they don’t want to risk having to claim on their home and contents insurance.

Regardless of whether your smartphone, laptop etc gets stolen or breaks down, your data can remain intact – provided it’s in the iCloud or backed up.

Different types of gadget insurance

• Extended warranty cover. This lengthens the amount of time you can get a replacement phone/laptop etc. This type of cover is absolutely necessary. Smartphones, and laptops – the most type of gadgets, in fact – can prove too tempting to others.
• Accidental damage. No one likes to look at a smartphone or tablet screen which has a huge crack down the centre of it. This type of cover makes sure you can get it fixed right away, without having to fork out.
• International (travel) cover. Peace of mind if you’re taking your gadgets on holiday with you (which, let’s face it, most of us do).
• 48-hour guaranteed replacement. Just like it says on the tin – if you lose or break your gadget, you’ll have another within two days.
• Phone-call cover in the case of a theft.
• Mechanical breakdown cover. If your gadget gives up the ghost, and it ran out of warranty some time ago, then mechanical breakdown insurance may be able to jump to the rescue.
• Unauthorised call cover. Someone nicked your phone and used it to make expensive calls abroad? Don’t worry – you won’t have to pay for those calls if you have this type of insurance
• Liquid damage. We all know someone who has spilt a cup of coffee or other wet drink on their beautiful new MacBook. Then there’s the smartphone falling out of the back of your jeans and into the toilet…
• Cover for accessories. This could include headphones, mics and portable speakers.

Tips on getting the best value gadget insurance

• Always shop around by comparing different online gadget insurance companies; you may be pleasantly surprised at just how much you can save with a little research.
• Rather than take out lots of different policies for individual gadgets i.e. your mobile phone and laptop, it’s often less expensive to insure them all under one policy.
• Keep your gadget insurance premiums low by cutting back on any extras that you don’t actually need.
• Insure the entire family in one go. By the time you add up everyone’s gadgets, there’s bound to be quite a bundle of them and it’ll be cheaper putting them under the one family-type policy.
• Make your excess as high as you can possibly afford should the worst happen and you have to make a claim. It doesn’t make sense to have it so high that you find yourself scrambling around for cash to pay it, but having it at more than the minimum, will lower your premiums.
• Rather than deal with your gadget insurance in monthly direct debit repayments, try and pay it all off in one go, if possible. That way you’ll benefit from a small saving.
• Just make sure your gadgets aren’t already covered under, for example, your home or travel insurance.

FAQs