Do You Actually Need Insurance For Your Electronic Devices?

There are many insurance options out there for your electronics these days. As with any non-mandatory form of insurance, you have to weigh peace of mind against cost. But do you even need electronic device insurance at all? One way to figure it out is to look at what kind of protections your electronics offer for free.

Going With No Insurance Plan

Not buying any additional insurance for your electronic device isn't as much of a gamble as people think. There actually is a certain amount of coverage that comes with a new purchase. For example, if you buy a new television at an electronics store, then you also purchase some protection at no additional cost.

Warranty – Most electronics have a warranty. Just read the instruction manual or check out the manufacturer's website. Manufacturer warranties have been around for a long time, and they cover your new item for various types of damage.

Warranties on individual parts – Many electronic devices, such as computers, have smaller components that make up the whole. A lot of the times, these individual components also have warranties. So if a part breaks, it's possible the manufacturer can cover that individual part, rather then you having to replace the whole system.

Store warranty and return policy – Many stores have warranty coverage for purchased products. Some stores will even let you return a defective or broken device with no questions asked for far longer than many people think. Read over the store's warranty and return policy.

Insurance from credit card companies – Many credit card companies offer additional protection for purchases made with their cards. These can vary where they exist. But it's not unheard of for them to double warranty coverage or offer insurance for a few months or so.

So if you read a little of the fine print or ask questions of the seller, you may find out that your new device has all of the protection that you can ever want. However, with these kinds of free and built-in warranties, there are often a lot of things that they won't cover. So make sure you learn what's covered and what isn't before you assume anything. Also, these protections are almost always for new purchases. If you buy something second-hand or from a private seller, then you may not have any coverage at all.

Third Party Insurance Can Cover the Gaps

Third party insurance works much like purchasing an insurance policy for anything else. Really, third party carriers offer some of the best protection and the most options. They don't require your computer or smartphone to be new purchases, and you can pick the kind of coverage you want.

There are many insurance carriers that specialize in electronics coverage. This can help you figure out what kind of coverage is ideal for your particular piece of equipment. With third party insurance, it's important for you to know what your money is paying for. Not all policies cover all things.

Just like with home and auto insurance, you may have to add certain things or take away certain things to get to the combination of price and protection that you require. Speaking to an electronic device insurance specialist can help you figure out the best way to go about that process.