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Published in Economic Times on 11 December, 2015, Written by Kapil Mehta

In this digital era, when more and more people are buying gadgets like laptops, computers, mobile phones, safety of such items is also important. Manufacturers provide a one year warranty which is mostly limited to manufacturing defects. So, if a gadget is stolen or damaged, you may have to spend from your pocket or buy a new gadget. For these reasons, people prefer to get their gadgets covered in an insurance cover ensuring safety of them.
What is Gadget Insurance?
It’s an insurance plan where you get protection against accidental damages, water/fluid damage, theft, burglary and fire damage. There is a list of gadgets which can be insured like cell phones, laptops, digital cameras, computers etc. In case, gadget gets stolen, damaged, etc. insurance company would compensate for the loss.

What are the benefits of the schemes?

Gadget Insurance provides protection against physical or electronic accidents. It is very important for the safety of expensive gadgets. By taking insurance cover for your gadgets, you get a lot of benefits. You get protection in scenarios like theft, loss, breakage and damage from water. You are compensated for the cost of the replacement of the gadget. In some cases, In case of total loss or theft, depreciation value will be deducted from the total value of the handset and remaining amount will be transferred to customer’s account. This insurance also has a deductible. This is the portion of the claim that the customer must pay themselves. Insurance pays the amount over that. The purpose of the deductible is to ensure that small repairs are not claimed under the insurance.
What can be covered under Gadgets Insurance?
Gadget Insurance protects the equipment against:
Theft and Burglary- When the device is stolen, insurance company reimburses the value of the gadget insured less depreciation
Physical and Liquid Damage- When the device suffers physical or liquid damage, insurance company reimburses with the amount of the gadget insured under the insurance plan
Similarly other accidents are also covered.
How can you buy these schemes?
Gadget Insurance can be purchased for new gadgets only, not for second hand ones. It is available in stores when you buy the gadget. The cover is otherwise not sold by insurers either in their branches or through agents or even online.
The premium depends on the coverage offered – damage, theft or both. It is calculated as a percentage of the gadget. Purchase invoice of the mobile phone and the serial number of the phone will be required at the time of filing claim. At first, file an FIR within the first 24 hours after the loss or theft. Then file the claim within 48 hours with the claim intimation and FIR.