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Your Ultimate Guide to Laptop Insurance

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Be it students or professionals, a laptop is an integral part of their work. With everything going online, including meetings, the use of laptops has extensively increased. One of the main reasons for their popularity is the ease of portability which allows the owner to work from anywhere and anytime. With this flexibility, more and more people are switching from conventional desktops to laptops. For those who use them, it is used for things beyond work, and thus, it becomes an important part of their life.

The issue comes when there is any kind of damage to this machine and managing without it for a day too becomes a task. For such times the solution is electronic equipment insurance. At the end of the day, a laptop is a machine, and it can get damaged. You can lose your data, and sometimes the only solution remaining is to get a new one. Be it repair or replacement, having laptop insurance is the answer.

For a student who has to submit an assignment or for an employee who has an important deadline to meet, this can cause a lot of problems and, of course, anxiety. Laptops do not come cheap, and repair costs also are not less. Thus, the common question is, can a laptop be insured? Let us learn about all details to insure your laptop.

Can Insurance be Taken for a Laptop?

If you want a single-word answer, it is yes. You can insure your laptop. Laptop insurance comes under portable electronic equipment insurance. This policy covers the damage that can happen to the laptop due to one of the covered perils. The cost of repairs is paid by the insurance.

The next question that comes is that do you need laptop insurance. Let us list some of the main reasons why buying laptop insurance is advisable.

● The policy will cover the damages which are not payable under the warranty of the laptop.

● The sum insured is paid by the insurance company in case the laptop gets stolen, and this helps in buying a new one without financial strain.

● The laptop can be repaired properly if it is damaged as the cost of repair is paid by the insurer.

What are the Inclusions of Laptop Insurance Policy?

The following perils are covered in the laptop insurance:

● Mechanical or electrical breakdown

● Damages or cracks to the screen of the laptop

● Laptop loss

● Burglary or theft of the laptop

● Accidental damage to the laptop

● Loose part or faulty battery of the laptop

● Seepage or liquid spillage causing damage to the laptop

● Burn out of the LCD

● Error or failure in the RAM

● Hard drive crash of the laptop

What are the Exclusions of the Policy?

While the above perils are covered, and any loss to the laptop because of these will be covered in the policy, there are some exclusions as well. The claim for these will not be payable and thus, knowing them is essential. Let us list some of them here:

● Any damage caused to the laptop due to wilful negligence of any individual or the owner

● Damages caused due to riots, war, terrorism, etc.

● The natural wear and tear or depreciation of the laptop due to usage

● Any pre-existing or manufacturing defects in the laptop before it was bought

● Any damage caused to the laptop due to the climate

● The insurance company does not pay for any regular maintenance charges for the laptop

● Damage caused during repairing.

Laptop Insurance and Claim

If you want to insure a laptop, you have to contact the insurance company offering the product. Understanding all inclusions and exclusions of the laptop insurance policy is essential. Once the proposal is accepted after the submission of documents, the premium can be paid, and the insurance policy for the laptop is effective. To insure your laptop, you should be the legal owner of the laptop and the bill of purchase must be provided to the insurance company.

In case there is any damage due to any of the perils covered, a claim has to be filed. To do so, the following steps have to be followed:

● The first step is to inform the insurance company if there is any damage caused to the laptop. After registering the claim, a claim number will be issued, which has to be used in all future communications.

● In case of theft, an FIR has to be filed at the nearest police station. You should always remember to make copies of the same as it will be needed later.

● The insurance company will appoint a surveyor to assess the damage, or they can send it to the service centre to ascertain the cost of repairs.

● For a speedy settlement, all relevant claim documents must be submitted to the insurance company. Some of the documents required are the claim form, pictures of the damaged laptop, proof of identification of the laptop owner and an FIR in case of a theft claim.

● Once the insurance company, through the surveyor or the service centre, has ascertained the damages, a claim report will be made, which will have the calculations and the claim amount.

● In the case of cashless, the repair cost will be paid by the insurance company. The amount will be sent to the bank account if it is not cashless.

Frequently Asked Questions on Laptop Insurance

1. What happens when a laptop is completely damaged?

If the cost of repair is more than 75% of the cost of the laptop, the claim becomes a Beyond Economical Repair, and the entire sum insured is paid to the insured after deducting the scrap value.

2. What is the validity of a laptop insurance policy?

Like most other insurance policies, this is also valid for one year. There are some companies that can offer coverage for a longer duration.

Conclusion

Laptops are expensive and very essential gadgets for most of us today. The damage and the subsequent repair are also not cheap and can leave a hole in the pocket. Depending on the warranty period, damages and repairs will be covered, but not all repairs are covered in this period. Thus, it is important to have a laptop insurance policy to pay for the repair cost. This electronic equipment insurance gives good coverage, and there is an option to take add-on coverage to make the policy more suitable. So if you have a laptop, a laptop insurance policy is a must-have.

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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