Once the necessary paperwork is received, your Gadget Insurance policy entitles you to repair or replacement of your gadget or mobile phone in the event of accidental damage, theft, accidental loss, breakdown, liquid damage, or malicious damage.
If your phone is lost or stolen, you can also get gadget insurance to cover fraudulent calls.
If you’re clumsy or have a habit of misplacing things, gadget insurance, which covers portable electronic items like mobile phones, laptops, and digital cameras, could be for you.
These devices, which are frequently required in daily life, are not cheap. So, if you’re prone to mishaps, it may make financial sense to purchase gadget insurance to protect your prized gadgets from life’s little mishaps.
What is Gadget Insurance?
Gadget insurance covers the cost of repairing or replacing your gadgets if they are lost, damaged, or stolen. These are the things you use every day without thinking twice, such as your phone, laptop, and fitness tracker.
Many of these gadgets are quite expensive. Could you afford to replace them in the event of an accident? If the answer is no, you should probably think about getting gadget insurance.
What Does Gadget Insurance Cover?
If your phone is lost, damaged, destroyed, or stolen, mobile phone insurance will cover the cost of repairing or replacing it.
With the rise in smartphone ownership and the cost of handsets, many insurers are now offering specialized mobile phone insurance policies.
Gadget insurance can cover items such as:
- Smartphone
- Smartwatch
- Laptop
- Tablet
- Airpods
- Digital camera
- Games console
- Sat nav
- Fitness trackers
Why Gadget Insurance is Important?
If you’re vulnerable to misplacing or damaging your devices, a good gadget insurance policy could save you a lot of time, money, and hassle in replacing them.
What your insurance policy covers is determined by the insurer and the policy plan. Always take careful note of what your gadget insurance policy specifies so you aren’t caught off guard by a technicality and unable to redeem your insurance when you need it.
A standard gadget insurance policy will cover you for accidental device damage, theft, loss, and breakdown.
Other situations for which you may be covered (but are not always) include liquid damage, the cost of unauthorized calls, texts, and data when your phone is stolen, and malicious damage if someone has taken their rage out on your poor device.
Read: Public Liability Insurance: Meaning, Quotes, Cost & Best UK Practices
How Does Gadget Insurance Work?
Manufacturers, wireless carriers, insurance companies, retailers, and other third-party providers may sell gadget insurance or protection plans. Insurance policies operate similarly. Typically, you’ll find:
- Pay a monthly premium or prepay for a longer period of coverage.
- Be protected against incidents such as accidental damage (including water damage), battery failure, theft, and loss.
- After a covered incident, file a claim. The insurance company may send a technician to repair the phone, reimburse you for the cost of repair, or ship you a replacement.
- Pay a deductible for each claim, which varies depending on your insurance plan, phone, and incident type. Deductibles can range from a few hundred dollars to several thousand dollars.
When weighing your options, it’s critical to consider how each plan differs. Some plans, for example, do not cover loss or theft, and many plans limit the number of claims you can file. Furthermore, you are likely to have unique coverage requirements. For example, if you frequently drop your phone, you may prefer coverage for damage over a plan that includes comprehensive loss and theft coverage.
How Much is Gadget Insurance?
The cost of gadget insurance varies depending on the number of items you want to insure, their model, and the level of coverage you select. The more gadgets you insure, the less expensive your insurance will be; however, the majority of people only insure one.
Even the best cell phone insurance plans have a deductible, which is deducted from the claim amount. As a result, carefully read the terms and conditions.
The payment for the cheapest coverage is up to $100 per year, and the payment for the most expensive coverage is higher. Also read: How Good is Lv Car Insurance (Lv Car Insurance Overview)
How to Buy Mobile Phone Insurance
When you buy your device, your mobile phone network will usually offer you insurance, but it is worth shopping around because many insurers sell specialized mobile phone policies.
Enquire with your mobile phone provider about the coverage they provide or shop around using a price comparison website. You can also compare policies and prices by directly contacting insurers or using a broker through the British Insurance Brokers’ Association (BIBA).
Your home contents insurance may cover your phone when it is outside the house, and your travel insurance may cover your phone while you are abroad.
Check your policy documents or contact your insurance provider to see if your mobile phone is already covered, but keep in mind:
If you make a claim for your mobile phone on your home contents insurance, these policies will only cover the cost of replacing your handset. You may be required to pay a higher excess (than if you claimed a specialist mobile phone insurance policy), and your no-claims discount may be lost.
Your mobile phone may also be covered by insurance through your bank account, so check with your bank to see if your handset is already covered.
How to Get the Gadget Insurance Deal
A truly good policy will provide comprehensive coverage (as described above) at a reasonable price, regardless of where you are in the world.
In this regard, location is an important consideration. If you already have a home contents insurance policy, it may include some coverage for your electrical items.
However, that security only extends to your front door. Most of this type of coverage is rendered useless if something goes wrong with your device while you’re away from home.
As with all insurance policies, the devil is in the details, so double-check. Several banks, for example, offer smartphone insurance as part of their paid-for packaged current accounts.
While this is a useful perk, it may not cover all of your electronic valuables. Gadget insurance is likely to be a more comprehensive option.
How to Claim Gadget Insurance
There are a few simple steps to take to make this process as simple as possible. The key here is to complete this within 48 hours of the loss or damage occurring; doing so will make things much easier in the long run, and is even required by some tech and iPhone insurance providers.
In the event of a theft, you must first report it to the police by dialing 101. You will then be given a crime reference number, which you must write down and give to your insurer.
