Gadget insurance

When we make purchases such as an ipod, stereo, mobile phone or a new television we are pretty much always asked if we would like to take out additional Insurance Cover. You may be offered a policy which offers 3 or 6 months Free Insurance Cover, but if you know that you want to take the policy for at least a year then check the terms and conditions to see if it can be cancelled after the free period. If so or if not make sure that a policy which you pay for from the start with no free months isn't actually cheaper than a policy which is free for 6 months and then has high premiums on the remaining term.
Ideally you would want to be able to take the free cover and cancel it after the free term if the premiums are then not cost effective. Then you can pay to take out 12 months cover elsewhere meaning that your product is covered for 15 or 18 months for the price of 12.

For those of us who have taken out this type of protection in the past, you will probably find that there are some very mixed opinions as to if the cover purchased was good or bad. Always read the Terms and Conditions closely to check exactly what you are covered for. There have been some stories, recently, of mobile phone insurance companies ringing up just after the purchase of a new phone, and giving the impression that they are from the company who are currently insuring your new phone (free). They seem to offer to give you extra insurance for a small price, but actually, they are NOT the insurance company you are already with, and the insurance IS NOT necessary as it only covers you for what you are currently getting for free. Our best advice, if you receive one of these calls, is to say that you will check the policy out and phone them back.

Electronic Gadget Cover Advice

Read the small print and know the Terms and Conditions of the Gadgets Cover Policy, if these are not given to you and you haven't received them in 10 days chase them up. If they are still not received, consider cancelling the policy and look to take your cover elsewhere, as if a simple task as Terms and Conditions being sent cannot be action what are your chances of having a smooth experience if a claim situation should arise? Always check whether canceling this policy has any effect, if you have bought your item on a special deal, such as on credit or at a lower price.

This may seem a hassle, but not as much as being rejected for a claim of damage caused by a factor, which if you had known was not covered would have made you not take out the policy at all.

For a lucky few, you may not have had to use the cover and so really don't know if it would have been value for money but believe that the peace of mind alone of knowing that you were covered did prove to be a good investment.

Do you Really Need Extra Insurance?

Before going to make a gadget purchase, check your Home Contents Insurance policy as you may actually find that you would be adequately covered on that policy. This is an easy piece of information to find and is potentially money saving. If you are not covered on your current Home Contents Insurance, contact your Home Insurance Provider and explain that you are looking to make a gadget purchase and explain the type of cover you would like for this item. They may advise that this could be added onto your existing Home Contents Policy for an additional premium or even offer their own Gadget Cover, if so get a quote, thank them for their help and say that you would like to consider all options before deciding (make sure you get a quote reference or at least the name of the customer service adviser).

At least then you will have a quote to compare to when offered Insurance at the time of purchase. Consider which you would prefer and go with the policy which you feel is best suited to you. Remember that you should be given a 30 day Cooling Off Period (also referred to as a 'Right to Change Your Mind') as this is standard with Insurance Policies. Due to this you always still have the option when you get home to search for an even better deal, if you do find a better policy you can always cancel the one you took out in store and set up the cover which you feel is better suited to you, or offers the same cover but which is much cheaper.

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Updated on 3rd February, 2009

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