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Gadget Insurance Guide: Everything You Need to Know

Our lovely devices bound to get broken, lost, or stolen due to some accident that might not even be our fault. Now, you have to ask yourself a couple of questions: Is the repair cost worth it? Can I even afford to buy a new one right away? Also, you may be disappointed to find out that the warranty won’t provide coverage for it. But, don’t worry, there is a solution: Gadget Insurance. There are many gadget insurance providers out there that, for only a few pounds/month, will save you from frustration and provide you complete protection. However, there are so many different insurance policies out there. What you should do is pick one that best fits your needs. Several factors can help you narrow down your choices, and we’ll discuss them here below!

How Much Do I Receive? 

That’s the most significant selling point for every insurance provider: Cost. If you’ve dropped your phone on a hard sidewalk or, god forbid, in the water, then you know that a simple phone screen will cost above £100! So naturally, a £5/month mobile phone insurance fee is far more attractive than a £100 repair cost. There are two cost factors that you should consider:

Maximum Coverage 

When you suffer a “device accident”, there’s a specific limit on how much you can claim. That’s different for every insurance provider. You need to choose one that gives you the highest coverage, especially for gadgets like laptops, smartwatches, and other expensive devices. For example, most laptop insurance providers usually cover up to £3000, but some great ones cover you up to £10,000

. Standard Excess 

For every insurance claim, you’re required to pay a certain amount. The standard excess is different for every company. Some charge fixed fees, while others alter the amount based on the gadget, the circumstances, etc. While the selection of high excess can lower your monthly fees, make sure it’s not above your budget. Moreover, if the excess is too high, it doesn’t make sense to file any claim for cheap gadgets. 

When Am I Covered? 

Some companies focus on one item and are essentially either laptop insurance providers or mobile phone providers. 

Even if you only need insurance for one device, it’s safer to get a comprehensive policy because if your laptop and smartphone get damaged or stolen together, one individual policy won’t help you. Plus, it’s not just gadgets. You need something to protect you against any source of damage. After all, that’s why you gave up on the warranty in the first place. Most gadget insurance providers cover against the following damages: 

Theft & Loss 

If you haven’t been a victim of theft, you likely know someone who has. It’s because gadgets, especially costly ones, are attractive targets for thieves. If you’re at a party and feel that your pocket is lighter than usual, no worries, a good mobile insurance provider covers you against this!

 Accidental Damage & Water Damage 

Most gadget owners in the world have accidentally dropped their device and helplessly watched the fall with terror, or unknowingly stepped on their device and heard the painful crack. Plus, you’d be surprised how many people accidentally spill water on their device or drop it in the toilet; it’s 26% of all smartphone damages in the U.S.! 

Mechanical Breakdown You can’t blame it all on yourself. For example, you may be busy with work on the laptop and suddenly see the screen turn dark and not turn on again. Most laptop insurance providers cover this one, but some may differ depending on the exact cause. 

Worldwide Cover 

You may travel outside the U.K., and there’s no doubt your device requires protection regardless of where you are. Only a few insurance providers can protect your device in any part of the world.

 When Am I Not Covered? 

We’ve mentioned the circumstances that most providers cover. However, it doesn’t mean they cover everything. Let’s see some of these exclusions. 

Accessories & Data 

Most insurers won’t compensate you regarding additional accessories, or they may provide you limited coverage. For example, they won’t cover anything above £100. In terms of data, it’s just better to get a backup because most insurance providers don’t cover data loss (which includes virus damage). Even the ones that do only cover paid music or downloads. 


Yes, you can file a claim for stolen or lost gadgets, but not always. For example, if you leave your car unattended and someone grabs the laptop from the car seat, no insurance provider will give you any money. Also, the only way to obtain coverage for lost gadgets is to clearly remember the time and place. The terms and conditions differ for every provider, but that’s the general rule. 

Not Too Soon & Not Too Late 

With some insurance providers, you should wait at least 14 days after the policy start/amendment date to make a claim. In addition, some insurers only protect new gadgets and support refurbished devices for a particular time frame (for example, until they are two years old). Plus, all devices bought out off auction sites and any faults already covered under warranty are excluded from the policy. 

Bottom Line 

There’s no gadget user who hasn't experienced an incident of some sort with their device. Unfortunately, in today’s busy world, that’s the inevitable fate awaiting any piece of technology. Since manufacturer warranties are full of exceptions that exempt them from taking responsibility for a wide variety of stuff, the best way is to seek a reliable gadget insurance provider. But, be careful not to select ones that are too “economical.” Too low prices mean they’ve cut corners elsewhere. It’s not that you should obtain an expensive policy. Just make sure the provider offers enough cover options and gadget types. Plus, you need an insurer that provides high maximum coverage. 

Lycainsure’s gadget insurance plan checks all of these boxes, making it an affordable yet comprehensive policy. Hence, what are you waiting for? Contact us right away to inquire about an insurance policy tailored precisely to your needs at highly competitive rates.