Guide to gadget insurance

As modern consumers we expect our gadgets to be on hand and ready to use at all times, so what would you do if your laptop was lost or stolen or your mobile phone screen smashed after you dropped it?

If you haven't considered gadget insurance before, here's what you need to know about this type of policy.   

What does gadget insurance cover?

Gadget insurance covers most items that you use inside or outside the home like smartphones, laptops and digital cameras. So, if you attach a GoPro to your cycle helmet (in which case you’ll want to check out our cycle insurance guide too), or you’re a student who needs a laptop to complete assignments, a gadget insurance policy could be worth considering.

The cover offered by these policies tends to be tiered and priced accordingly. Accidental damage may not be included in cheaper policies, so consider how you use your tech and what you want to be protected for before choosing gadget insurance. 

Does home insurance cover gadgets?

Many people assume their gadgets are already covered under their house insurance and in some cases they may be. Check the specifics of your policy to check what protection you have. You may have to pay an additional fee to insure gadgets outside the home or to cover their full value. If you do need to make a claim it could push up the cost of your home insurance premiums in the future.  

Is cover included with current accounts?

Some packaged current accounts include mobile phone insurance as a benefit but there are a few things to check to make sure you've got the cover you were expecting. Is there a compulsory excess amount or a maximum payout figure if you needed to claim? Some policies have a higher excess amount on certain mobiles or require you to register your phone to activate the cover. 

Cover included as part of the purchase

It’s possible you may have taken some form of gadget insurance with the retailer when you bought the gadget either paying for a year up-front or as a monthly premium. If you did take a policy, check whether it still offers you the best value and cover for your needs. 

Protecting your gadgets when travelling

If you regularly take your gadgets when you travel you may already have cover under your travel insurance policy but this isn't guaranteed with every insurer. If your gadgets are covered, check the excess amount and whether the policy protects against accidental damage. 

If you're considering a gadget insurance policy and plan to take items with you when you travel, check the policy wording to see how long you're protected for and what you need to do to meet the insurance conditions. You may have to lock the items in a safe when you're not using them or you could be asked for a crime reference number if the gadgets were stolen. Familiarise yourself with what you need to do so that you're fully prepared if something unexpected happens.  

How much does gadget insurance cost?

Whether you pay monthly or choose an annual policy, gadget insurance costs vary but premiums can start from as little as just a few pounds per month. As with all types of insurance, the more comprehensive cover tends to cost more. 

Which gadget insurance is best?

If you’re searching for the best gadget insurance, you could explore options from banks, home insurers or specialist gadget insurance providers like Better Buy Insurance Tinhat, Protect your Bubble and insureandgo.

Along with assessing the level of cover you get for the cost, look out for information on claim approval rates, limits on claims and discounts for multi-gadget family policies. Our Smart Money People community have shared their honest feedback through gadget insurance reviews to help you make a smarter buying decision.