Laptop Insurance In India: Coverage, Claim & Exclusions

2020 saw an immense surge in online work and classes worldwide. This also bolstered the laptop market considerably. An IDC report claims that around two million PC units were shipped in India in Q3 2020 alone, a large portion of which was to meet the rising laptop demands.

The improvement in this segment also led to the need for better protection of these devices, both internally and externally. While antivirus and antimalware software safeguard them from online threats, a laptop insurance policy helps an owner recover financial losses in case of physical damage to such devices.

As a new owner, one should understand the importance of and the need for such policies. Additionally, users must also assess the extent of coverage, which eventually aids in claiming losses.

What is a laptop insurance policy?

Just as a hospital insurance policy offers financial coverage for hospital admission of the insured, a laptop insurance plan helps you afford repairs on this device when it suffers accidental damages. Based on the plan you choose, the same policy can also offer monetary aid in case the insured laptop is stolen or misplaced.

Laptops have become a necessity for many office goers and students. Under such circumstances, malfunctions in the device can severely restrict one’s ability to operate normally. Immediate repairs are often crucial. Depending on the part affected, some of these repairs can cost owners significantly. Thus, a laptop insurance policy can minimise financial strain in these cases.

Laptop insurance coverage: Know what is covered and what is not

While the exact coverage for such insurance plans can differ based on the provider, the following are some of the common inclusions –

Hardware malfunctions

Liquid damage cover

Mechanical and electronic breakdowns

Accidental damage to laptop screens

Coverage against a spill or physical impact-related damages

Theft or loss coverage

In some cases, companies may also offer additional benefits, such as cloud storage, pick and drop off facilities, etc. However, one must also know about some of the exclusions when it comes to renowned laptop insurance policies. These are as follows – 

Damage caused to laptops wilfully or due to negligence.

Natural wear and tear of the device.

Damage or malfunction caused due to war, acts of terrorism, riots, etc.

Any malfunction caused due to pre-existing issues of the device.

Damage to laptop peripherals, such as a battery, charger, etc.

Evidently, this last point is something to consider for laptop owners. Any damage to laptop battery or charger can leave the whole device unusable. A Laptop Charger Insurance policy offered by Bajaj Finserv under its Pocket Insurance & Subscriptions can help secure users financially against these particular liabilities.

The company also offers other useful options, such as a mobile charger insurance plan to prevent unforeseen and immediate financial liabilities arising out of faulty phone chargers. One must remember that a smartphone is just as useful for employees and students as a laptop today.  

Claiming a laptop insurance plan

Here are a few simple steps to follow when claiming such a policy – 

Inform the insurance provider of the loss or damage. In case of theft, users must file an FIR at the nearest police station as well.

Keep all bills and receipts of this insured device handy along with policy documents.

A surveyor will check your laptop damages and malfunctions to determine whether the claim is legitimate.

Lastly, you will acquire the sum insured or insurance claim amount, using which you can initiate repairs or even buy a newer model altogether.

Alongside a laptop insurance policy, individuals should also adopt financial provisions against damage to other essential electronic products, such as printers and scanners. Thankfully, an electronic stationary insurance policy serves the purpose and enables owners to initiate any necessary repairs as soon as possible.