Insuring your smartphone or laptop? What you need to know.

Sep 22, 2022 | Business, Helpful Tips

For many of us, our smartphones and laptops are some of the most expensive items we own. It only makes sense for us to insure them in case anything should ever happen to them. Being money smart means we know accidents DO happen. Therefore, we plan ahead so that we’re not continuously spending our hard-earned money on the same things.

So, what is cell phone/laptop insurance and how does it work?

This insurance covers you for what it would cost to repair or replace your devise ‘today’.

E.g. You may have bought and insured your phone/laptop a year ago but it just got stolen. The insurance would replace your stolen goods with the same/simar model if it’s no longer available to buy on the market.

This insurance covers you for the following:

  • Cracked screen and other damage
  • Loss/theft
  • Normal wear and tear (due to dust, internal heating, or humidity)
  • Water damage
  • Defects and mechanical failure

The premium (the amount of money you’d be paying each month) is normally determined by the value of your smartphone/laptop; the more expensive it is – the higher the premium may be. It is always advisable to:

  • Shop around and get different quotes
  • Compare the premiums AND excess (amount you would have to pay when submitting a claim) quoted too
  • Pay careful attention to any exclusions mentioned (what won’t be insured)
  • Ensure that you’re insured for the correct value of your smartphone/laptop.

Accidents DO happen! Being money smart means we choose to use our money in such a way that we are not always starting over and spending our hard-earned money on the same things continuously.


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