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Gadget Insurance: What Is It & How Does It Work?

With the advancement of technology on all fronts, electronic devices have become a core pillar of modern life. We’ve become so attached to them it’s almost impossible to imagine a world without them anymore.

Nowadays, with just a typical smartphone, we can binge-watch our favourite shows, trade online, buy groceries, and even go on a date with a single swipe. In addition, we can use our laptops to work from anywhere around the world, write a novel, prepare a research paper, etc.

Inevitably, there will be times when these devices get lost, stolen, or damaged. Therefore, it’s only natural that we look for solutions to protect these valuable tools, and that’s why many today are seeking such a solution. The answer is a gadget insurance provider protecting gadgets against various sources of harm. If you’re asking what’s gadget insurance and how does it work, you’re not alone? We’re about to discuss it in this article.

What is Gadget Insurance?

Gadget insurance is a plan by a third-party provider to cover the cost of replacing or repairing your gadgets in case of damage, theft or loss. A standard plan usually covers smartphones, laptops, cameras, and even less popular gadgets such as e-readers. With exorbitant repair/replace costs, it’s far cheaper and easier to insure your device.

Like any other insurance industry, a provider will protect your device against multiple sources of damage. In exchange, you have to pay a monthly fee to the provider.

How Does it Work?

In most cases, a third-party insurance provider protects your gadget in case of any theft, loss, accidental damage, liquid damage, and mechanical breakdown. Any insurance plan will cover you in-country, but it’s best to have protection while travelling overseas. On the other hand, there are some instances where most insurance providers on the market won’t cover.

For example, if you lose or damage the gadget due to neglect, there won’t be any coverage. If the manufacturer’s warranty already covers specific damage, insurance doesn’t need to cover the cost of repair/replacement. More importantly, you should know that the insurance is a hardware service, meaning it doesn’t cover the data, applications, or content inside your device.

In addition, every insurance provider can cover the costs of these damages to a limited extent. Some providers offer more coverage but charge higher prices. Others provide a basic plan and charge for any extra coverage. The key is to find a proper balance between cost and value. On every policy, you may need to pay an excess fee, different in every provider. Be mindful in selecting an optimal one.

There are a few other requirements or criteria that largely depend on the provider. For example, some providers won’t insure used gadgets or certain size gadgets or devices that are over twelve months old. Hence, be sure to check all of these points before making a final decision.

Bottom Line

Electronic gadgets have become an irreplaceable part of our personal and work lives. However, the cost of repairing or replacing these gadgets can be beyond the budget of many people. That’s why gadget insurance has experienced an increasing surge of popularity in the last decade. Many general and niche providers offer gadget insurance, but it’s best to do your research and choose one that covers a wide range of devices.

Moreover, the insurance policy should not be limited to a few sources of damage. Lycainsure is one of the most famous names in the gadget insurance industry that can safely protect all of your devices at a fair monthly price. Do you still have questions? Please feel free to contact us.