The best laptop insurance provider – Here’s how to choose one

A recent report indicates that the computer systems market in India has recorded a 9.2% year-on-year growth in 2020 as compared to the last financial year. This report also presented that India has shipped around 3.4 million computers in the 3rd quarter of FY 2020.

The growth of this market segment in India has been exceptional in the past decade, with an increasing demand for laptops contributing significantly. However, these devices are vulnerable to external damages. Thus, the need for laptop insurance plans has also amplified to protect the financial interest of a user. Below is thus a detailed look at how you can choose the best provider for such a plan to ensure comprehensive protection to your gadget. Before moving on to such selection, here’s a quick look at what this coverage offers.

Laptop insurance policy – A look

Laptop insurance policies are like any other insurance plans, only tailor-made to offer financial protection against any damages to the device. These policies offer protection from a wide range of accidental damages, including fire, cyclone, earthquake, riots, and many more.

Since multiple insurance providers are operating in this market segment, it is ideal to choose a reliable one for an effortless experience.

Selecting the best laptop insurance provider – Points to consider

Owing to the availability of multiple insurance providers and different policies, individuals must keep in mind some important factors before purchasing an insurance plan for their laptop. Here are a few of those –

  1. Coverage amount

It is imperative to check the coverage amount of a policy before availing it. Leading insurance providers will offer a high coverage amount, which may reach the full invoice value of the product.

  1. Premium payable

Since the premium amount is an essential cost, individuals must check it before availing any policy. The best insurance providers will offer such policies at a nominal cost. Also, these payments are often one-time than recurring.


  1. Extent of the coverage

Moreover, it is vital to check the coverage extent of the laptop insurance cover plan before selecting the provider. The best insurers will offer coverage against a host of different scenarios such as damages due to natural calamities, or riots, fire, explosion, etc.

However, insurance providers, typically, lay down different clauses regarding this scenario. For instance, one may not receive any coverage in case the laptop was not in his/her possession during such an incident.

Along with that, insurance policies like these also includes repair and replacement costs. However, there are certain limitations to such expenses one must know.

  1. Eligibility norms

The eligibility norms for such insurance policies are often straightforward; nevertheless, differ from one insurance provider to another. Typically, one needs to wait for a period before he/she can apply for an insurance cover for their laptop.

Moreover, insurance aggregators often put forth specific guidelines regarding the purchase of such devices. For instance, certain imported devices are often not eligible for such policies.

  1. Claim settlement process

One of the most critical points to check before availing an insurance plan for a laptop is the claim settlement process, and the time such a settlement takes. Also, individuals should check whether the claim application process is online or offline.

Leading insurance providers offer a comparatively quick claim settlement process, and individuals can file such claims via emails or phone calls. Additionally, individuals can make a note of the documents required for this process to gain a better idea of the process.

Laptop insurance policies provide the necessary financial coverage from a range of accidents. However, these insurance policies may not offer any financial assistance for accompanying accessories like chargers, whereby such repair may involve high costs, especially for high-end models.

In such cases, one can opt for a dedicated Laptop Charger Insurance plan from Bajaj Finserv offered under Pocket Insurance & Subscriptions. It is available against a nominal premium and offers a high coverage amount of up to Rs.10,000.

Along with that, individuals can also opt for other additional coverage options such as a wireless headphone insurance plan to keep their expensive Bluetooth headphones financially protected.

Laptop insurance policies are undoubtedly one of the most comprehensive insurance plans for such devices. Moreover, with leading insurance providers individuals can avail an effortless customer experience. Along with that, opting for a small gadget insurance plan to helps remain financially protected against damages to a range of appliances, especially those who are avid gadget collectors and like to invest in upgrades from time to time.