These days it’s not unusual to be carrying around gadgets like mobile phones that are worth up to £600, so it’s worth taking steps to make sure that everyday items like your smartphone and tablet are protected.
You can buy dedicated gadget insurance, but your gadgets could already be protected under your existing home or travel insurance policies, by a warranty or by a packaged bank account.
To help you out work out whether or not you should buy gadget insurance, we’ve pulled together the answers to some of the most important questions you need to ask:
1. What does gadget insurance include?
Gadget insurance covers portable items including smartphones, tablets, laptops, cameras and sat navs, and can protect them from theft, loss and accidental damage, both inside and outside the home. Some insurers also cover the music, films and games that you have downloaded too.
2. Does my home contents insurance cover my gadgets?
Most standard home contents insurance policies cover your personal possessions in the home, and many also cover them when you are on the move. Others will only cover your gadgets if you pay for extended accidental damage cover or extra cover for gadgets inside and outside the home, which could still be better value than buying dedicated gadget insurance.
Having said that, there may be a limit on how much they will pay out for a single item, so check the fine print and you may also find that the excess is much higher on a contents insurance policy than it is on a gadgets policy.
3. What about my travel insurance?
If you’re going on holiday, your travel insurance may cover your gadgets, but it’s worth checking that the level of gadget cover is enough to pay for them should the worst happen.
You could also be covered under your home insurance policy as some insurers cover personal possessions when they are temporarily away from the home anywhere in the world, up to a certain number of days.
4. What should I look for in gadget insurance?
The level of cover offered by standalone gadget insurance can vary a lot, so read the policy thoroughly to make sure it includes the features that are most important to you. Remember to consider what insurance cover you already have and whether you’d be better off extending that rather than taking out dedicated gadget insurance.
You could also investigate the packaged current accounts that many banks offer, which come with extra features, like mobile phone and travel insurance, for a monthly fee.
Some common gadget insurance features:
- Cover against theft, loss, accidental and liquid damage
- 48 hour, or even 24 hour replacement service
- Worldwide cover
And here are a few common restrictions to be aware of:
- Accidental damage not included
- No cover for gadgets over a certain age
- Certain types of gadgets not covered
- No cover for gadgets left unattended
- Limit to the number of claims that can be made in a year
- Claims must be reported within a time limit
5. How much could I pay for gadget insurance?
Gadget insurance can start from just a few pounds per month, depending on the level of cover and how many items you choose to insure, and there are generally discounts for policies covering more than one item. You may have to pay extra to cover your gadgets against accidental loss, so check with the insurer.
Remember that if your gadgets are still under warranty, then they are already covered against breaking down, though not theft or accidental damage.
Find out more about home contents insurance