Is gadget insurance worth it?


Is gadget insurance worth it?

It’s not unusual for people to leave the house with a smartphone, tablet or even a laptop to help them get through the day

With gadgets becoming a vast part of our daily life, is it worth taking out insurance specifically designed to protect them? Let’s explore.

What does it cover?

So what would you do if your smartphone or tablet was damaged or, even worse, stolen?

Well, if both are covered under a specialist gadget insurance then, depending on your policy, they’ll be repaired or replaced and you won’t have to shell out to pay for it.  

Of course, like any other insurance on the market, you have the option to buy different levels of cover. Here’s some examples of what your gadgets can be covered for:

  • In case of theft
  • Loss
  • Accidental damage
  • Liquid damage
  • It develops a fault
  • Unauthorised call/data usage on your phone.

According to Ofcom, two thirds of people own a smartphone. It seems you can’t go anywhere these days without seeing one glued to someone’s hand! So with the constant unveiling of new high-tech smartphones, cameras, tablets etc., is it worth taking out a specialist insurance?

What are all your gadgets worth?

What do you own?

To work out whether gadget insurance is a worthwhile investment, work out how much your gadgets are all worth. If you know you’d struggle to find the money for repairs or a replacement if you needed to, but you also know you couldn’t be without the gadget, it might be worth taking out a policy.

But I already have contents insurance?

Contents insurance should cover your belongings in the unlucky event that your home is burgled or damaged by a fire, burst pipes or a flood.   

However, a standard policy doesn’t always stretch to covering all portable gadgets like laptops, cameras or tablets. If these items are covered by your contents insurance, it’s worth checking whether there is a limit to how much you’re covered for. 

Another thing you should check is whether your contents insurance will still protect your gadgets when they’re outside the home. Depending on your policy, your gadgets may not be covered when you’re out and about.  

The thing is, many gadgets today are designed to be usable away from the home. If you often take your smartphone, computer or tablet out with you, it may be worth paying the extra premium to get dedicated gadget insurance.

Having a standalone gadget insurance policy can mean that your tech is covered wherever you are. And, depending on your policy, you may be covered when you’re abroad too.

Protecting your gadgets

What should I be looking for?

When choosing a gadget insurance policy, consider what items you want to insure, what level of cover you need and how much you can afford to pay.

Keep in mind the level of excess you agree to pay. Paying more excess can make your monthly premium lower, but you’ll need to be able to afford to pay it in the event that you have to make a claim.

Ultimately, whether or not gadget insurance is a worthwhile investment comes down to how much your gadgets are worth and how much you rely on them. If you can’t get through the day without your gadgets, it might be worth forking out for specialist cover – even if you never have to make a claim.