With the growing use of expensive electronic items – including laptops, mobile phones and tablets – it is important for people to consider insuring their gadgets.
According to independent financial research company Defaqto, a recent development has been the growing availability of specialist Gadget Insurance – however, there is wide variation across the market in terms of the cover offered and, as a result, gadget owners need to pay close attention to policy details before taking out insurance.
Defaqto data shows, for example, that:
Although 98% of Gadget Insurance policies provide cover for theft, if the gadget is stolen from a vehicle only 67% of these policies will cover theft from all types of vehicles; 21% do not provide cover if a gadget is stolen from a commercial vehicle or convertible car; while 5% will not cover theft from a commercial vehicle only
Cover against accidental loss is provided by 69% of all policies either on an ‘optional’ or ‘standard’ basis – however, not all policies offer cover for all types of gadgets, with 21% providing cover on a ‘restricted’ basis, typically excluding laptops and computers
Defaqto has launched a new Star Rating for Gadget Insurance to help consumers to see where different policies sit in the market in terms of the features and benefits they offer.
Star Ratings give each policy an independent rating of 1 to 5 depending on the level of feature quality and comprehensiveness provided.