As a modern person, you most likely have a Smartphone, laptop, camera, and other gadgets. If you regularly travel, there are many things that go wrong with your gadgets: they can be damaged, get lost, or even be stolen. Good quality gadgets don’t come cheap; therefore, it’s always wise that you protect them. One of the most effective ways of doing it is by insuring them. Studies show that many people don’t insure their gadgets due to ignorance or lack of knowledge, but this shouldn’t be you.
Types of gadget insurance policies
Insurance companies have come up with insurance policies meant to cover your gadgets. Some of the companies cover a certain brand of gadgets while others aren’t choosy. There are some companies that will cover you against specific problems such as accidental damage, theft, or loss while others will provide you with a comprehensive cover. It’s up to you to choose the cover that you like the most.
Factors to consider when getting gadget insurance cover
For you to get the most from your gadget cover you need to consider a number of factors that include:
Item limit: Companies provide different limits on the amount of money they can cover a given gadget. Some will provide a limit of a few dollars while others will cover gadgets that are up to several thousands of dollars. The policy that you choose should be enough to cover your gadgets. When making your choice, you should note that policies with high limits are usually expensive.
Replacement cost: Insurance companies have two types of replacement costs: the relative cost and the exact cost of the gadget. The relative cost is the cost of the gadget at the time of the damage or loss. A company that compensates you using the relative cost isn’t good as you will be required to pay most of the money. For example, your iPad might be worth over a thousand dollars when new but this won’t be the price a few years later. In the event the iPad gets lost or damaged, the insurance company will compensate you based on the current value of the gadget. To ensure that you don’t pay a lot of money than you should, go for a company that replaces the gadget based on the price of a new gadget.
Exclusions: Almost all policies have exclusions. These are situations where the policy won’t cover you. For example, most of the policies won’t cover your gadget if you damaged it while you were bungee jumping. To avoid surprises in the future, you should take your time to read the policy and stay away from one that you feel will be controversial in the future.
This is what you need to know when you are getting insurance for your gadgets. The key to avoiding surprises in the future is reading the fine print. Carefully go through the print and understand all the exclusions and exceptions that might be listed. As rule of thumb, you should never go with a company offering a limit that is below the cost of buying a new gadget.
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