Gadget insurance, and insurance in general, is one of those annoying but sometimes necessary adult life things we have to do. Some people decide that insurance is just not worth the monthly layout, while others have so many gadgets that paying out a few pounds a month is worth it.
One thing is for sure, there are so many insurance companies out there vying for your attention, that it can be really difficult to decide which one is for you. We decided to put together five top tips to help you along the way.
- Check the Guarantee or Warranty Period
If your gadget is found to be faulty after purchase, you are entitled to seek a remedy from the store where you bought it. It’s important to understand your rights in such situations. If the device is still within the warranty or guarantee period, the manufacturer is responsible for addressing the issue. However, please note that warranties or guarantees typically do not cover damages caused by dropping or losing your device, even if it’s still under the specified period. For example, if you damage your iPhone screen, the manufacturer may not replace it under warranty; instead, you may need to fix iphone screen from a reliable phone repair company.
Gadget insurance often covers faults that occur outside of the manufacturer’s guarantee period, so it may be worth considering. Before deciding on insurance, think about how often you tend to damage your smartphone. Are you forgetful? Have you dropped it in the toilet multiple times? If so, purchasing insurance might be a good idea. On the other hand, if you are generally careful with your gadgets and have only damaged your phone a couple of times, the cost of repairs could be less than the price of annual insurance.
- Check the Cost of Replacement
Before you purchase a gadget insurance policy, look at its cost compared to how much it would cost to replace the gadget. If it doesn’t make sense, there is no need for this policy. Upon the expiry of your guarantee or warranty period and you do not have insurance, you will need to pay for your gadget’s replacement or repair if it is due to wear and tear, misuse, or accidental damage. If you purchase a gadget insurance policy that covers situations such as theft, loss, or accidental damage, the insurance company should pay for a replacement or repair.
- Check what is covered and what is not
Most insurance companies protect gadgets against accidental damage, unauthorized calls after you lose your phone, theft, and liquid damage. They include a period of this cover when you travel abroad. It’s important that you read the small print to know what you are not covered for and any applicable exclusions.
- Check Your Provider’s Excess Fee
If you have to make an insurance claim, there are high chances that you will be required to pay an excess fee. This fee will usually increase with every claim. Most policies will also include the number of claims you can make a year.
- Ensure you get Value for Your Money
Choosing whatever insurance is being offered by sales staff when you buy your gadget without much though may be convenient. However, this might not necessarily be the best deal out there. Do not feel pressured to make any decision there and then. Do a little research beforehand and find what meets your needs.
Various insurance companies offer policies tailored to meeting your specific needs and circumstances. An example could be family gadget insurance policies which allow you to cover up to ten gadgets, or special student insurance packages which offer discounts. You can find lots of codes on the NUS website.
