Is It Worth Having Mobile and Gadget Insurance?
The continuous arrival of new technology and devices means the cost of replacing them has rocketed. But do you need to insure them?
Whether you’ve got an expensive phone that would be costly to replace, you’re a little accident-prone or if your device were to become lost or stolen, you should certainly consider purchasing gadget insurance to ensure you’re fully covered in the event anything happened.
In a nutshell, gadget insurance is a specific policy designed to suit your needs when it comes to protecting your technical devices. Protection can range from theft or loss, Accidental damage, malicious damage or even mechanical faults or breakdown. It can cover you for a lot of risk factors but it may not be worth it for everyone.
Why would it be worth having mobile or gadget insurance?
There are two questions you should ask yourself, how likely are you to damage or lose your phone or gadget and can you afford to replace it should it be damaged or stolen. If you are likely to lose or damage a device or feel you wouldn’t be able to afford repairs or replacement you may need to consider insurance.
For most people, your phone goes wherever you go and therefore the risk to that device is much higher. The same could be said for a personal laptop or tablet if you take it on a train or away on holiday. If you are increasing your risk then it makes sense to protect yourself against that risk.
Gadgets which don’t leave your home may be protected by your home contents insurance but that may not extend to if you take them on the train, abroad or anywhere outside of your home. If you think you need specialist insurance check your other insurances first, it will not benefit you to double up.
When wouldn’t it be worth having gadget insurance?
The one reason would be if your phone is old. Insurers will often not insure older phone, let say older than 6 months. So, if your phone falls into that category it’s probably not worth doing or wait until you get a new one.
Another would be if you don’t use your phone very often, I know it seems unlikely in this day in age but there are still a select few who don’t, particularly in the older generations. In this case, it potentially wouldn’t be worth the added costs as the device may never leave the house or only be used on occasion meaning your risk is low.
Not everyone has an expensive phone. As you can still opt for cheaper alternatives to the top of the range smartphones, it may be with excess charges it simply wouldn’t be economical to bother with specialist insurance.
Like many kinds of insurance policies, it depends on your circumstances. Specific gadget insurance is very convenient for a lot of people but do your homework and weigh up your situation against many of the criteria mentioned above, that way you will know if it’s worth it for you.