Is Insuring Your Gadgets Worth It?

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If you’re a student, could you imagine losing your smartphone? Losing all your phone contacts, photos and videos stored on your phone would be disastrous. If you lost your laptop, how will you be able to complete your assignments? What if you returned from your overseas trip only to find you lost your camera?

Losing your gadgets isn’t only inconvenient it’s also highly costly. The value of a smartphone, laptop and camera could easily add up to the thousands. For students who are already dealing with tuition fees, textbooks and stationery costs, this is a lot of money. This is where gadget insurance can help.

About Gadget Insurance

Gadget insurance covers the replacement or repair of your gadgets due to theft or damage. It means if your gadget breaks down, is accidentally broken, is stolen, or lost, then the insurance policy will take care of the costs of repairing and replacing the gadgets. This means you won’t have to go through the process of finding a reliable repairer or face the large cost of replacing the gadget yourself.

What Does The Coverage Include?

Gadget insurance covers situations such as:

-Accidental damage
-Mechanical breakdown
-Accessory cover
-Unauthorised use
-Liquid damage
-Cracked screen
-E-wallet cover

Gadget insurance providers will usually have various levels of coverage depending on the packages they provide. The amount of coverage you choose will come down to your budget, preferences, and policy you select.

Benefits of Gadgets Insurance

Multiple Package options – some insurers provide multiple options for their gadget insurance packages. They allow you to select the level of coverage you need according to your own budget, preferences, and needs.

Student discounts – If you’re a student then some insurers offer student gadget insurance policies with discount pricing. These policies are aimed at students, so they are affordable. You can also select the level of coverage you require according to your budget and needs.

Disadvantages of Gadget Insurance

Excessive costs – the costs of gadget insurance add up over time. In some cases, if you had saved the deductible that you pay monthly you might be able to buy a new phone yourself. So, you need to weigh up the cost of replacing your existing phone and the insurance costs to ensure that the policy is worthwhile.

Long contracts – this is related to the first point. The long contract locks you into a payment for an extended period of time. It means that the total amount of payments might end up being more than the cost of your gadget. In the meantime, you may even decide to switch your smartphone or buy a new laptop. The policy may not be transferable to your new device, or you may incur fees doing so.

Gadget Insurance is worth it for the right person

If you want to save yourself from the inconvenience of replacing lost gadgets, without replacing and repairing them yourself then gadget insurance is ideal for you.

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Samantha Acuna is a writer based in San Francisco, CA. Her work has been featured in The Huffington Post,, and Yahoo Small Business.