Will Gadget Insurance Become a Necessity in the Future?

The use of gadgets is becoming increasingly popular in the 21st century, so having insurance for gadgets might also become a household essential – but what’s the likelihood of this happening?

How many gadgets do you carry on a daily basis?

At the moment my bag, which I carry to and from work on a daily basis, consists of my laptop and eBook, not to mention my phone that I carry in my pocket.

There are a some people, you’ve probably seen them, that have some sort of touchscreen tablet and maybe a second exclusive work phone to add to this – potentially totaling the contents of a bag to in excess of £1,000.

Carrying this amount of hardware across the city, although not uncommon, can result in a major headache if your bag is misplaced or you get caught in the rain.

Without gadget insurance there is a chance you’d have to pay out for these gadgets, adding to the inconvenience that it will no doubt cause.

Are these covered by home insurance?

In some cases gadgets will be covered by home insurance, although it essential you sign up for accidental damage or loss at the time of the policy.

As well as this, some gadgets might not be covered due to age or value – again, ensuring you’re policy stretches as far as you want it is essential.

On the other hand gadget insurance allows you to pick gadgets to cover specifically. If you have an iPad it’s covered, if you want to cover your phone separately – for any eventually – that’s a possibility as well.

Everyday gadgets

Gadget insurance, for bulk or individual gadgets, is already available from a variety of online stores and is well worth purchasing if you’re going to be on the move regularly with a bag of technology in tow.

These insurers, by nature, have a greater knowledge of gadgets and ensuring reasonable replacements in a timely manner – essential if you lose a phone – than a home insurer.

The reasoning is simple, a butcher has a better understanding of meat than you or I, and gadget insurer is no different within the industry it works.

Home insurers might not be as understanding – especially as the line between the contents of a house and gadgets on the move is blurred.

My niece is starting a new school in January where the prime method of teaching is an iPad, would you send a four year old to school with a £300 piece of kit that may or may not be covered under home insurance? I certainly wouldn’t.

Keith Hodges works for whatismoney.co.uk, writing financial news and feature for young people and students looking to learn the basics of financial management.