Then take the following steps:
- Call your insurance company at the claims number. This can be found in your policy document, but if you don’t have one, it’s easy to find online with a quick search.
- Have information about your claim ready to be given over the phone. This is what occurred to cause the loss or damage. In most cases, this can be done over the phone without the need to fill out any forms.
- You may be required to submit supporting documentation. Hence, this could include proof of purchase (if you don’t have one, a credit or debit card statement will suffice) or even a photo of you with the device to prove you own it.
How Does Barclays Gadget Insurance Work
Gadget insurance, as the name implies, protects your home gadgets (cameras, mobile phones, sat nav equipment, laptops, smartwatches, and so on) against accidental damage, theft, loss, Moreover, liquid or fire damage, or mechanical failure, depending on the level of coverage selected. If your phone is stolen, mobile phone insurance can protect you from unauthorized calls.
Barclays gadget insurance has two main gadgets plans:
- Tech Pack Lite
- Tech Pack
You can choose between a basic and comprehensive plan with these two types of coverage.
Barclays insures your phone and any other devices you want to insure.
How to Cancel Barclays Gadget Insurance
The different ways to cancel your Barclays gadget insurance:
| Cancellation fees | Full refund before 14 days after 14 days, you can’t cancel your insurance within the first 6 month |
| Cancel by phone | 03457 345 345 |
| Cancel by mail | Barclays, Leicester, LE87 2BB. |
What Won’t Gadget Insurance Cover?
This, too, is dependent on the insurer, though there are some things that most providers will not cover, such as:
- Firstly, Cosmetic harm
- Secondly, the damage is already covered under the manufacturer’s warranty
- Thirdly, loss or damage caused by your failure to properly care for your device
- Finally, your device’s contents (such as photos or software)
There are a few other things to keep an eye out for. Some providers will not insure a phone that is more than six months old, while others will not cover a used model, and a few will not insure a phone with a screen that is larger than a certain size. Almost all will require proof of purchase for any device you want to insure, so keep it handy. It’s always a good idea to thoroughly read the fine print of any potential insurance policy so you’re fully aware of any exclusions.
Is Gadget Insurance any Good?
Consider the cost of your gadgets: do you own a phone that costs $1,000 or an older model that costs less than $300? If you own an iPhone X, paying $10 per month for a gadget insurance policy may be a good idea because it can cost hundreds of pounds to replace or service it if it is damaged.
Although travel and contents insurance may provide some coverage for gadgets, the limits are typically low, and the coverage may not be adequate to protect your expensive laptop or mobile.
However, your home insurance policy may provide some level of coverage for certain types of home electronics. For example, before including your game console in your gadget insurance policy, you should check to see if it is covered by your home policy, as doing so may raise your premiums.
Multi-gadget Insurance Cover
If you have a lot of devices in your home, you can get an umbrella policy to cover them all at once.
If you have a tech-obsessed family, multi-gadget insurance may be a good option.
It may be less expensive because most insurers provide a discount if you add more than one gadget to your policy. For example, if you have two devices, you could get a 10% discount.
You can add the following devices to one gadget insurance policy:
- Mobile phones
- iPads, tablets and eReaders
- Laptops
- MP3 players
- Smartwatches
- Cameras
Which Gadget Insurance is Best?
Most gadget insurance policies cover you if your phone is lost, stolen, or broken. When comparing gadget insurance or phone cover quotes, consider what else you may be able to claim for.
Some of the best mobile insurance policies will also include:
- Phone accessories
- Unauthorized calls if the phone is stolen
- Loss, damage or theft while abroad and the U.S.
Does it Make Sense to Purchase Phone Insurance Plans?
If the expense of replacing your phone will place a strain on your financial situation, purchasing cellphone insurance can be money well spent.
Can You Insure Gadgets Older Than 3 Years?
There is no need for concern if your electronic devices are older than three years because there is a product for students called Essentials Insurance. With this policy, the age of the object that is being insured is not taken into consideration. Visit
Gadget Insurance for Travelling Abroad
Most travel insurance policies with gadget coverage will cover virtually all electronic devices and handheld technology. Because this is sold as an optional extra by the insurer, you should double-check the levels of coverage provided.
Items that are covered usually include:
- Mobile phone (smartphone / iPhone)
- Laptop
- Digital Camera / Camera Lenses
- iPad / Tablet
- Games Console
- iPod / MP3 Players
- Kindle/e-reader
- Sat Nav
- DVD Player
- Bluetooth headsets
- Headphones / Earphone
Conclusion
Gadget insurance policies are a must-have if you live and work in a high-risk area. If you do not want to spend money on replacements on the spur of the moment, get insurance from the best cell phone insurance companies.
FAQs about Gadget Insurance
Is gadget insurance worth it?
An accident involving a mobile phone or laptop can happen to anyone. If you have a habit of doing this and own several expensive pieces of equipment, taking out this type of insurance may be worthwhile. The same is true if you live in a house with multiple gadget users. If you’re careful with your devices, you might not need this kind of protection.
What documentation do I need to make a claim for grant insurance?
In the event of a claim, you must provide proof of ownership. This can be a copy of your receipt, a delivery note, or confirmation from your network provider that you used the mobile phone.
You may also be required to provide proof that your device was used after the date you insured it.
Can I cancel a policy I have bought for grant insurance?
Yes
What banks do gadget insurance?
Do well to consult your financial advisor to advise you on banks that do gadget insurance
