Started university? Are your gadgets covered?
Let’s face it…with all the excitement of fresher’s week, moving away from home and getting stuck into to student life now that you are university, gadget insurance probably hasn’t been at the top of your to-do list. But should it be?
As with any insurance it’s generally only after you’ve dropped your phone down the loo or lost it on a night out that you think, ‘I wish I had insurance’. One of our team had such an incident. She was happily relaxing in the bath catching up on Facebook and the next minute… splosh! Game over for her iPhone 6! It cost her over £200 to buy a new refurbished handset thanks to the water damage. She now has insurance!
Even if you are the most cautious person in the world, there is still a risk that your gadgets could be stolen, damaged or misplaced.
Key questions to consider
Will the cheapest policy provide the cover you want? When you do get around to searching, questions arise like ‘will this policy actually pay out if I drop my phone in my beer during an epic beer pong game?’ and ‘what happens if I lose my phone on holiday?’ A policy that is cheap might not give you cover for everything you need.
What could be included in your cover:
|✔||Accessories lost/stolen with a device|
|✔||180-day worldwide protection|
|✔||Unlimited number of claims|
Aren’t my gadgets covered by my home contents insurance? Such items might not be covered outside of the home and excess amounts tend to be upwards of £315¹ for this type of policy. With specific gadget cover, the excess required is much less, starting at around £25 – you wouldn’t want to pay £351 excess when your phone is only worth £200. Plus a claim on your home insurance might mean a higher premium when you come to renew.
Will you get a like-for-like replacement? If you have a phone contract, it’s worth thinking about what you pay for this. The cost of a handset might be included in your monthly bill so if you go back to using an old phone because your new one is lost, stolen or damaged, you could still be paying for it until your contract ends. Most insurers will provide you with a like-for-like replacement device, some within 24 hours, so you can continue as normal and don’t lose out.