Should I Insure My Gadgets Separately?
If you have more than one or two gadgets you need to insure, a multi-gadget insurance policy could save you money and work out to be a more cost-effective option. It’s definitely worth looking at the costs of having separate policies for your gadgets versus a multi-gadget policy.
Most insurers class the following as gadgets: laptops, phones, tablets, smartwatches, cameras, e-readers and sat navs. Essentially, if it’s electronic and portable, it’s a gadget! Most of us have more gadgets in our homes than we realise.
What Will Multi-Gadget Insurance Cover?
With multi-gadget insurance, you can insure all the gadgets in your home on one policy – even those belonging to other family members who live with you. Some insurers will allow you to add an unlimited number of gadgets, offering a percentage discount for each one you add. Others will limit the number of gadgets you can add to your policy.
Every insurer will offer something slightly different, but typically a gadget-insurance policy will cover you for accidental damage as standard. More expensive policies may also include the following cover:
- Mechanical breakdown
- Liquid damage
These types of cover may well be classed as ‘add-ons’ and come with an extra cost.
Shop around to make sure the policy you choose covers everything you need.
What Factors Should I Consider?
When shopping around for a policy, there are three key elements you should consider:
- Cost: Your premium is the total amount you will pay for your policy. Some insurers will offer a discount for insuring multiple gadgets, or if you choose to pay your premium as a one-off payment rather than in monthly instalments.
- Excess: An excess is the amount you will have to pay towards a claim. Generally, the higher your excess, the lower your premiums will be. It’s important you only choose an excess that you can afford.
- Maximum cover: This is the total amount you can claim for. With a multi-gadget policy, you need to ensure the amount of cover is adequate to replace all your gadgets if they were to all be damaged at the same time or stolen in a burglary.
Aren’t My Gadgets Covered on my Home Insurance?
This will depend on your policy. Lower-value gadgets may well be covered, but your policy may not insure them outside the home. Also, the excess on a home insurance policy is often higher than the value of some gadgets, so you may not be able to claim for them.
That said, it’s certainly worth checking the details of your home insurance policy before you make a decision about separate gadget insurance.