Gadget Insurance, what is it, what does it cover, where can you get it, and does it make sense? These are all great questions to ask, and many of the same questions we here at Cobos Insurance asked when we first heard about Gadget Insurance. We all live and work in the Cleveland area, so we are used to hopping in the car and driving to different destinations on the weekend, which usually results in reaching back behind the drivers seat, pulling out an iPad or tablet and handing it to one of our kids. On a long trip on a Saturday morning, a gadget or two can be a lifesaver! (If you missed our article on how to keep your kids entertained in the car from last week, be sure to check it out for unique ideas beyond handing them a tablet, click here to read it now) Working in the insurance industry as long as we have, your thoughts tend to sway towards insurance and risk management strategies for whatever particular situation you find yourself in. In this case, we have to ask ourselves, is there a way to insure our gadgets while traveling in the car? The short answer is yes!
What is Gadget Insurance?
Depending on the current insurance carrier you use, you may be able to add an endorsement to cover your gadgets or it may make sense to take out an individual policy on your gadgets depending on the amount and value. For the sake of this article, we will primarily discuss adding on an endorsement to your current auto insurance policy. Gadget insurance can help you cover the mobile technology that you take along with you in your vehicle whether it be a radio, CD player, cell phone, iPod, tablet, mp3 player, or other similar gadget. One of the perks of this coverage is how affordable it can be, depending on the carrier and the amount of coverage, you can add this endorsement for as little as $1 per month! (If you think that you could benefit from this coverage, give us a call today at 440.233.6199 and we can discuss the best option for your situation)
What does Gadget Insurance cover?
Gadget insurance can cover your radio, CD player, cell phone, iPod, tablet, mp3 player, or other gadget along with accessories specifically for these devices like protection covers, cords or adapters, headphones, CD's, antennas, or any other accessory that specifically is used in conjunction with your gadget. The gadget/gadgets will be covered if...You or a family member own the electronic device, The device is in your car or another vehicle at the time of loss, and The gadget is not permanently installed in the vehicle.
Your electronic devices and gadgets are typically covered for up to $1,000 regardless of the number of devices that are damaged or stolen. Typically there is a deductible associated with gadget insurance and on average that amount is around $100. Different carriers will give you different options, so be sure to have us check into this for you. Also, most carriers will only cover one claim per year when it comes to gadget insurance, so that they avoid reoccurring claims due to dropping, kids damaging, etc. You should weigh your pros and cons before fully submitted your claim, we would encourage you to give us a call before submitting the claim to your carrier so that we can help you make the most informed decision you can.
What would NOT be covered under Gadget Insurance?
While it is pretty cut and dry if your electronic device is damaged or stolen, there are a few instances where some things likely would not be covered and we want to make sure to discuss those situations as well. If there is loss or damage to software, apps, games, songs, or other content that is stored on your electronic device, you policy likely would not cover the cost to restore that data. If you were using your phone, tablet, iPod, or other device to text while driving or violate the local law in any way during the loss to your gadget, your policy likely would not cover the cost to replace or refurbish as well. Lastly, if your electronic devices were used to detect or locate radar guns or speed detectors, or if your technology is being use to jam laser detectors or interfere with other police technology, your policy likely would not cover your devices either. In general, if you are using your device correctly, you should be covered.
What should I do if I have a claim?
First and foremost you should notify the police and file a formal report with them to document the event and the loss. You should create an inventory of all of your lost and/or damaged property. You should be able to provide a description of the devices, a fairly accurate cost breakdown of the gadgets, and have an idea of what it would cost to replace everything. (If you can make an inventory of all of the gadgets you travel with prior to any loss, that would be ideal) Lastly, you should be able to provide a receipt or invoice showing the purchase of the device or multiple devices. It would be ideal to have your receipts available, but any documentation you can provide to prove ownership will help the claims process!
Of course, the staff at Cobos Insurance will be able to help you along the way if you would need to report a claim. In fact, we would love to hear from you today if you think that Gadget Insurance is something that could help better protect you and your family's property. Give us a ring at 440.233.6199, we'd love to chat!
What do you think about Gadget Insurance?
We would LOVE to hear from you! It’s very easy to interact with us and let us know your thoughts on insuring your tablet, iPhone, etc. You can connect with us through the following channels…
Simply click the links above to connect with us and give us some feedback on gadget insurance in the Cleveland area!