Laptop Insurance in India

Laptops have become synonymous with notebooks – every student, professional, and expert is carrying one! Laptops have unlocked a renewed sense of freedom and productivity for owners. These portable devices have become so embedded in everyday life that imagining a life without one seems unreasonable. Suppose your laptop is damaged for a day, or a week, or a month. Imagine the kind of hassles you will have to go through to retrieve the data. If things get worse, you might have to buy a new one altogether. For an everyday employee, this can cause a great degree of anxiety. Laptops are not inexpensive, and their added repair costs can further add to the trouble. Hence, it is common to ask – can I insure my laptop? Read more to find out!  

Can I Insure My Laptop?

The short answer is – yes, you can buy an insurance policy covering your laptop. While the premiums would depend on the brand, model, and quality of the laptop, such policies are ideal for individual-owners and businesses that tend to provide devices to their employees.  

What is Covered in the Laptop Insurance Policy?

The details of the coverage will largely depend on the laptop insurance policy you possess. However, the most common forms of coverage usually entail the following:

1. Screen Repair or Replacement: If you notice carefully, the laptop screen is one of the most commonly damaged parts on a laptop. It usually tends to be thin and hence is easily susceptible to damage. Since laptops are often used on the go, dropping them even once can crack the screen open or damage the display entirely. Since the screen cannot be easily repaired, it is usually sent for a replacement which can be anywhere up to 10%-15% of the laptop's selling price. The laptop itself depreciates every year, and hence it does not always make sense to pay for a new screen. Laptop insurance can save you in this situation and cover the screen repair or replacement costs.

 

1. Mechanical, Electrical, or Other Similar Damage: While the usual wear & tear costs are not covered in the policy, it does cover the laptop's electrical or mechanical failures. Most insurance policies will clearly state the brands covered in the insurance product. This ensures that you are not buying a laptop that will frequently face mechanical or electrical failure. But, if it does, you can quickly get it repaired or replaced and make a claim with your insurer.

 

1. Theft, Burglary, or Fraud: Imagine - you are a freelancer working on a graphic designing project. You are two days away from delivering the artwork. But today, in the co-working space, your laptop is stolen. While you can redo all the work in the next two days, can you afford a new laptop immediately? If you had a laptop insurance cover in place that included theft, you could’ve used your savings or an EMI option to get a new one and file for an insurance claim.

 

1. Liquid Spillage: The laptop's portability also means that you can practically use it anywhere – in a cafeteria, on your dining table, or with your friends while enjoying a movie. And since it can be carried anywhere, it can also get damaged anywhere. You can spill a coffee, a cold drink, or just water and cause severe damage to your touchpad or keyboard. A comprehensive laptop insurance cover will provide you with the coverage against costs of repairs and replacements necessary in this situation.

  A unique feature of laptop insurance is the extended warranty insurance. Using this insurance, the laptop seller or manufacturer can give you an additional warranty over the market-standard. For instance, assume that you bought a new Dell laptop with a standard warranty period of 12 months. With extended warranty insurance, the seller can give you a warranty after this period, ranging to 12 months, 24 months, or even more. While this will cost you a little more than the laptop's retail price, it will save you from incurring repair costs for the next few years – even as the laptop ages and depreciates.  

What are the Exclusions of the Policy?

1. Laptop damage induced by war or terrorist attacks.
2. Damage caused due to negligence (careless usage).
3. Wear and tear.
4. Damage caused during the repairing.

 

FAQs

1. What are the extended warranty benefits?

Purchasing insurance for extended warranty benefits helps you extend the warranty of your laptop beyond the conventional period. This way, even as the laptop's value drops, you are not paying for repairs in the holding period.    

1. Can I get insurance on an old laptop?

Theoretically – yes. But the value of the laptop would be less, and hence the cover would not be considerable. On top of that, you might have to buy riders to get the essential benefits.