Calls for more accessible gadget insurance for all

Calls for more accessible gadget insurance for all

Nov 14, 2016

New YouGov research commissioned by insurance industry technology specialists Aquarium Software shows that 73 per cent do not have a specific insurance policy for their mobile gadgets. Yet it is the revelation that the two groups in society most likely to need insurance are the least likely to have it, leading Aquarium to question if some are being priced out of products and services they are most in need of.

The unemployed (84 per cent) and retired (81 per cent) are the least likely to have a specific insurance policy for their phones, laptops and tablets, yet are likely to have the least disposable income should the worst happen.

“At typically over £100 a year to insure a mobile device, such as a Smartphone, gadget insurance is not cheap,” said Mark Colonnese, Sales and Marketing Director for Aquarium Software. “With 23 per cent of us blissfully unaware of the value of our gadgets and with money worries a concern for many, it is not just the retired and unemployed who can find themselves excluded from cover.

“Travel, car and home insurance providers have worked to make cover accessible and exclusions transparent, yet with such a high percentage of us having no specific gadget insurance policy, the industry needs to ask why so many risk what should be considered as essential insurance cover,” warned Mark. “Some home insurance policies include gadgets cover, both accidental damage and loss, but certainly not all. It is still a case of buyer beware and not to assume cover is included. Even when it is, the customer must check levels of cover and policy wording.”

Consumers continue to contact the Financial Ombudsman over gadget insurance on disputes relating to insufficient cover. “The value of our every day carry (EDC) means insurance makes more sense, but people need to choose the best policy or policies for their needs,” added Colonnese. “Intuitive technologies can help gadget insurers provide better consumer information, offer a better customer journey and drive down premiums. The general insurance sector has made enormous technological strides of late and gadget insurers need to catch up and ring the changes. Perhaps we can then start to see a greater take up of insurance among some of the most vulnerable in our society,” Mark concluded.