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Gadgets play an important role in everyone's life. It's very rare for anyone to leave their home without bringing their mobile phone, smart watch, headphones, digital camera, laptop or even a tablet with them. As these devices are becoming more expensive with every new product launch, replacing them due to accidental damage, theft or loss would be very expensive. This is where gadget insurance comes into effect and will save you a few hundred pounds on replacement costs.

5 THINGS YOU PROBABLY DIDN'T KNOW ABOUT GADGET INSURANCE

Which Devices Can Be Insured With Gadget Insurance?

Depending on your gadget insurance company, a few things might be covered while others are exempt. Therefore, it's prudent to check the extent of coverage thoroughly before signing the fine print. Most gadget insurance covers protect all the portable electronic gadgets that operate using battery power or electricity. These include mobile phones, digital cameras, laptops, game consoles, handheld games, e-readers, camera lenses, headphones and much more.

There are many uses for any of these devices. For instance, it's a good way to keep in touch with your family and friends via your mobile phone or tablet with the use of free messaging apps such as Skype, Viber and WhatsApp. Many people choose to work from home or even remotely on their laptops at free wifi locations such as coffee shops and fast food restaurants. You can even perform banking transactions on mobile devices without necessarily waiting in long queues at the bank. If any of these devices were damaged, all of these conveniences would be lost until you could replace your device.

On that note, you need to make sure that all the gadgets are perfectly insured against damage, theft or any unauthorized data use from malicious third parties. That way, if any of these things happened, you can quickly and cost effectively replace your gadgets. Here is what you need to know about gadget insurance and the extent of cover for all your gadgets.

Will Home Insurance Cover My Gadgets?

The short answer is yes, your home insurance will cover your gadgets, (look under Personal Possessions in your policy) but it may not be the most cost effective way to protect them. Using your home insurance policy to replace/repair a damaged gadget will actually work out more expensive as you first need to pay the excess fee which can be around £100 per claim. Once you make a claim on your home insurance, it will negatively impact your no claims discount which will significantly increase your annual

Some gadget insurance providers sell specific covers for a particular type of gadget. For instance, you might come across, camera insurance cover, tablet insurance cover and also mobile insurance cover. These policies will generally be cheaper than those that encompass everything but they are limited to protecting only the named gadget and nothing else.

premiums on the policy. Home insurance should be reserved for those more expensive emergencies such as a damaged roof, or building subsidence due to a water leak. To use it on making a claim against a damaged laptop or replacing a lost mobile phone really makes no sense in the long run.

Still Not Sure?

A specific gadget insurance policy can protect your no claims discount on your home insurance policy. With unlimited claims and low  excess fees, it is the cheapest way to protect your gadgets.

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There are some financial products that come with mobile phone insurance bundled in with car breakdown cover and travel insurance such as the platinum account from Lloyds Bank. They offer a low monthly fee for several products for £17 per month. Their excess on the phone insurance cover is £100 for an Apple iPhone and £50 for other handsets. Overall this is a good deal and saves a lot of money each month compared to buying each product individually. If you don’t need to make use of the breakdown cover

Gadget Insurance Bundle From The Bank

because you don’t have a car or don’t need the travel insurance as you don’t travel much, then you may need to rethink this type of offer. The phone insurance cover is also for only one device, but it does extend to family members. Most people will have multiple gadgets that need insuring, which doesn’t make offers such as this from your bank feasible, especially for those with families. On average in the UK, a family household will own over 7 gadgets.

If you need to insure multiple items, American Express recently launched their 2 gadget insurance products, aimed at those with multiple gadgets. You can choose to either insure an unlimited number of gadgets for a fixed monthly fee of £14.99 per month with accidental damage, loss and theft cover included. Or you can insure individual items with more control over the excess fees and extra cover options such as theft and loss. This starts from as low as £1.75 per month which is very affordable.

American Express Gadget Insurance Multi Item Cover

It should be noted that this is just a basic policy with no cover for loss or theft (these are optional). Both policies are attractively priced and packaged. You would find it difficult to find a better deal than that. It does however have some limitations, such as the 2 claims per 12 month period limit. If something happened to more than 2 of your insured devices in any 12 month period, you would not be covered for those other devices. Although you are paying for cover, you would not be able to make anymore claims beyond 2 devices.

Companies such as Kwik-Fit, Debenhams and more recently American Express have all jumped on the band wagon to begin offering gadget insurance to their customers. These are not specialist gadget insurance companies as their core business and range of products is not insuring gadgets. Kwik-Fit is a tyre specialist, Debenhams is a department store and American Express is a credit card company. Which raises the question “Should I buy a gadget insurance policy from one of these non-specialist providers?”

Big Retailers Offering Gadget Insurance

With big companies comes the backing of a big brand with a positive reputation. It is unlikely that these companies will go out of business anytime soon as they have big financial pockets which means their products will continue to be supported in the future. It is quite normal for big businesses to diversify into other product markets, so it is not something that should be frowned upon.

Besides, as more companies enter into the gadget insurance market, it gives consumers more choice and also helps keep prices low as each insurer has to compete with each other to try to get your business. It is worth taking some time out to get quotes and review the benefits of these policies to get a better understanding of what is available.

The best way to form an opinion on a future purchase is to read real reviews from existing customers who have shared their experiences with using these products. Visiting sites such as  Trust Pilot and Defaqto will give you access to real reviews from real users. A simple search for the insurance company on either of these sites will bring back hundreds of reviews, depending upon how long the company/product has been established for.

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