Once upon a time mobile phones and computers were something that only the super rich could afford. Now it is uncommon in the western world to find a home without at least one mobile phone, a computer, and often a laptop. Additionally, more and more people are splashing out on the latest gadget trend, the tablet computer.
With so many gadgets under one roof it is no surprise that specialist insurance companies have sprung all over the place in recent years. If you could not afford to buy a new smart phone, iPad or notebook computer again outright if they were to break or be stolen, then insuring them is a smart move. To find out more information about your financial situation, and whether you should be thinking about insuring expensive items, view your credit report now, online.
Specialist gadget insurers mainly insure smart phones, but they will also cover all other phones, computers, tablets and computerised gadgets. They understand the products they insure and what they mean to their owners, so have very tailored terms and promises. They do however charge for the privilege and you may find going to a wider insurance company or your bank will result in at better deal.
You may find you already have gadget insurance so check first before forking out again. Many bank accounts come with some insurances, such as travel and gadget cover, as part of the package, so check with your bank to see if any extras are included. Your home insurance too might cover you gadgets, and it is worth checking if this is the case and the terms connected with this cover. Home insurance will sometimes only cover items whilst they are in the home, so for phones this is impractical and you will require additional insurance.
Gadget insurance isn’t compulsory, and if you are the type of person that is very careful with their things and rarely breaks or loses them, then there is an alternative you might like to consider. Gadget insurance rarely takes into account claims history, so the uber cautious subsidise the clumsy and forgetful. Instead of paying insurance premiums each month, maybe set some money aside to “self insure”, and if you don’t ever have to draw from it for your gadgets it is not wasted as you have a pot of money to show for it.
Gadgets can cost the same as a small car, and therefore need to be taken care of as best you can. Unless you can afford to replace your gadget outright, or live without it should something happen to it, insurance should definitely be a consideration.