Insuring your mobile electronics
Due to the mobility and value of these items, they are favorites with thieves. They are easy to move and also resell quite easily. Although electronics manufacturers are going to greater lengths to make mobile electronics more hardy and resistant to possible accidental damage they remain reasonably fragile. For these reasons, it is a good idea to insure these devices against theft and damage. But you need to look out for some common traps which could leave you underinsured or overpaying on insurance.
There are a number of options available to you when it comes to insuring these devices and, as usual, you get what you pay for. This does not mean you need to take out the most expensive insurance on these devices, it simply means you might want to consider paying a little more to ensure you are not left out of pocket or with an inferior replacement device in the event of theft or damage.
Normally you will be offered standalone cover by the store that sells you the device. These will typically cover loss due to theft, loss in public places, damage and also if it is lost when your vehicle is car jacked. This will not cover loss due to negligence, wear and tear or if the unit is lost from an unattended car. Accessories are also usually excluded from cover.
You can also add your expensive mobile gadgetry to your existing household contents policy. This could be a bad idea though, as you would need to add all sorts of extra cover to insure the device when it leaves your house. However, insuring your mobile device under the all risk section of your policy will typically cover the mobile device in question regardless of its location at the time of loss. There is a catch though. Insuring these mobile devices under the all risk section carries a significant premium. In addition, the deductible could be pretty harsh. Setting a fixed deductible rather than a percentile deductible will increase the monthly rate, but relieve the stress of having to fork out a big chunk of cash in the event of loss.
Ultimately how you choose to insure your mobile goodies is up to you and what you can afford, but it is definitely unwise to skimp on this kind of cover. Ask about insurance when you purchase your mobile electronic items and also go to the trouble of shopping for insurance. Using insurance comparison sites can help you save time and money. These sites will give you an idea of what the average premium is for the items you wish to insure and they typically provide information on how these policies work.
Stuart Broad has extensive experience in the life insurance industry. He is very passionate about following the developments at insurers like car and motorcycle insurance.View all articles by Stuart Broad
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