SPECIAL FEATURE: Are gadgets covered for travel?
Your clients may well be toting around thousands of pounds worth of gadgets in their suitcases – but how many of them will actually check that their tech is insured for travel?
At the end of the day, travel insurance is essential because of the medical cover it provides – the other elements of a policy can vary dramatically.
It’s often bought at the last minute as a tick box exercise rather than a considered purchase with price being a key driver.
Choosing the cheapest cover could, however, prove costly if they were to lose or damage one of their precious gadgets and find that their policy doesn’t pay out for its full cost.
The single item limit – the amount the insurer will pay for a single item regardless of the total cover the policy provides for personal belongings overall – may be too low.
Many cheaper policies have pretty low single limits ranging from £150 to £300. Considering that it’s likely that an excess charge would be applied if your client had to make a claim, it could mean that they would only get a couple of hundred pounds back for an iPad that may have cost as much as £600.
Some of the cheaper policies simply won’t cover gadgets such as smartphones or wearable tech.
It’s worth reminding your clients of the golden rule when it comes to purchasing any form of insurance – you get what you pay for.
Whilst it’s true that a 5* Defaqto rated product may not provide the cover they need, it’s likely that the very cheapest option will mean compromising on certain elements of what is protected.
It would be timely to check whether they have personal possessions cover as part of their home insurance as this will cover valuables away from the home whether staying in the UK or abroad.
The single item limits are generally more generous – up to £1,500 for example and often there are options to extend limits for more valuable items.
It’s also worth checking whether they’ve chosen to include accidental damage to their home insurance – after all, it’s all too easy for one of the kids to drop the tablet they’re playing a game on in the pool!
And if you are planning on getting in touch with clients with a pre-holiday checklist, it’s worth reminding them of one final thing. When we go away on holiday, we tend to be a bit more carefree as we get into that relaxed holiday mode.
Insurers will, however, still expect their policyholders to take “reasonable care” of their possessions outside the home. If there is a safe in their room or villa, they should use it to store valuables and make sure they don’t leave their smartphone on the cafe table or the pool bar. If they do, their home or travel insurer could well reject any subsequent claim.
It just takes a few simple steps to make sure our valuable gadgets are covered while we’re away, so do encourage your clients to do so and help them enjoy the holiday they no doubt deserve.