Types of cover
There are two ways you can insure your portable electronic devices: you can add to your contents insurance or get separate portable cover.
- Add your contents insurance
If you already have contents insurance for your home, adding your portable electronic devices to your existing insurance can be a cost-effective option.
This will cost extra in your premium but if you need to make a claim, it usually won't affect your no-claim discount on your general contents insurance.
2. Separate portable insurance
You can also buy insurance specifically for portable devices from companies that specialise in this type of insurance. Separate portable insurance can work well for people who have no existing contents insurance.
Be aware that some insurers won't allow you to start a policy if your electronic device is not brand new. You should also check if you are covered for overseas travel.
Check what's covered
Not all policies cover the same things. It is important that you find a policy that covers your needs. Check the Product Disclosure Statement to see if these things are covered:
- Replacement if the device is stolen (with a police report within 48 hrs)
- Reimbursement of unauthorised calls (usually only up to a couple of hundred dollars)
- Worldwide short travel cover
- Mechanical failure (only some policies cover this)
- Accidental loss (some separate portable insurance policies don't cover this)
- Most policies do not cover the following:
- Phones stolen in a unlocked vehicle or visible in a vehicle or left unattended in a public place
- General wear and tear, gradual deterioration or developing flaws
- Phones worth more than $1000
- Restoration of electronic records
- Loss of stored files from a claimable event or a virus or hacker
It is important to know that most policies don't give you a new phone if you have lost one that is a few years old. Most only cover you for the current value of your phone
To access the full article and for more information visit: www.moneysmart.gov.au/insurance/mobile-phone-tablet-laptop-insurance