Defaqto rates gadget insurance
As expensive electronic items such as laptops and smartphones become more and more common, so specialist insurance for such items has proliferated. However, according to research undertaken by independent financial research company Defaqto, there are marked disparities between the various policies on offer. For example, Defaqto’s data suggests that 98 per cent of policies cover theft, but if an item is stolen from a vehicle, then only 67 per cent cover customers for all vehicles – 21 per cent of policies will not provide coverage for a gadget stolen from a convertible or commercial vehicle. Furthermore, not all policies cover all types of gadget, with laptops and tablet computers being a fairly common exclusion.
As expensive electronic items such as laptops and smartphones become more and more common, so specialist insurance for such items has proliferated. However, according to research undertaken by independent financial research company Defaqto, there are marked disparities between the various policies on offer. For example, Defaqto’s data suggests that 98 per cent of policies cover theft, but if an item is stolen from a vehicle, then only 67 per cent cover customers for all vehicles – 21 per cent of policies will not provide coverage for a gadget stolen from a convertible or commercial vehicle. Furthermore, not all policies cover all types of gadget, with laptops and tablet computers being a fairly common exclusion.
In response to this, Defaqto has introduced its own Gadget Insurance Star Rating, to help customers who may be confused or bewildered by the number of policies on offer, and explain what each one does and does not provide. “It is essential that gadget owners look for products that meet their needs in terms of features and benefits,” said Mike Powell, insight analyst for general insurance at Defaqto. “It is important to review the policy wording to be clear as to what is defined as a gadget, as this can vary between policies.” Consumers can access these ratings online.