Insurance is a vital part of our lives. Almost every individual has insurance of some kind. Insurances come in all shapes and sizes. From medical insurance to life insurance and customised variants of insurance, there are millions of options to choose from. However, insurance is no longer limited to things that breathe. From houses to automobiles, we cover our precious investments with insurances. Some of these are mandatory and not having one could result in penalties.
While prices increase each day, desires build up as well. Upgrading to a better smartphone or gadget is a constant phenomenon of our digital lives. When you invest a substantial amount of moolah on a smartphone or a gadget, you ought to safeguard your investment. The easiest way to do so is to get a smartphone insurance. Despite being a voluntary new phenomenon, it is gradually becoming a norm among new smartphone owners.
Minimise your risk
Insurance is nothing but minimising your risk quotient. What people fail to understand is that phones are produced in bulk and hence smartphone manufacturers can price their production packages at par with the market competition. The same cannot be said when something goes wrong with a phone and needs repair. Individual part costs are much higher and could end up as a sizeable expense.
Phone insurance is an investment which safeguards your bitterness to shell out almost half the phone’s cost of purchase in repairs. A one time charge to repair anything about your phone in as low as INR 1,000. If buying a health insurance is a smart thing to do, ensuring the same for your investment is a smarter move for your digital life. Enjoying something without the worries of money is what minimising risk is all about.
What’s the catch?
Wherever the term insurance appears, it brings along certain norms. After all, it should be a level playing field and strictly unbiased. Most accidental, liquid and material damage protection plans are only up for grabs within a month or less of device purchase date. Treat these as car insurance. A worthy investment to safeguard the value of your device expenditure. Remember to purchase these plans with your device and in case you are eligible, find the one that best suits your device and be worry free.
What if you are not eligible but still want some protection for your device? There are many options available for you as well. Most of these have their own names and features. Read the terms of every plan and choose the one that suits you the best. Be warned though, these might not safeguard your device against all damages. Nonetheless, these plans could extend your warranty limits and be your best move to minimise risk.
Gadget Insurance, a smart move
Here’s a simple task. Calculate the sum of the approximate purchase value of all the gadgets you own and divide it by half. The number is huge, right? That is the approximate amount of moolah you might have to shell if all your gadgets were to fail you. Compare that cost to insurance investment and suddenly it all makes sense. Getting each gadget repaired under insurance would not only save you a great deal in long run but also safeguard your investment.
Going forward, our reliance on technology is bound to increase. Manufacturer warranty can only safeguard your gadget against certain risks, but the world is full of terrors and gadget insurance is your safe house. Our world is technology driven and smart devices require smart investments, thereby making you a smart buyer.