Laptop Insurance
In today's digitally driven world, it is hard to imagine staying without laptops, tablets and mobile phones. Laptops are used heavily not just while working but also in schools and colleges. We have moved from writing to typing. However, laptops are not pocket friendly and the prices depend on the model and features of the laptop as well. In a scenario when a laptop becomes faulty or is lost, what can customers do? In addition to losing a lot of money that they paid for the laptop, they will also lose all their documents and work that has been saved in the device. Although they may not receive their documents back, they may be able to receive the amount they paid. When customers buy a laptop they receive a one year's warranty but once this expires, customers will be left in a lurch. Hence, customers are advised to procure laptop insurance.
Overview of Laptop Insurance:
Laptop Insurance provides customers with cover for their laptop in case it gets damaged by fire, strike, riot, theft, accident or any other as defined by the insurance provider. This is necessary because all electronic gadgets especially laptops are delicate and can be damaged easily. Since they are expensive, having an insurance cover for them is financially wise. The terms and conditions of the insurance cover may vary based on the insurance company and the laptop usage and specifications, however there are certain basic points that are covered such as the one mentioned above.
Laptop Insurance Covers:
Coverage offered for a laptop is based on the insurance company. However, the laptop will be covered for damage caused due to theft, accident, other causes and the price for the laptop including taxes will be paid for. The premium that will have to be paid by customers will be based on the price of the laptop. Lower the price of the laptop, lower will be the amount to be paid as premium.
Companies that Provide Laptop Insurance are:
There are quite a few companies that provide laptop insurance to customers. Some of these include -
- ICICI Lombard that provides laptop insurance. The sum insured will be the market value of the laptop and premium will be based on the laptop model, claims experience and location.
- Times Global Insurance is another provider of laptop insurance. The process is hassle-free and the policy is easy to procure.
Laptop Insurance Claim Process:
Claims process for laptop insurance varies based on the reason for the laptop's damage.
Laptop Insurance FAQs (Frequently Asked Questions):
- What is Laptop Insurance?
Laptop insurance is a policy that customers procure in order to safeguard their laptop's value in case of any damage.
- For what reasons can a claim get rejected?
A claim can rejected if the damage is caused by a third party and not the insured, if the repair is not done at the authorised service centre, if the insured cannot prove that the laptop is stolen or if the damage is due to wear and tear or maintenance by the insured.
- What are the reasons for which insurance can be claimed?
This insurance can be claimed if the laptop is stolen or is damaged accidentally.
- How much is the premium that customers will have to pay?
The amount of premium to be paid will be decided by the insurance company. Generally, higher the value of the laptop, higher is the premium.
- What is the value that customers receive as part of their insurance claim?
Customers will only receive the depreciated value of the laptop as laptops are products whose value diminish over time. This value can even be as much as 75 percent.
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