How does gadget insurance work?

What is gadget insurance?

Gadget insurance is specifically designed to cover the cost of repairing or replacing your various gadgets if they’re damaged, lost or stolen. It can protect items such as your smartphone, laptop, tablet, games console, digital camera and e-reader, even your fitness tracker and sat nav; given the expense of many of these gadgets these days, it isn’t always easy to cover the cost of replacement out of your own pocket, which is why a lot of people choose to have this kind of policy.

What does gadget insurance cover?

Every policy is different, but typically speaking, gadget insurance will cover:

Loss
Theft
Accidental damage (including cracked screens and liquid damage)
Mechanical failure/breakdown (if your device is out of warranty)

You should be covered when outside the home and ideally you’ll want protection when you’re overseas as well, particularly if you travel a lot. However, it’s important to remember that some insurers will ask you to pay extra for certain types of cover – some basic policies won’t cover loss as standard, for example – and others will let you create a package of cover that’s designed according to your needs.

What won’t gadget insurance cover?

This again depends on the insurer, though there are some things that most providers won’t cover, including:

Cosmetic damage
Damage that’s already covered by the manufacturer’s warranty
Loss or damage where you didn’t take proper care of your device
The contents of your device (such as photos or software)

There are a few other things to look out for as well. Some providers won’t insure a phone that’s over six months old, for example, while others won’t cover a second-hand model, and a few won’t insure a phone with a screen that’s over a certain size. Nearly all will require proof of purchase for any device you’re looking to insure, so make sure to have it to hand. It’s always important to carefully check the details of any potential insurance policy so you’re fully aware of any exclusions.

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Are my gadgets already covered?

In some cases, your gadgets may already be covered by a separate insurance policy. Your home contents insurance may offer some form of protection, for example, though if you’ve got several high-value devices it may not be sufficient, and you may not be covered against accidental damage or damage that was caused outside the home. The excess can often be high, too, which may mean it isn’t worth claiming.

Alternatively, some current accounts come with a package of insurances, of which gadget or mobile phone insurance is often one. However, again you need to make sure that the level of cover is suitable and that the excess isn’t too high, and you’ll also want to check the claims rules – some will only allow you to make one claim in a single year, which if you’re accident prone, may not be sufficient.

Yet it’s still worth checking to see if you’re covered elsewhere; just take a close look at the small print to ensure the cover will be sufficient, and if not, it may be worth looking for a separate policy.

Most electronic devices will come with some form of warranty, though this will usually only be for a short space of time, and will typically only cover mechanical breakdown. Things like accidental damage and loss/theft won’t normally be covered, so it may be worth investing in a basic policy if your device would cost a lot to repair or replace.

How much does gadget insurance cost?

This will depend on a number of different things, including the value of the gadget you’re looking to insure, the level of cover you want, the amount of excess you’ll pay in the event of a claim and the provider you’re considering. It will also vary depending on how many gadgets you’re looking to insure – while some consumers only want to insure a single device (typically a smartphone), others insure two or more devices, and there may be discounts available for those who insure several gadgets under a single policy.

As a ballpark figure, gadget insurance can cost anywhere from £1.50 per month to £15+, though this will of course depend on the device you’re insuring. See if your provider will offer a discount for paying in a lump sum rather than monthly – some will offer an annual discount – and always shop around to make sure you’re getting the best deal.

What should I look for in a gadget insurance policy?

A few things you may want to look for when choosing your cover include:

Level of cover. Some insurers will offer a basic level of cover and will charge for optional extras, whereas others will offer a more comprehensive package as standard, but usually at a higher price. Always look closely at the details of each policy to make sure it offers the ideal combination of a decent level of cover at a reasonable price.
Excess. All policies will come with some form of excess, but make sure it isn’t too high. If it is, you could end up spending a lot anyway, which could make the policy far less suitable.
Claims process. If you lose a gadget that you’ve come to rely on, you don’t want a long claims process – you want to get your hands on a new (or repaired) device as quickly as possible. That’s why you should always check what your potential insurer’s claims policy entails, e.g., does it offer a 24hr claims line, how long does the approval process take, how quickly will it send a new device, etc.

Where can I find a gadget insurance policy?

There are plenty of well-known names as well as more niche insurers that offer gadget insurance, but it’s worth heading online to do your research and see what’s out there. Not only can it give you an idea of the options available, but comparing the options is one of the best ways to ensure you’re getting both the cost and cover that you need, and don’t always go for the in-store insurance offered when you buy your gadget, either – invariably, better deals can be found elsewhere.

Featured gadget insurers

Insurance2Go
About Insurance2Go

Insurance2go was set up in 2007 and is the trading name of Loyal Insurance Services Ltd:

Insure your gadget from £3.49 /MONTH

Great value protection for mobile phones, tablets and laptops with a claims service you can rely on.

Excellent TrustPilot rating.

Full cover includes loss, theft, damage and more

Instant protection and unlimited claims

95% of claims accepted

Cover for your new and refurbished devices

Personal and Business policies available
Find out more
Cover Cloud
About Cover Cloud

CoverCloud is a marketing brand of Acumen Insurance Services Limited. CoverCloud was created with the goal of providing insurance cover in the form of a 'one stop shop' for a variety of insurance products.

Protect your iPhone or Smartphone today with CoverCloud.

Multi-Gadget insurance - protect multiple gadgets for less.

Insurance for iPhone.

SmartPhone Cover.

Laptop Insurance.

Insurance for iPad.
Find out more
Switched On
About Switched On

Switched On Insurance is a brand of Taurus Insurance Services. We are a leading provider of lifestyle insurance and have been operating in the UK for 15 Years. In 2019 we provided protection to over 1 million people.

No Limit on Claims

48 Hour Replacement

Overseas Cover

No Impact on Home Insurance

Multi-Gadget Discount

Like-for-Like Replacement

Warranty on Replacements

Gadgets up to 18 Months Old

Use by Immediate Family (Any Age)

Cancel Cover at Anytime

14 Day Cooling Off Period
Find out more

Is gadget insurance worth getting?

If you’re wondering whether or not gadget insurance is worth it, you simply have to ask yourself if you could comfortably afford to replace your devices if they were lost or damaged in any way. If not, specialist gadget insurance could be worth getting, particularly if it’s for a device you just can’t live without.

Compare other insurance policies

Note

Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions.

Disclaimer

This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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How does gadget insurance work?

What is gadget insurance?

What does gadget insurance cover?

What won’t gadget insurance cover?

Get the best deal on your next mobile

Are my gadgets already covered?

How much does gadget insurance cost?

What should I look for in a gadget insurance policy?

Where can I find a gadget insurance policy?

Featured gadget insurers

Is gadget insurance worth getting?

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