Laptop Insurance in India: Coverage, Claim & Exclusions

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What is Laptop Insurance?

Laptop insurance offers comprehensive coverage for laptop devices from various risks. The risks may include theft, liquid spills, fire, and accidental damage along with electrical and mechanical breakdown. It helps meet the heavy repair expenses. Many insurance companies in India also offer riders or additional benefits at an extra cost for enhanced protection.

Coverage

In today’s digital world, you need to be very careful with the laptop you are using, as any damage to the device can lead to losses of varied degrees. Let us look at the coverage offered by laptop insurance to manage such risks.

• Screens of laptops are prone to cracks and damage which is mostly covered under the insurance plan
• Electrical and mechanical breakdowns are also covered
• It covers mostly all models of laptop manufacturers like Apple, HP, Dell, Lenovo, Acer, Sony, Samsung, and Toshiba, etc.
• Theft, burglary or loss
• Accidental and liquid damage

How Laptop Insurance Functions?

Let us understand how laptop insurance functions in order to make the best use of it.

• First evaluate your business and understand how much of your work depends on laptop. Then try to understand what kind of risks the laptop is exposed to
• Proceed to read the insurance documents well before finalising the duration of the insurance, as on it depends the premium and additional benefits
• in case of a need to file claims, get the FIR report for thefts and images of damaged laptop in case of a damage to the laptop
• Furnish the required documents, including the claim form
• The insurance company will evaluate the case and accept or reject it, as the case may be

Also Read: Mobile Phone | Smartphone Insurance in India: Coverage, Claim & Exclusions

Eligibility Criteria

In order to be eligible to purchase a laptop insurance, you need to wait for a certain number of days after buying the laptop. Devices bought in India are eligible for insurance. The devices imported through official channels are also covered under insurance.

Claim Process

In case of any eventuality like loss of the laptop, immediately file the claim process. Followings are the indicative steps usually followed in the process of raising a claim for the laptop insured with the insurance company.

• The first step in the event of any loss or damage to the laptop due to any general risks or allied perils covered under the policy is to call up the customer care number of the insurance company or intimate them on priority using prescribed channels for customer support.
• In case of theft or robbery, file an FIR with the police. Submit the FIR copy to the insurance company’s claim settlement team along with the duly filled in claim form.
• The insurance company may appoint a Surveyor or an Assessor to investigate the case for loss or damage to the laptop by the perils covered under the policy.
• In some cases, the insurance company provides comprehensive benefits to the policyholder in which the laptop would be sent to some authorised service centre approved by the insurance company to ascertain the losses.
• The policyholder should submit all documents like ID Proofs, AMC details of the laptop if applicable, and policy number, etc. as requested by the insurance company.
• After a complete investigation by the surveyor or the insurance company, a final report is prepared by the insurance company that helps decide the compensation amount.
• Repair, reinstatement, or replacement of any part or the laptop, as the case may be, is advised by the insurance company.
• The payment of compensation or the Sum Assured could either be made to the policyholder in his/her bank account or directly to the third-party like repair centres. If the cashless claim facility is opted, the insurance company directly pays the bills to the in repair centre.

Documents Required for Claim Process

In order to be able to get the required claims, you should furnish the required documents on time. The documents needed are:

• For theft claim, a duly filled in claim form along with a copy of an FIR and an ID proof of the laptop purchaser
• For other claims, a duly filled in claim form
• Pictures of the damaged laptop along with its serial number
• ID proof of laptop purchaser
• For Apple devices, a screenshot or picture of disabled ‘Find my Mac’

Exclusions

Laptop insurance covers various sections to help the insured get the best deal. However, this insurance does not cover certain situations, also called exclusions. Some of the cases not covered under this plan in India are:

• Damage done due to war or risks related to war, terrorism, etc.
• Wilful acts or negligence of the insured or his/her representative using the laptop machine
• Pre-existing faults or defects in general
• Natural wear & tear, erosion, incrustation and gradual degradation of the laptop due to climatic conditions
• Normal maintenance of the laptop

Insurance Companies in India

Looking at the importance and requirement of a laptop insurance, now many companies in India are providing this insurance. Some of the companies are:

• OneAssist
• ICICI Lombard
• TIMES Global Assurance

Important Aspects

In case of laptop insurance, it makes sense to understand all the points related to the insurance and also, keep certain points in mind while buying it.

• Coverage varies from company to company, so read the documents well and compare the plans before buying
• Premium usually depends on the cost of the laptop
• With little extra cost, you can get add-on covers, such as cost of air freight, express freight and additional customs duty

Advantages

The use of a laptop is very common today. From students to professionals and homemakers, almost everyone needs it and thus, the need for a laptop insurance.

• It provides coverage for cases that are usually not covered under warranty
• Benefits like discounts and offers while renewing the policy cover from an insurance company or buying the policies that provide coverage for more than 12 months
• Door-to-door service for pick-up and drop of the laptop for repairs or reinstatement, in case of any damage or loss reported by the policyholder
• Certain companies also offer a ‘no claim bonus’

FAQs

Q1. What factors are considered while deciding the premium amount by the insurance companies in India?

The brand of the laptop, its value, and the rider options chosen along with laptop insurance policy are some of the factors that are considered while deciding the premium amount by the insurance companies in India.

Q2. When can one buy a laptop insurance policy?

One can buy this plan at the time of purchase to cover risks not covered by the manufacturer or at a later stage after the one year warranty period provided by the manufacturer gets over.

Q3. Does any insurance company in India provide cashless repair for a laptop under the policy?

Yes, some private companies in India offer cashless repair to the laptop wherein a policyholder may have to pay a small Excess Fee to the authorized service centre.

Q4. Can I cancel my laptop plan during the policy term?

Yes, some private companies provide the cancellation option to the policyholders anytime within 30 days from the date of purchase of the policy.

Q5. How many claims can a policyholder make during the policy term for the laptop insured?

Some companies offer 2 claims a year. Few insurance companies do not have a cap on the number of claims made in the policy term, but only on the sum assured amount under the individual policy.