Imagine if, for whatever reason, you were without your laptop. You need to do some work on it, or maybe some planning – you know why you need it.
But you can’t. It is incredibly frustrating. Many people have been in this situation.
Your laptop might be lost, stolen, damaged or just plain not working. How soon would it be before you are back with a functioning laptop, and how much is it going to cost you to get there?
Laptop Insurance is recognized as the necessary tool to help you through this, but how do you know if you are getting good cover at a price that represents good value to you?
To answer that, first you need to define exactly what is important to you. What are your likely risks?
For example, if you never travel with your laptop – maybe you just use it at home, sometimes in the lounge, sometimes in the study – then you are probably not going to need international coverage as part of your laptop insurance. In this instance you are probably not going to need loss cover either (a laptop is not something you are likely to lose down the back of the sofa).
What if you just drop your laptop? You need your laptop insurance to be able to protect you for this. You do not want to have to commit insurance fraud (and thereby break the law) by lying in your claims process; you would want to make sure that you are covered for accidental damage.
So outline what elements of cover you think you will need. For example …
- Will you need Extended Warranty in case it just breaks down?
- Will you need loss coverage?
- Will you need international cover?
- Will you need water damage coverage?
- Will you need accidental damage coverage?
- Will you need theft coverage?
It may seem obvious to you that you need certain elements of coverage, and maybe not others, but just consider the list above. Some people might feel more at risk of theft than water damage, while others might be the other way around.
For example, compare a traveling businessman with a Hydrological Consultant (who might be planning river system controls). The latter would obviously seem more at risk of water damage than theft.
Let’s look at each in turn …
Extended Warranty:
Bizarrely, very few companies offer Extended Warranties as part of Laptop Insurance. If you want to be covered for your laptop simply going wrong or breaking down, you need to be covered for this.
Loss Coverage:
It would appear that almost no provider offers loss coverage. It is most likely deemed to be too risky to insure.
International Cover:
Many providers will protect you for up to 60 days per year outside of the UK.
Water Damage:
This is not a common element of coverage in many laptop insurance company’s policies, but it is a common killer of laptops! How many times has that cup of tea or class of orange juice been dangerously close to spilling over your laptop keyboard?
Accidental Damage Coverage:
Again, this is a common need for laptop insurance. You are walking along, maybe in a crowd, and your laptop bag gets knocked out of you hand and smacks down on the concrete. This is a relatively common element of laptop insurance.
Theft Coverage:
This is the most obvious risk for your laptop. You laptop is a very portable, high value item. Anything that is worth a lot and can be carried while running away is a prime target for thieves. Consequently, this is the most common element of most laptop insurance policies.
On analysis of the market, if you need all of the different elements of coverage, then the 2U Laptop Insurance is, to the knowledge of this author, the only laptop insurance policy available on the market that will meet all of your wants and needs.
If you do not need to protect yourself for all of these eventualities, you can find slimmed down levels of protection for your laptop with your local insurance broker, or in your search engine.
