{"id":426,"date":"2015-02-17T17:29:18","date_gmt":"2015-02-17T17:29:18","guid":{"rendered":"http:\/\/blog.mrlender.com\/?p=426"},"modified":"2021-01-05T15:31:54","modified_gmt":"2021-01-05T15:31:54","slug":"have-you-got-it-covered","status":"publish","type":"post","link":"https:\/\/www.mrlender.com\/blog\/have-you-got-it-covered\/","title":{"rendered":"Have you got it covered?"},"content":{"rendered":"

The UK is a\u00a0gadget nation whose obsession has led to these gadgets playing an\u00a0essential role in\u00a0our everyday lives. From laptops, e-readers and tablets, to smartphones, cameras and wearable devices, the advancement of mobile technology means that gadgets are everywhere. With this obsession\u00a0in full swing at this week’s Gadget Show Live, the Mr Lender blog<\/a><\/strong> tackles the topic of\u00a0gadget insurance.<\/p>\n

\u201cWhy do I need gadget insurance?\u201d we hear you ask … well, we have some advice on why this additional expense could prove beneficial (and help save you money in the long run), plus we\u2019ll point out some\u00a0key features worth looking into before taking out\u00a0your policy.<\/p>\n

\"Gadget
Gadget Insurance – have you got it covered<\/figcaption><\/figure>\n

The obsession<\/strong><\/h2>\n

Last year saw gadgets officially outnumber human beings, with numbers going from 0 to 7.22 billion worldwide in under 3 decades. Britons regularly carry over \u00a322 billion worth of gadgets on their person every day, with the average rush hour train on the London Underground carrying an estimated \u00a3500,000 worth of smart devices. Our dependency on gadgets means that when they go wrong it not only causes a huge inconvenience,\u00a0but there are also significant financial implications, with a staggering \u00a31.2 billion worth of gadget disasters estimated to occur each year.<\/p>\n

Despite this, most\u00a0of us are\u00a0reluctant to protect the devices that are most dear to us. A study commissioned by Affinion International, a global leader in consumer engagement, found that the UK collectively spends \u00a39 billion a year on new gadgets. However with\u00a017% reporting that they\u00a0broke their\u00a0shiny new gadget\u00a0in the\u00a0first year, it’s surprising that over 2\/3 of us have no insurance cover for\u00a0our devices. With mobile technology being just that, mobile, we are most likely to damage our devices when we’re out, with 59% of us\u00a0losing our gadgets in public places each year. This proves a problem for people relying on conventional home or contents insurance to cover any loss or damage to gadgets. These insurances rarely cover your devices\u00a0outside the home, and any claim made for damage that occurs inside the home will most likely result in a large excess payment, the loss of your no-claims bonus and your premium going up upon renewal. Moreover, normal home and contents insurance is highly unlikely to cover mechanical breakdown, accidental damage or cracked screens, which is the most common damage to occur to gadgets.<\/p>\n

This is where gadget insurance comes in<\/strong><\/h2>\n

With this\u00a0specialist insurance you get a greater level of protection that covers all of your gadgets wherever you are, plus cheaper excesses should\u00a0you claim. Multi-gadget insurance<\/strong><\/a> can be extremely beneficial\u00a0even if you only carry a small number of high-tech items around with you. Losing or damaging just one item, such as your tablet, could cost you hundreds of pounds to replace, whereas gadget insurance is a\u00a0fraction of the price. Although mobile phone providers offer their own independent insurance cover, this can prove expensive and only covers your phone. \u00a0With so many of us carrying around more than one gadget, multi-gadget insurance works to protect all your devices under one policy. \u00a0Once covered, you can rest easy in the knowledge that your devices are protected worldwide against unauthorised use, accidental damage, liquid damage, mechanical breakdown, theft, cracked screens and more. Plus, all insurers provide\u00a0family cover\u00a0so\u00a0your devices are\u00a0protected even if your partner or immediate family are the ones using the device when the unthinkable happens.\u00a0Another bonus is that nearly all multi-gadget\u00a0insurers offer discounts for insuring more than one device on the same policy. With discounts ranging from 5-15%, it makes it easier for you to protect all of your gadgets while keeping costs down.<\/p>\n

Multi-gadget insurers<\/strong><\/h2>\n

Gadget insurance is seeing a significant growth as an industry, with new\u00a0companies appearing every day as more of us seek to protect the devices that are most precious to us. With so many providers out there offering roughly the same price, it can seem quite a daunting task to chose the right insurance for you. \u00a0However, it’s worth noting that although their prices are similar, the actual cover for most insurance providers can differ greatly around certain important features, especially regarding what is covered as standard and what is an optional extra. \u00a0To help you make an informed\u00a0decision, we’ve broken down the key features that you should\u00a0look out for when deciding to take out a multi-gadget insurance policy.<\/p>\n

What\u00a0features to look out for:<\/strong><\/h3>\n
Loss<\/strong><\/h5>\n

Nearly all gadget insurers do not include loss as standard. \u00a0Instead it is either an optional extra or part of a more expensive package. \u00a0If you do decide to include loss as part of your policy, check what items are included as many\u00a0insurers will not cover\u00a0laptops or macbooks under loss.<\/p>\n

