A couple of decades back, a life insurance policy was all most of us needed. As of today, people are getting an insurance cover for anything and everything that is subject to uncertainty. People are getting an insurance cover for their personal vehicles, home, etc. Now, they have even started getting insurance policies of their electronic gadgets. That is partly because gadgets are becoming increasingly important for all of us.
Cell phones have almost become a necessity for everyone. Laptops, iPads are there in a big way now too. As are iPods, still cameras, video cameras, gaming consoles, etc.
Benefits/ Importance of Gadget Insurance Policy
Just like a theft insurance policy covers your risk in case of theft, a fire insurance policy protects you from an accidental fire, a gadget insurance policy gives you a cover for the losses you might incur in case of an accident involving the various gadgets you own.
Some such risks are:
Loss of Gadget
It is not uncommon to lose a gadget. Cell phones get lost so often. The next are digital cameras and laptops. It is easy to forget them in a public place like buses, trains, restaurants, office, departmental store, etc.
I remember losing my digital camera years back while I was holidaying due to sheer negligence. I thought my hubby had packed it inside the rucksack we were carrying while he thought it was in my hand bag. By the time we realized that it want with either of us, the camera was gone! Luckily for us, it was not a very expensive one.
Theft of Gadget
With cases of theft and snatching on the rise, it would indeed be a good idea to have your gadgets (particularly the handy ones like cell phones, cameras, laptops, iPads and iPods) covered for loss due to theft.
My son lost his Sony PSP in a crowded departmental store as he absent mindedly kept in on the cashiers table while clearing off the bill. By the time he had paid for the stuff he had bought, some smart samaritan had walked off with his PSP.
In a situation like this, you have no option to get your electronic gadget back. But if you have an insurance policy, it can help you to cover the financial loss caused by the theft of your gadget.
Gadget Damage due to Water/ Other Liquids
Many gadgets get damaged due to water or other liquids. I remember blowing up the mother board of my old laptop when my six year old son standing next to me spilt his glass of milk over the keyboard.
Then, I have a friend who had to wash her hands off her iPhone as she forgot to take it out of her jeans’ pocket and put the soiled pair to wash in her fully automatic washing machine.
A friend’s husband was caught in a sudden downpour as he headed out of his office to his car. As he clung on to his files to save them from getting wet, he forgot all about the cell phone is his trouser’s pocket which got damaged due to water damaging the internal parts.
This can happen to any of us but having an insurance policy can save you from the monetary loss due caused due to water damage.
Breakage of Gadget
Electronic gadgets are also prone to breakdowns. Voltage fluctuations, accidentally dropping, system failures can all cause severe damage to many gadgets.
My boss’s teenaged son borrowed his Samsung Galaxy Note 2 for day just to flaunt it for a few days. It fell down his pocket as he was riding his bike. Before he could park the bike by the side of the road and pick up the valuable device, a car had run over it and damaged it beyond repair!
Why You Should Get Gadget Insurance?
A gadget insurance policy usually covers devices like:
Cell phones and iPhones
Laptops and accessories
Tablets and iPads
Portable gadgets like iPods, digital cameras, MP3 players, video cameras, tripods, binoculars, etc.
Other non portable gadgets like play stations, X-box, etc
The items covered by your gadget insurance plan will depend upon your insurance provider.
You usually get a one year warranty whenever you purchase a gadget. Most buyers do not realize that manufacturers do not cover you for losing your gadget, loss against theft or even loss from water.
When you take a decision to opt for gadget insurance or brush aside the need for it, keep in mind the fact that even the most careful and responsible of us can make mistakes at times. Spending a small amount can protect you from heavy losses in future. There are many insurance companies which require you to pay as little as $6 a month to provide you a policy is all the more reason to opt for one. Considering that an android based cell phone/ iPad / iPod could cost upto $4- 900, spending $6 a month is not such a huge amount after all.
These are the various risks for which you can get you gadgets an insurance cover. While no policy can compensate you for the loss of valuable that when you lose any such devices, the fact that a part of the monetary loss can be recovered does give you some solace.
Your insurance company cannot help you get back the priceless vacation pictures or the pics of your on year old taking his first steps. But they can certainly help you buy a new camera in case you lose it or ot gets stolen.
Gadget insurance, therefore, is the need of the hour. Make sure you get your precious valuables insured!!!
