Is getting a Gadget Insurance worth it?

Carrying a gadget with oneself is a kind of trend for this generation. A smartphone, camera, laptop, tablets and what not, we tend to keep a valuable thing with us wherever we go. A loss of any of these or a harm to any of these devices results in a loss of heavy sum of money. Sometimes we have our screens broken, the device turns out to be a piece of defect and even it might get stolen. To cover up all these, we chose the easier way, the gadget insurance. But, what if nothing happens to your gadget.

What is Gadget Insurance?

Gadget insurance is a special insurance policy that promises to cover the expenses for the replacement or repairing the gadget if it ever gets stolen or damaged. It mostly works in the cases of accidental damage, theft, malfunction or loss. It is a great idea for people having real expensive gadgets with them. But again, is it really a great idea to have an insurance for your gadget.

What are you exactly protected against?

Before getting an insurance done for your gadget, get through the important points that of a gadget insurance. The insurance for gadget covers the expenses only in the following cases:

1. Accidental damage
2. Theft
3. Loss of e wallet
4. Unauthorized use
5. A broken screen
6. Accessory cover

A gadget insurance is an amazing idea until you understand their terms and conditions as a whole. The insurance for gadget comes with different kinds of coverage depending on your preference, budget and your choice of policy.

What should you exactly look out for in a gadget insurance policy?

There are some points that you should keep in mind before opting for an insurance policy for your gadget.

1. What are the terms where the insurance claims to protect your gadget?
2. What are the kinds of situations that are not covered?
3. The cost on top of your bill
4. Time period in which you can cancel your insurance
5. Does your insurance cover liquid damage or water damage?

In fact, the last point should be the one that you harp on the most as a shocking number of cases for smartphone and gadget damage comes from liquid spillage. Also something worth noting is that we often neglect to get gadget insurance on smartphones or devices that have an IP rating.

However, do remember that most companies will not honour their warranty for water damage especially salt water damage even if your device comes with the relevant IP rating. This is a common misconception among loads of users and can cause a huge headache for anyone who is not careful enough. So our suggestion is always erring on the side of caution and get a robust insurance plan that will help you recoup some of your investment no matter how you happen to damage your device.

Going through these points, you will realize that there is a lot more that the insurance people won’t tell you then and there. You don’t actually have a lot of rights in these policy matters so it is always wise to go through the terms and conditions before getting a gadget insurance.

Kinds of a gadget insurance

1. Multiple Package options: You are provided with multiple choices, all according to your preferences and budget.
2. Student’s Discount: Being a student, you can avail a lot of benefits as they provide discount pricing, making it affordable.

Disadvantages of gadget insurance

Though insurance for Gadget proves to be of a great help when your gadget breaks down, it also burns a hole in your pocket when your gadget is safe and secure.

1. You pay for a service you might never use: Okay! See this! You pay a particular amount for your gadget every month and then at the end of the month you see it adds up all so quickly. A kind of amount that you might save yourself to buy yourself a new gadget again. It might be that your loss may be covered but who is sure whether your piece is as good as the previous one or is unused.
2. Long contracts: You see; this long contract is the worst part of insurance policy. This is because, once you get yourself done in the gadget insurance thing for longer period, you will be paying more than what your gadget cost. You might want to get yourself a new phone or laptop and change the one with you, but hey, no use.

Conclusion – Is gadget insurance worth it?

It all depends whether you have the right policy done and you are well aware of all the terms and conditions of it. Other than that, it saves you from the unnecessary drama of worry and tension you have while having a costly thing in your pocket. You will be saved from the tension of having it repaired or replaced all by yourself. But again, if nothing happens to your device for three years or more, all your money is wasted. So, before getting yourself into it, take into consideration the advice of going through every term.