Theft<\/strong><\/h5>\n

Most insurers include theft as standard, however some i.e. Gadget Buddy<\/a> <\/strong>or Trusted Insurances<\/a><\/strong> have started to include it as an optional extra on a more expensive package. Check the terms and conditions of the policy beforehand to ensure that theft is included in your cover…do not assume it will automatically be part of the policy.<\/p>\n

Excess<\/strong><\/h5>\n

Although excesses tend to start at\u00a0\u00a325, gadget insurers base the excess on\u00a0the value of the product that you are claiming against, so you could end up paying as much as \u00a375 excess depending on the item. Nearly all\u00a0insurers will charge higher excess values for iPhones, iPads\u00a0and laptops. There are only a handful of gadget insurers that will let you set a flat excess rate across all of your gadgets. Keep in mind that a lot of insurers will also charge an extra \u00a325 on top of your normal excess if you claim within the first 30 days or even up to the first 3 months of your policy starting, so check the terms and conditions of each insurer before you take out a policy.<\/p>\n

Starting cover<\/strong><\/h4>\n

Always check to see when your cover starts. Most insurers will not cover you for the first 14 days of your policy, and if you make any changes to your policy, you have to wait another 14 days before you can make a claim. Some insurers include\u00a0instant cover (i.e. Gadget Cover and Trusted Insurances), but this cover is normally only active within the UK and you\u2019ll still have to wait another 14 days before that cover goes worldwide.<\/p>\n

Claiming<\/strong><\/h4>\n

Check the terms and conditions of\u00a0the policy before you purchase it to see how many times you can claim within a year. If you are accident prone, you are best to go with an insurer who gives you unlimited repairs and replacements, like Gadget Cover<\/a><\/strong>, as many\u00a0insurers will limit the number of claims and replacements you can have throughout the year.<\/p>\n

Additional Features<\/strong><\/h3>\n

Get the most from your gadget insurance by finding an insurer that gives you added benefits.<\/p>\n

Data back-up<\/strong><\/h5>\n

The reason we value our gadgets so highly is because of the content we store on them. \u00a0It’s therefore surprising that so few gadget insurers include data back-up on their cover. This is an extremely helpful feature that will store your phones content (including contact numbers, photos, music etc) and let you transfer them to your new device if the old one needs replacing. The only insurer we have found so far offering this serve is Gadget Cover.<\/p>\n

Online fraud\u00a0protection<\/strong><\/h5>\n

A handful of\u00a0insurers offer this useful feature which compensates you if someone steals your device and uses your online banking apps to withdraw money from your accounts. \u00a0This cover\u00a0is often referred to as\u00a0‘e-wallet’ protection,\u00a0and is offered by Trusted Insurances<\/a>, Switched On\u00a0Insurance<\/a><\/strong>, and a few others.<\/p>\n

Accessory cover<\/strong><\/h5>\n

Offered by some insurers as standard, this cover is useful if you’re all about your Beats headphones and SD cards. \u00a0Most insurers have accessory cover as an optional extra so check the terms and conditions of your policy\u00a0before you take out any cover. \u00a0So if your accessories are just as valuable to you as the gadget, make sure you get them covered. Whatever multi-gadget insurance you decide to take out, please note that insurers won\u2019t allow you to add a gadget that is older than 18 months. However, it is worth remembering that if your gadget is less than 6 months old and has a mechanical breakdown, you do not need to claim on your insurance policy as it is more\u00a0likely a fault with the product that will fall under the device’s warranty, than damage caused by general wear and tear. \u00a0If this happens, take the device back to the shop or supplier you purchased it from.<\/p>\n

Remember…<\/strong><\/h5>\n

Do your research before you take out any policy to ensure that you not only get the best value\u00a0for money, but that you get the right cover to suit your devices. *Please note, exclusions apply to all Multi-Gadget Insurance packages. Please read the Terms and Conditions of your policy to ensure that you are fully clear on the coverage and exclusions that apply.<\/em><\/p>\n

Mr Lender<\/a> is a leading UK-based short-term credit provider. \u00a0We provide\u00a0payday loans<\/a> and short-term loans<\/a>\u00a0of up to \u00a31,000, repayable up to six months.<\/strong><\/p>\n

Warning:\u00a0Late repayment can cause you serious money problems. \u00a0For help go to\u00a0moneyadviceservice.org.uk<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK is a\u00a0gadget nation whose obsession has led to these gadgets playing an\u00a0essential role in\u00a0our everyday lives. From laptops, e-readers and tablets, to smartphones, cameras and wearable devices, the advancement of mobile technology means […]<\/p>\n","protected":false},"author":6,"featured_media":436,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[296],"tags":[78],"yst_prominent_words":[2615,2593,2661,2664,2609,2071,2603,2650,2057,2641,2530,2636,2668,2656,2666,2630,2646,2653,2598,2623],"class_list":["post-426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","tag-cover-gadgets"],"jetpack_featured_media_url":"https:\/\/www.mrlender.com\/blog\/wp-content\/uploads\/2015\/02\/gadget-insurance-have-you-got-it-covered-header1.jpg","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/posts\/426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/comments?post=426"}],"version-history":[{"count":7,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/posts\/426\/revisions"}],"predecessor-version":[{"id":7426,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/posts\/426\/revisions\/7426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/media\/436"}],"wp:attachment":[{"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/media?parent=426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/categories?post=426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/tags?post=426"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.mrlender.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}