The Financial Ombudsman
Service (FOS) says it saw 2,200 complaints about gadget warranties last year,
double that of the previous year.
It says many people
hugely undervalue the cost of the technological items they carry with them, and
are also unaware that most general insurance does not cover items outside the
home.
Some people who know
this are taking out specific gadget insurance.
But the FOS says their
policies wrongly failed to pay out almost half the time.
It says it intervened in
800 cases where claims were turned down, and in 43% of them found in favour of
the claimant.
What we say:
Your gadgets could be
covered on home and contents insurances, business insurances, car insurances
and travel insurances….and as the BBC article suggests, the onus is on you know
who covers you for what – which isn’t easy.
I would say this wouldn’t I, but a good insurance broker should be able
to assist you in identifying the covers which you have and the covers which you
need. They should also be able to assist
you with identifying which of your policies is most applicable to your claim.
Don’t forget that the
broker’s assistance doesn’t come free.
We are paid a ‘commission’ by the insurer to arrange your insurances –
and essentially this is taken into account when the insurer calculates your
price. A price worth paying? I think so!
Buying an anonymous insurance product from an anonymous insurer online might
be slightly cheaper (though not always), but are you 100% sure that the cover
is right, that you have made all of the right declarations, that you have
understood fully the small-print? Are
you sure that you haven’t doubled-up on your insurances?
Many home and contents
policies now include gadget cover – at home and away from home – so it is worth
doing your research. Also, if you are a
business owner, your business tools could very well include your gadgets. So, keep it simple and don’t get talked into
buying multiple policies until you know what cover you already have.
Call me to discuss on
0208 2550617 / 07768 865983
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