With an increase in the usage of electronics in today’s world, insuring your electronic gadgets has become the need of the hour. While most manufacturers do provide at least a 6-month or 1-year warranty, this is inclusive of manufacturing defects only. That is why there is a need for availing of electronics insurance.
With an electronics insurance plan, you can ensure the safety of your electrical equipment or any other gadget if it gets damaged or stolen. An electronics insurance policy also offers protection against fire damage and burglary. To have a better understanding of an electronics insurance plan, read on.
What do you mean by electronics insurance?
As a part of this policy, financial coverage is offered for any unforeseen damage caused to the electronic equipment insured. If your electronic equipment is stolen or damaged, you are eligible to file a claim under this plan.
Here are a few electronic products suitable for coverage under such a policy:
- Digital planners
- Voltage stabilizers
- Electronic control panels
Keep in mind that consumable goods or any problem in equipment operation may not be included in the cover. If you have installed any new electronic item, you may get a cover provided it is added to the coverage policy.
What are the key features of an electronics insurance policy?
When your electronic equipment malfunctions due to any reason as specified in the policy document, the policy considers the reason as unexpected physical damage and reimburses the equipment cost to you.
Availing an electronics insurance cover can help you manage huge costs that may arise due to mechanical failure of the device or loss due to a fire accident. You can file a claim for all your insured electronic products to enjoy peace of mind while reducing the burden on your wallet.
Another key feature of an electronics insurance plan is you can avail of comprehensive cover by paying a pocket-friendly premium amount. Many insurance providers offer up to a coverage of ₹20,000 at a nominal premium of only ₹700-800.
What are the inclusions and exclusions in an electronics insurance plan?
While you can claim reimbursement for equipment repair costs in case of an electrical or mechanical breakdown, note that you can claim only up to the maximum sum insured.
For instance, if your equipment has been insured for ₹30,000 and the bill of repair or invoice amounts up to ₹50,000, the difference of ₹20,000 has to be borne by you.
If there is any accidental damage to your electronic equipment, you can make a claim. In case the accident occurs while the equipment was in your possession, repair costs are also covered.
You can also get reimbursement if your equipment gets damaged due to natural disasters like thunder and lightning.
However, any damage caused by pollution is excluded from the policy. Also note that you need to complete the insurance application form within a period of 30 days from the purchase of the equipment.
How can you file a claim for electronics insurance?
Note the following factors to keep in mind at the time of making a claim:
- Ensure your application is filled out properly
- Submit the equipment purchase bill
- Provide an FIR copy in case of burglary
To raise a claim, all you need to do is call your insurance provider on a toll-free number or send an email to customer care. Explain the issue and submit the documents for speedy claim address.
There are many companies providing electronics insurance. With this policy, you can rest assured about your expensive electronics as the complete cost of damage will be taken care of.
Choose a feasible plan after reading the policy terms and conditions thoroughly. With a simple and quick documentation process, buying a plan is hassle-free.