Other than your phone, your laptop is like your digital BFF. It holds all your work, important files and, let’s be honest, it also holds your life together. So, it's crucial to make sure it's protected. Here are the top five questions you might have about insuring your laptop:
What kind of insurance do I need for my laptop?
Well, that depends on your lifestyle and what you use your laptop for. If you’re someone that regularly takes their laptop out of the house, you’ll want to consider a comprehensive insurance policy that covers accidental damage, theft, and loss. If you're a professional who uses your laptop for work, you might want to consider expanding your cover to allow coverage for business use.
Remember, most policies will not automatically cover you if bad things happen while you are using your laptop for business.
Does my laptop's warranty count as insurance?
The short answer is no. A warranty is meant to cover manufacturing defects and repair or replacement if your laptop stops working due to a manufacturer's defect. Insurance, on the other hand, covers sudden and unforeseen accidental damage, loss or theft. So, it’s always a good idea to have insurance even if your laptop is still within its warranty period.
What if my laptop is a work computer?
Some companies provide insurance for their employees' work laptops, but they might still require you to pay the excess if something happens to it. Other employers might not buy their own insurance and could expect you to replace or repair the laptop if something happens to it. In that case you have insurable interest and you might consider buying insurance on your work laptop yourself so that you are not out of pocket if something does happen to it.
What value should I insure my laptop for?
You should always insure your things for what they cost to replace. If you’re unsure what the replacement cost of your laptop is, hop onto an online store that sells your laptop and insure it for the value listed there. If your current laptop is no longer made, find out what the cost of the next model up is and insure it for that amount. It’s always a good idea to check this amount regularly so that you can make sure you’re not overinsured or under-insured as your insurer will never pay out more than the value you insured your item for.
TIP: Don’t forget to choose an excess you can afford to pay at a moment’s notice. The higher your excess the lower your insurance premium will be and vice versa. The easiest way to calculate the best excess is to determine the amount you can comfortably afford to pay out of your pocket if and when you need to claim. This means you’ll avoid getting into trouble when it comes to claiming while minimising the amount you have to pay for insurance.
Should I insure my laptop as a single item? Or under my home or contents insurance?
It all comes down to the value of your laptop and what you want to insure. If you have a laptop along with other valuable possessions, like furniture, kitchen appliances, jewellery, and electronics, it might make more sense financially to insure your laptop under your contents or home insurance (also usually cheaper). If your laptop is your most valuable possession, single item/stand alone insurance might be the best option.
Essentially, if your laptop is worth a pretty penny, you should seriously consider insuring it to prevent finding yourself laptop-less if something bad does happen.
