Buying a gadget can be a significant financial investment. While manufacturers offer warranties upon the initial purchase, these warranties are limited by nature, only covering damage occurring during the initial transit, faulty parts, and manufacturer’s error. More comprehensive covers can be gotten from smartphone insurance plans.

KEY TAKEAWAYS:

  • Gadget insurance covers smartphones, laptops, desktop computers, tablets, and similar items.
  • These insurance plans typically cover theft, loss, and accidental damage.
  • Gadget insurance plans do not generally cover cosmetic damage or damage due to customer negligence.

What is Gadget Insurance?

Gadget insurance pertains to a number of insurance plans that are specifically made for consumers who have recently purchased a smartphone, laptop, or another expensive piece of technology.

Laptop and Mobile Phone Coverage Guide

Gadget-based insurance plans are typically designed to cover smartphones, laptops, desktop computers, and related pieces of equipment. Gadget insurance also covers tablets, e-readers, digital cameras, video game consoles, and dedicated MP3 players. One such type of plan is the replacement phones from Asurion insurance.

Insider Tip

Gadget-based insurance plans are typically designed to cover smartphones, laptops, desktop computers, and related pieces of equipment.

What Does Gadget Insurance Cover?

Insurance plans can vary as to what they cover and do not cover, there are some commonalities. Generally speaking, gadget insurance plans cover stolen gadgets and lost gadgets. These plans also typically cover the mechanical breakdown of gadgets if this breakdown is not the fault of the user. There are some scenarios that only occasionally provide coverage, such as the pair listed below. You may also be interested in a detailed guide specific to cell phone protection plans.

Liquid Damage

Some gadget insurance plans cover damage related to liquids. This means if you accidentally drop your smartphone in the toilet, the insurance should cover any repair or replacement fees. Liquid damage coverage can also pertain to damage related to rainstorms and extreme weather conditions. Read the fine print.

Accidental Damage

If you accidentally drop your phone or another type of gadget, such as a laptop, your insurance plan could offer coverage related to any damage that occurred. This can include cracked smartphone screens and other accidental breakages.

Insider Tip

If you accidentally drop your phone or another type of gadget, such as a laptop, your insurance plan could offer coverage related to any damage that occurred.

What Does Gadget Insurance Not Cover?

Plans vary, but many gadget insurance companies offer similar exclusions when it comes to coverage. Insurance exclusions typically include cosmetic damage, damage due to customer neglect, and damage caused to refurbished items. These plans will also not cover any gadget you did not list when you originally purchased the insurance plan. In addition, these plans will not cover any damage that occurred before you purchased the plan.

What is a Deductible?

All insurance plans require a deductible before coverage begins. Deductibles are a pre-determined amount of money the consumer is responsible for paying before the insurance company begins taking care of the excess financial obligations. For instance, if your deductible is $100, you must pay $100 in repair fees before the insurance company steps in.

F.A.Q.S

Can your electronic gadgets be effectively insured?

Certainly. There are many companies that offer gadget-specific insurance plans, including Akka, Geek Squad, and Asurion.


What do I need to do if my gadget needs repairing?

If you own a gadget insurance policy, then the first thing you should do is contact the insurance provider. They will give you further instructions.


What if my device still works but has cosmetic damage?

Most gadget insurance plans will not cover cosmetic damage if the item itself is still functioning properly.



STAT: Portable electronics, including smartphones, laptops, and tablets, are typically covered only up to $1,500 under a standard homeowners policy, according to the Property Casualty Insurers Association of America. (source)

Lawrence Bonk

Lawrence Bonk is a copywriter with a decade of experience in the tech space, with columns appearing in Engadget, Huffington Post and CBS, among others. He has a cat named Cinnamon.

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