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 also helps meet the heavy repair expenses.
There are a lot of rider options also provided by many insurance companies in India for protecting laptops with additional risk covers at an extra cost. You should understand laptop insurance well to get the best deal.
What all Laptop Insurance Covers?
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. To manage such risks, one can opt for a laptop insurance. Here is a list of some coverage included in the insurance:
- Screens of laptops are prone to cracks and damage which is mostly covered under the insurance plan
- Electrical and mechanical breakdowns are also covered through extended warranty option in the laptop insurance cover
- It covers mostly all models of laptop manufacturers like Apple, HP, Dell, Lenovo, Acer, Sony, Samsung, and Toshiba, etc.
- Some insurance companies also offer various discounts on the premium amount under some packages offered by them
- A lot of insurance companies in India provide worldwide insurance coverage to the laptop as a rider option
How Laptop Insurance Functions?
Read on to know how laptop insurance functions:
- 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
- Then proceed to read the insurance documents well before finalising the duration of the insurance, as on this depends the premium and additional benefits
- If need to make 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, as the case may be
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, also, devices imported legally through official channels are also fit for laptop insurance.
Laptop Insurance Claim Process
Followings are the indicative steps generally followed in the process of raising a claim against the laptop insured with the insurance company. Let’s review them:
- 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, after filing a police complaint (FIR), the policyholder must submit a copy of the FIR in writing to the insurance company’s claim settlement team along with the duly filled in claim form.
- The insurance company may appoint a Surveyor or the 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 decides on the compensation amount.
- A repair, reinstatement, or a replacement of any part or the laptop as decided by the company would be processed in favour of the policyholder as per the laptop policy guidelines and investigation report.
- The payment of compensation as Sum Assured could either be made to the policyholder in his/her bank account or directly to the third-party like repair centres as per the guidelines of the insurance company or if the cashless facility is opted in the insurance cover for the laptop.
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, you need a duly filled in claim form
- Pictures of the damaged laptop along with its serial number
- ID proof of laptop purchaser
- For Apple devices, as screenshot or picture of disabled ‘Find my Mac’
Cases Where you Can’t Claim Laptop Insurance (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
Companies Offering Laptop Insurance 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:
- ICICI Lombard
- TIMES Global Assurance
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 going ahead with 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 of Laptop Insurance
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. Looking at this scenario, let’s review some of the benefits offered under laptop insurance in India:
- 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’
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 authorised 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.