How to protect your tech with gadget insurance
We all have gadgets that we depend on. Whether it's those headphones you use to stay entertained on your commute or that drone that you got for Christmas, we want to make sure they are well looked after and safe.
What if something goes wrong? What if they get damaged or perhaps even go missing? Let's look at how to protect the tech in your life with gadget insurance.
What is gadgets insurance?
Having a gadgets insurance policy in place can put your mind at ease, knowing that if something should happen to your tech, you'll get help. Your tech insurance policy covers the cost of replacing items that have been lost or stolen or repairing those items which have been damaged.
We use tech all the time, without even thinking about it. Many of these items are expensive and have you considered what you'd do without them, or how you could replace them should something happen?
It could be a digital camera, a smartwatch, a games console, or a tablet, gadget insurance means you'll have cover if you need it. Whether the laptop you depend upon gets stolen or your smartphone falls in the sea, you'll be safe in the knowledge that you have insurance to sort it out.
What does your policy cover and exclude?
Different policies will cover different things, so you need to make sure you are happy with what yours does. Most insurers will cover you for accidental damage, mechanical failure, loss, and theft.
Depending on the importance of the gadget to you means you need to figure out what level of insurance you require. Some policies will replace your item within 24 hours, which can be essential if you rely on it to run your business.
Others will attempt to repair the product before replacing it, so it will need sending away for a few days to be looked at. Your policy may also have an excess to pay, depending on the damaged or lost item.
For example, you might have a mobile insurance policy where you have to pay £50 in excess to get your phone replaced. Make sure you look at what your policy is going to cover before signing up.
Are you covered under your home insurance?
Did you know that you might have insurance already? Most gadgets come with a warranty, which covers mechanical failure during a certain time but not loss or theft. Your home insurance or contents insurance policy should cover you for gadgets at home if they are lost in a fire or break-in and some policies will cover items away from home for theft or damage.
There are other ways you might already have the cover you need for your gadget insurance.
Some bank accounts come with insurance policies, credit cards sometimes do as well. Before you purchase a tablet insurance policy, it's worth checking if you are already covered.
How much on average does gadget insurance cost?
The cost you will pay for a policy will depend on various factors, from the price of the product to the type of insurance required. If it is a stand-alone drone insurance policy, for example, you will pay less than a combination policy where two or more items are covered.
The more you cover on one policy, the less you're likely to pay per item. Data collected by Protect Your Gadget in 2020 gave the average price for a three gadget policy to be £16 a month. The average cost of a ten gadget policy was £25.
That's a difference per item of £2.83. If you have many tech items in the family, it might well be worth putting them all under one policy.
What levels of gadget insurance coverage are there?
There are many different levels of gadget insurance, with the most common chosen by policyholders being accidental damage. Phones get dropped all the time, from quite a height too! This can result in smashed screens or water damage.
You can get covered for theft, which you might wish you had done when you realise you've been pickpocketed. We don't mean to lose items, but sometimes they fall out of bags or get left behind on journeys to never be seen again.
This is when you might consider getting gadgets insurance cover the loss. There is also the option to get a like-for-like cover, something which could be essential if you rely on some tech for making a living. Of course, there are people who don't have any tech insurance at all. The level of cover you get for the items you own is completely up to you.
Do you need gadget insurance?
Many people walk around with expensive mobile phones without having a smartphone insurance policy in place. Others go out trekking around the mountains with a top-of-the-range DSLR, yet have no camera insurance.
It's up to the individual person to decide. You need to question whether you could afford to replace that smartphone if it was swiped from your hand in the street. Or if you could cope without that camera if your tripod overturned into a lake.
It could be £5 a month, working out at £60 a year for a mobile insurance policy but if your £500 smartphone was to be stolen, you'd be glad you had it.
Joseph Seager from ThriftyChap.com says
Think about how much you need the gadget in question and just how accident-prone you tend to be. That said, there are times when items go missing that are out of our control. Consider the price difference between a cheap iPad insurance policy and paying to get a brand new one. If you can get affordable gadgets insurance it'll put your mind at rest!"
How do you get the best deal?
If you decide that gadgets insurance is for you, how do you get the very best deal for your money? The key is to get the policy cover you require, for the absolute best price. Don't scrimp on the cover if you know you need it, just because of the cost.
You can compare the price of insurance on Quidco and get cashback on top! There are well-known companies as well as names you might not have heard of. Don't let that put you off, there are great deals to be had, as well as fantastic cashback rates!
If you love using your gadgets, protect them in case the worst happens. Leaving you to live life and enjoy your tech knowing you are covered for any situation.
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FAQs
What is covered by gadget insurance?
You can choose what your gadget insurance covers, including theft, accidental damage, and loss.
What is the best gadget insurance cover?
The best gadget insurance is the one that works for you and your situation. Compare different policies to make sure you get what you need for a price you are happy with.
How much does gadget insurance cost?
Gadget insurance varies in price depending on what you need and the cover the policy provides. It could be a couple of pounds per month for an individual gadget policy or a couple of hundred pounds a year for a bundle that includes multiple gadgets.
Is it worth insuring my gadgets?
Insuring your gadgets is up to you, however, you should think about whether you could pay to replace them should something happen.