With the evolution and integration of technology in every area of our lives, it’s practically difficult to function, live, interact and communicate without technological devices and tools.
A smartphone, laptop, and other gadgets are essential for most adults to navigate the day. Hence, the importance and value of these devices make them prone to unprecedented events like thefts, damages and loss. Purchasing a phone and gadget insurance protects you from such circumstances. It ensures you are not financially burdened when life happens.
What is Gadget insurance?
Gadget insurance, also known as device insurance, provides cover to replace or repair your gadgets when damaged, lost or stolen. It covers portable devices like smartphones, tablets, laptops, game consoles, cameras, etc.
Phone insurance, however, is specific to mobile phones and primarily covers your phone’s loss or theft based on the coverage you purchase or what the insurance policy covers.
Making the right purchase on your phone, gadget and laptop insurance depends on numerous reasons. Here are 7 tips to guide you when buying a phone and device insurance cover.
7 Tips to Getting a Phone and Gadget Insurance
1. What does the Phone and Gadget Insurance cover?
Most gadget Insurance in Nigeria covers most of your devices, such as your laptop and mobile phone. The kind of gadgets covered in this policy are based on your insurer. Ensure you validate the types of devices grouped under the policy.
In what circumstance will you be covered after purchasing gadget insurance?
As explained earlier, each insurer’s covering, additional covering, and terms and conditions are distinct. Still, gadget insurance should cover theft, loss, accidental damage, mechanical failure, accessories cover, and E-wallet.
In what circumstance will you be covered after purchasing phone insurance?
The basic covers of Phone insurance are accidental damage, water damage, cracked screen, phone accessories, and protections, while for some insurers in other regions, apps, games, music and other valuable content.
Some insurers provide more comprehensive coverage, e.g., loss or damage by fire, floods, and power surges caused by lightning.
2. What does the Phone and Gadget Insurance not cover?
In what instance will you be deprived of protection after buying Gadget insurance in Nigeria?
Despite the peculiarity of each insurer, here are general reasons why you might not receive a claim, financial protection, replacement or repairs for your gadgets. Cosmetic damage, damage already covered by the manufacturer’s warranty, deliberate damage or neglect of devices, damage that occurs during criminal activities, and damage caused by the influence of alcohol.
In what instance will you be deprived of protection after buying phone Insurance?
Carelessness, theft while unattended, delays when reporting a phone stolen or lost, under the age of 16 or 18, phones that are more than 3 years old, second-hand phones, deliberate damage and neglect of phone.
3. Payment flexibility options?
The world is digitally transforming, and most insurance providers are swayed in that direction, accepting various payment methods such as debit cards, electronic transfers, and more.
Premiums(the specific amount you pay your insurer to access insurance benefits) can be paid annually or spread to be paid semiannually, for 9 months, bi-monthly or even monthly. However, these timeframes are determined by your insurer.
Explore various payment options that suit your pocket before deciding on an insurer.
4. Does it cover both new and old devices?
When purchasing phone and gadget insurance, inquire from your insurer about their policies on covering new and old devices. Brand-new phones and devices are often insured with little or no restrictions. In cases where insurers offer coverage for second-hand phones, they are limited to a certain age: 6 months, 18 months, and for some 3 years.
Having a refurbished or second-hand phone doesn’t stop you from getting it insured. Still, you may be requested to pay a higher premium than you would when insuring a new phone or device.
5. Access to claims after an unprecedented event?
Companies have a wait duration before the purchase of an insurance policy. A claim can only be made after the waiting period. The waiting period can span 48 hours, 72 hours and some 14 days.
How much can you receive after a claim?
Some insurers strictly provide a fixed amount for your phone and gadget insurance in a year. Some cover only a set number of claims, while others are flexible regarding the number of claims you can request.
Sometimes, your insurer might even provide a claim lower than your gadget’s initial value. Ask questions, and be sure of the policy to avoid getting an unsatisfactory cover.
6. Proof of Ownership
Proof of ownership is vital to getting a gadget or phone insurance and, most notably, making a claim when your device or phone is stolen, damaged or lost.
Proof of ownership shows the insurer that you own the gadget or mobile device. If you were gifted, ensure that ownership transfers to you before insuring the device.
In conclusion, home insurance, also called homeowner insurance, is an alternative to mobile/gadget insurance. The insurance policy protects your home’s personal possessions and content, such as a mobile phone and other gadgets. To have coverage for your device, make sure you list your phone and property under personal property.
Investing in phone and gadget insurance gives you the confidence to perform your daily tasks. Every insurer has unique coverage specific to your needs. Before purchasing your phone and gadget insurance, do your research, weigh your options and make a choice that agrees with your daily lifestyle to get the best experience from your insurer.
In Nigeria, before purchasing a phone or device insurance, it’s important you do diligence on the status of the device, such as when it was bought, if it is a new one, an old device and more.
Octamile has partnered with trusted insurers to provide you with the best and most affordable insurance coverage for all your gadgets and devices. To find out more, send a message to business@octamile.com or +234 701 880 8080. You can also contact us or see here to access different affordable insurance policies from different insurance providers on one platform.
