Article

Laptop Insurance
September 14 , 2012

If you are a person who carries gadgets like laptop, cellphone and travels much you would be delighted to know that laptops and mobile phones can insured in India. Laptop and mobile insurance policies were first introduced several years ago but have been slow starters. Currently such policies are being offered by New India Assurance Company, United India Insurance Company, Oriental India Insurance Company and a few private players like Royal Sundaram General Insurance Company.

Scope and coverage of laptop insurance

Laptop and mobile insurance is offered by New India Assurance Company under Executive/Adhikari Suraksha Kavach. Loss or damage occurring to the gadget in India is covered. In case of damage to laptop, the amount required in repairing the damaged part is paid to the policy holder. 10% of the claim subject to a minimum of Rs 5000 in case of laptop and Rs 1000 in case of mobile phone will not be covered.

In case of loss an FIR must be filed immediately at the nearest police station and a copy of the same must be produced along with relevant documents such as bills and insurance policy document.  

Mobile insurance and laptop insurance is offered as part of comprehensive business insurance policy by Royal Sundaram General Insurance. Mobile phone insurance can also be bought as a stand-alone policy by United India Assurance Company and Oriental Insurance Company. Many cell phone companies and service providers offer insurance for 1 year charging the cost upfront.

Premium rates of laptop insurance

Premia for mobile insurance and laptop insurance stands at around 2% for each type.

Exclusions in laptop insurance

If the laptop or phone was damaged or lost while in possession of a third party, the company will back away from paying. If the mobile phone or laptop is stolen from an unattended place or vehicle you cannot claim insurance. For instance if your phone got flicked when you kept it on a platform in the store and looked away, you cannot hope to get benefit. If damage can be proved to have happened due to misuse, bad handling, over charging or any other inappropriate use, you can certainly expect the claim to be rejected.

Should you buy laptop insurance?

Knowing that even in well established insurance products like life insurance, getting a claim settled in one's favour is many times a herculean task, it remains to be seen and experienced how successful one can be in getting claim settled in case of mobile phone or laptop insurance. Since very few players are involved, this insurance product is in its nascent stage. Your best bet would be to take good care of your gadgets than to rely on insurance for now.

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