Smartphones, laptops, digital cameras, speakers, tablets all these electronic gadgets have become a part of our life. They have become so ubiquitous that sometimes we don’t feel they are around. Our lax attitude puts these expensive gadgets at risk. It is where gadget insurance comes into play. It is a way to protect your valuables from the risk of theft, loss and damage.
What Is Gadget Insurance?
Gadget insurance policy is exactly like the vehicle insurance policy that protects your gadgets. As we are buying products with enhanced features thus making them costlier. We rely on them for everything we do, from chatting with friends to prospering in business, from making payments to doing banking transactions. The incidences such as theft, damage or loss of devices not just cause monetary loss but also data loss, time loss, security breach, etc. It is because our dependence on electronic devices has magnificently increased.
Difference Between Warranty and Gadget Insurance
What is the need of spending on gadget insurance when the warranty is there? Manufacturers provide six months to one year warranty with gadgets that remain limited to the manufacturing defect. In case of gadget loss, theft, break or damage due to any reason, the buyer has to bear the cost of repair or buy a new device.
On the other hand, gadget insurance is comprehensive. It is like standard insurance policies that cover all the risks that gadgets might confront in their life, such as theft, damage, physical or mechanical damage, accidental cover, etc.
Different gadget insurance policies give a variety of coverage depending on how they are charging the premium. Some policies provide an extended warranty, while some end up with a 48-hour replacement. A few insurers cover accessories, such as lenses of a camera, headphones, earpiece, etc., while some policies do not cover devices used by individuals below 18 years of age.
Does Travel Insurance or home insurance cover gadgets?
The travel and home insurance are specifically for their respective purposes. It might cover a few gadgets, but not all of them, like gadget insurance covers. Furthermore, it comes with terms and conditions, which usually wards off standard risks that gadgets encounter.
Additionally, gadget insurance comes with lower premium options than home insurance that covers gadgets in the home at extra cost or travel insurance. Adding a gadget to these policies makes you pay more money than the value of devices they are covering.
Other than that, most insurance policies do not provide accidental cover and do not cover gadgets when away from home.
Conclusion
Gadget insurance is categorically for protecting digital devices. It covers every device from e-reader tablet, smartwatches to smart TV, phone, etc. These insurance policies are low-cost and provide enough protection to gadgets, however, one should buy insurance only after a thorough read because of the terms and conditions it comprises.
