A complete guide to gadget insurance - Do you really need it?
With so many gadgets and gizmos on the technology market nowadays, it can be hard to keep track of all the things you’ve got, but one thing that’s crucial when it comes to looking after your tech is ensuring that it’s well protected and looked after, which is where gadget insurance comes in.
In our guide to gadget insurance, we’ll take you through what it is, what it covers and whether it’s actually worth having or not.
What is gadget insurance?
Gadget insurance covers the cost of fixing, repairing or replacing your gadgets, such as phones, tablets, laptops and more in the event that they’re lost, stolen or broken.
Many of these types of gadgets are pretty expensive and while gadget insurance isn’t exactly a legal requirement, like car insurance, it can be incredibly handy to have, especially for the expensive gadgets that you have in your arsenal. Can you really afford to purchase a new iPhone outright? In a lot of instances, probably not, and that’s where gadget cover comes in and helps to cover the cost of fixing the damage or replacing it altogether.
What does gadget insurance cover?
Gadget insurance covers many different things and depending on your provider, the policy you have and how extensive it is, this will determine exactly what you’re covered for and what you are not. Typically, you can expect most gadget insurance policies to cover the below:
- Accidental damage - this will cover you in the event that you drop your phone and crack your screen or if you drop your iPad in the bath, for example.
- Loss - some gadget insurance policies will offer a like-for-like replacement on your gadget if you lose it.
- Theft - in the event that your gadget is stolen, you can get cover to protect yourself in the event of theft.
- Mechanical failure - while most modern gadgets are incredibly high-spec nowadays, mechanical faults are still commonplace, so gadget cover can offer you protection if your gadget malfunctions.
What gadgets are covered?
When it comes to getting gadget cover, you can get financial protection for the below (and often more, depending on the provider and what exactly the policy covers):
- iPhone insurance
- Laptop insurance
- Tablet insurance
- Drone insurance
- Camera insurance
- Mobile phone insurance
- iPad cover
- Home gadgets cover
- MacBook insurance
- Apple watch insurance
Best gadget insurance providers
Finding the best gadget insurance providers will likely take a lot of researching and comparing to find the best providers for you and your needs. For example, some gadget insurers may specialise in phone cover only, whereas some will offer comprehensive cover across a whole range of different gadgets.
Take a look below at some of the UK’s top-rated gadget insurance providers.
- Protect Your Bubble Gadget Insurance
- Switched On Gadget Insurance
- Ripe Gadget Insurance
- Multi Gagdet Insure
- loveit coverit Gadget Insurance
As with any type of insurance or financial product, make sure you do your research such as comparing quotes and real-life reviews online to ensure you're getting the best deal for you and your personal circumstances with the right provider.
Does my home contents insurance cover my gadgets?
With most home contents insurance policies, your gagdet will only be covered under the policy if anything happens to it while at home. So, for example, if you lose your mobile phone while out and about and then try to make a claim for it on your home contents insurance, it most likely won’t be covered and you won't receive a payout.
However, some providers may cover your gadgets in any circumstances, even if the incident didn’t occur at your home, so it might be worth checking with your home contents insurance provider first before looking to purchase a separate gadgets cover policy.
One thing to note however, is that if you do make a claim on your home contents insurance for a gadget, it will likely make your home premiums more expensive in the future, so it might be worth looking into getting separate gadget cover anyway.
Multi gadget insurance
If you have multiple gadgets in your home that you want to cover, you can benefit from multi-gadget cover which will allow you to add several gadgets under one policy so that everything is well protected.
You may also want to consider taking out family gadget insurance so your whole family and their beloved technology is protected in the event of theft, loss and more.
How much is gadget insurance?
The cost of gadget insurance depends on multiple factors such as the gadget/gadgets you’re insuring, how much cover and protection you want and how much excess you’re willing to pay.
Some gadget insurance providers, such as Switched On Gagdet Insurance, for example, start their policies at just £2 a month and offer maximum cover of £3,000, so you can get really affordable cover if you don’t want to splash out a lot of money to cover your gadgets each month.
Is gadget insurance worth having?
This really depends on how many gadgets you have, how much you value them and how prone you are to having accidents with your gagdets. If you’re pretty clumsy and think that you’re likely to drop and smash your phone or tablet screen, for example, then it might be worth taking out a separate phone or gadget insurance policy to ensure that you’re protected against any damages.
It’s a good idea to try and work out an estimated value of all your gadgets to see how much it would cost to replace them all and if you don’t think that you’d be able to afford the replacement costs yourself, you might want to consider taking out gadget insurance.
What happens if you make a claim on your gadget insurance policy?
If your gadget has been stolen then before you try and make a claim, you should contact the police and obtain a crime reference number that you can give to your insurer. Once you’ve done this, you should submit your claim as early as possible to your insurer.
Once you’ve made a claim on your gadget insurance policy, it’s likely that you’ll see your premiums increase slightly, especially if you make several claims on a policy. Insurers will see you as more at risk of making a claim, so they will likely raise the cost of your insurance premiums in order to justify the cost of offering you insurance.