When you leave the house in the morning, what do you take with you? There was a time when we all travelled light, perhaps popping keys and a wallet or purse into our briefcase or handbag, but not any more.
These days we tend to carry all sorts of kit with us - mobile phone, laptop, iPod, maybe even a portable games console.
Electronic gadgets are part of our everyday lives, so few of us stop to think about their value. But the bill to replace the hi-tech equipment we carry around could run into hundreds if not thousands of pounds. Our 'walking wealth' is typically £972, according to a recent report from Zurich Insurance.
Gadget insurance is therefore essential in case of loss, theft or damage. And let's be honest, how many of us have lost a camera while travelling? Then there's the case of the mobile down the toilet or the iPod in the washing machine. And we hear every day of muggers stealing the latest must-have electronic equipment.
Does my contents insurance cover gadgets?
Most standard contents insurance policies will not cover your walking wealth because they only insure items when they are in the home. Some firms will cover belongings that you carry around, but you will probably have to pay extra. The insurer might also impose a limit on the value of a single item. Plus, the excess on your contents policy - the amount you pay towards any claim - could be high.
Some people also prefer separate gadget insurance so they can protect any no claims discount on their standard contents cover.
What does gadget insurance cover?
Gadgets insurance covers your consumer electronics against damage, including liquid damage, theft and loss whether you are at home or out and about. You can insure a range of electronic items, including:
- Mobile Phones
Most gadget insurance policies come with 48-hour replacement as well as worldwide cover in case you take your laptop or mobile abroad. Some firms also include mobile phone data back-up on registration, so if you lose your phone, you still have access to all your important information.
Watch out for exclusions. If you leave a gadget unattended, or you fail to report a loss or theft within 24 or even 12 hours with some insurers, you could invalidate the policy.
Also look for any age restrictions. Some firms will not insure gadgets if they are more than six months old. And make sure you understand the excess rules. The excess is the amount you have to pay towards any claim and some polices levy different excesses in different circumstances. The excess for theft, for example, could be lower than the excess if you claim for a lost item.
How much does gadget insurance cost?
Gadget insurance can start from as little as £1.50 a month, depending on how many items you choose to insure. But bear in mind that it is almost always cheaper to cover more than one item on the same policy.
Find a great deal on your gadget insurance.