Should You Insure Your Gadgets?
We all love our gadgets. For work, leisure, socialising or otherwise, we depend on technology day in, day out. Therefore, it’s only reasonable to consider protecting them in the event of something going wrong. As it stands, yes – it really is worth insuring your gadgets!
But, there’s a bit more to this puzzle than you might think. For example, is it worth taking out a whole new policy for different gadgets you own? Can you just add your Macbook, TV, and Fitbit (for example) to your home or contents insurance policy?
As you’d expect, it’s all about saving money and hassle. Let’s dive in and take a glance at what the safest (and most economical) options are.
Firstly – Why Insuring Your Gadgets Matters
It’s a good idea to insure your technology simply because, for all they may be impressive, they can (and will) break down. That £1,000+ smartphone you’re carrying around in your bag or pocket will soon fizzle away if you accidentally drop it in the toilet! What if you leave your laptop on the bus, and it gets stolen? These are nightmare scenarios that insurance can help you to bounce back from.
It’s worth looking for policies that cover you for theft, lost items, and accidental damage wherever possible. For a small excess fee (say, 5% of the total you paid on your iPhone), you may be able to replace your device(s) without having to dig deep for hundreds of pounds. Paying all over again for the tech you need is not only frustrating, it makes no financial sense.
You could take out a blanket insurance policy that several gadgets at once. For example, some carriers may allow you to protect your phone, tablet, PC, headphones, and wearable tech in the same policy. As usual, it’s a good idea to look carefully at policy terms.
But – Do You Really Need Gadget Insurance?
If you don’t tend to invest in the latest tech, or tend to be very cautious about how you use your devices, then there may not be much need to pay extra for gadget insurance.
That said, if you need to take your gadgets and devices with you on the move – say, on a regular commute – it’s certainly better to be safe than to be sorry. It’s also worth being honest with yourself! Do you have a habit of dropping or breaking devices by accident? It’s probably worth getting yourself some cover.
However, it’s also worth considering what you need protection for. Do you need cover to prevent the high cost of replacing a device should it get lost or stolen? What if you drop it down the stairs by accident? In these cases, you should take some form of gadget insurance out to cover costs.
On the other side of things, if you only want to protect yourself against your devices ceasing to work properly, it may be worth looking into extended warranties. While some devices arrive with basic warranties that protect you against breakdowns for, say, up to a year, extended policies will give you an additional few years whereby you can contact the manufacturer if your tech stops working – providing it’s not your fault.
So, always make sure to check what your manufacturer has in place to extend your warranty before you take out any specialist gadget insurance. Otherwise, you may be paying out for the sake of it!
Is It Worth Adding My Gadgets to My Home Insurance Cover?
While gadget insurance policies are increasingly popular, it may be easier for millions of people to simply adjust their home and contents cover instead. In many cases, you’ll be able to list your most treasured tech under your existing policies. You’ll need to make sure these are items that stay within the home, of course, and you’ll need to list the make, model and serial numbers for your carrier’s records.
This method of insuring your gadgets can come with a few small caveats. For example, you may expect your existing policy to increase in cost significantly. What’s more, you may not always be covered for all of the eventualities you’re worrying about. As mentioned, given that we are discussing ‘home’ and ‘contents’ insurance, it’s unlikely your carrier will take a positive view of you damaging your phone in public.
You may also need to pay a higher excess on home and contents insurance than you might expect through specialist gadget cover. It’s worth checking these details far ahead of when you need to set up a policy. The cost of other excess payments may increase, too, if you add your gadgets to the same register.
But, there are further positives. Consolidating your gadgets into an existing policy means you’ll have fewer direct debits to keep track of. Additionally, you may find that you can add older devices and gadgets to your contents policy, whereas some providers (such as Protect My Bubble) will only protect your gadget if it was purchased six months ago (max).
While it may seem easier to add gadgets to contents insurance than taking out a new policy outright, do tread carefully.
Should I Take Out Gadgets Insurance Considering the Above?
As with all policies, there will be fine print and individual concerns you need to balance before leaping into a specific deal or setup. You’ll need to think carefully about which devices you want to protect, how much you want to pay to get them replaced, and whether or not you’ll actually use your policy at all in the long run.
If you’re the type of gadget owner that believes in being safe rather than being sorry, and don’t mind paying a small monthly cost for that added peace of mind, it may just be an option worth taking. Be sure to compare different policies and carriers before choosing any one deal – comparison sites are your friends!
All in all, it’s about making sure you can feasibly afford to replace your expensive tech if something goes wrong. Can you afford the cost of buying gadgets all over again?
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