TV Insurance: Coverage, Claim & Exclusions

Posted on: Nov 18, 2022 | | Written by:

TV Insurance: Coverage, Claim & Exclusions

Published on November 18, 2022. EST READ TIME: 3 minutes

There was a time in the country when not every household had a TV. But now times have changed and most households have more than one. It is tough to imagine a house without a television. With a large number of channels and content options on OTT, TV is an important part of our lives.

TV is important for a house and thus, a product specific to the electronic item has been created i.e. TV insurance. Why is insurance for TV important and essential? Technology has grown rapidly in the last two decades and so have televisions. Back in the day, it used to be a bulky box and now there are smart and sleek-looking televisions with amazing clarity. Not to miss, there are many models available and some cost a very high amount. These latest TV models are not cheap and at the same time fragile. They can get damaged easily and thus, protecting them is important.

Everybody does everything possible to keep their TVs safe and well-maintained so that they work perfectly. But accidents happen and they do not come announced that you can be safe. For events which are not under our control here is TV insurance. Your home insurance policy will have an electronic equipment cover and this will keep your TV protected against any loss or damage or breakdown.

Let us understand TV insurance in detail.

Types of TV Insurance

Every new television comes with a minimum warranty of a year and is sometimes extended too. Once this period is over you can take an insurance plan for your TV that will cover the risks it can be exposed to. There are essentially two types of insurance for your TV.

● An individual plan that will only provide coverage against the risks that the TV can be exposed to

● A package insurance policy which will cover all the expensive products and equipment and is popularly known as product insurance

Covers

A TV insurance policy covers the following:

● Any damage to the TV due to fire

● Burglary and theft

● Malicious attacks

● Natural calamities like earthquakes, storms and cyclones

● Electrical or mechanical breakdown

● Third-party liability

● Some policies have an accidental cover as well

Claim Process

The importance of any insurance policy is evident when you need to file a claim and TV insurance is no exception. In case of any mishap where the TV is damaged and not working, and you intend to file a claim, there is a process that needs to be followed. This ensures the claim is processed easily and there are no issues with the least chances of rejection. The following are the necessary steps that need to be followed:

● The insured should inform the insurer at the earliest and report the mishap. The claim can be intimated via calling on the customer care number or visiting the office or any other way listed on the website of company.

● All the necessary documents as required by the insurance company should be submitted.

● A surveyor or an official of the insurer will visit if needed to check the condition of the TV

● If the claim is valid and admissible under the policy, the claim s settled by the insurance company and the claim amount is paid to the insured

Documents Needed for Claim Settlement

The following is a list of basic documents that are needed for the settlement of a claim:

● Policy copy

● Duly filled claim form

● Invoice for the TV

● Estimate of repair

● Details of repair and invoice

● Any other documents if needed

A claim under this policy is usually settled under 30 days.

Exclusions

The following are not covered in a standard policy.

● Terrorist attacks, nuclear risks and war

● Pre-existing faults at the time of insuring the TV

● Unauthorised dismantling, repair or erection of the TV

● Only the antenna and not the TV gets stolen

● Any liability that the insured has to bear as per the policy

● Wear and tear and depreciation due to normal atmospheric conditions

● Manufacturing defects

● Any aesthetic defects like stains and scratches

● Wilful destruction or damaging or breaking the parts accidentally like dropping them on the floor will not be covered

● Any negligence of the owners

Important Aspects

Insurance companies today offer a special TV insurance policy. The other ways to cover TVs and other electronic equipment are to buy a home insurance policy and take electronic equipment insurance which has an enhanced version called portable electronic equipment insurance and covers all electronic items in the house including laptops, phones etc.

If you want to insure your TV and take a claim in case of a mishap, there are some very important aspects which need to be kept in mind.

● Proper care is taken by the owner and there is no negligence

● Any kind of repair work should only be done at a service centre that is authorised

● All terms and conditions and warranty policy must be read carefully

● The TV should be placed in the part of the house which is least prone to accidents

FAQs

1. What is covered under the TV insurance policy?

Any damage or loss caused due to cracks in the screen, fluctuation in voltage, theft, fire, TV software etc are all covered under the policy.

2. What is the validity of the policy?

The policy can be bought after the warranty of the TV is over. The policy is generally valid for 1 year or 2 or 3 also depending on the insurance company.

3. What is the premium payable on the policy?

The premium for the policy depends on the coverage, the model of the TV, the invoice value and the term of the policy chosen.

4. What is the sum insured?

The sum insured is the value of the invoice i.e. the price at which the TV was purchased.

5. Is there a limit on claims?

Usually, there is no limit on the number of TV claims that can be filed in a policy year. Having said that it can vary from policy to policy and one should always check their policy document carefully.

Conclusion

Television today is an essential part of every household and often each household has more than one. Technology has advanced a lot and the TVs are expensive and fragile. Due to this, it has become important to keep them insured and thus, buy a TV insurance policy . This policy is offered to ensure that the repair of the TV in case of damage or loss due to theft does not cause a financial burden. The insurance company takes care of these expenses reducing mental stress as well.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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