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Technology is omnipresent. Unfortunately, that means we are always connected to the world even when we’re on holidays. If you’re heading away with your laptop, you face the risk of it being lost, stolen or damaged during your journey.
Travel insurance policies can provide financial protection for the cost of repairing or replacing your laptop if it’s lost, stolen or damaged on your trip, but there are a few potential pitfalls to be wary of when taking out cover.
Along with cameras, phones and other electronic gear, laptops and tablets accompany many of us when we go on holidays. Happily, most travel insurance policies will provide some level of cover for your laptop if it’s lost, stolen or damaged, but it’s always a good idea to check whether you are covered and for how much.
For example, one insurer’s definition of "damage" may not be the same as another insurer, and you won’t be covered if you leave your laptop unattended in a public place.
Brand | Laptop insurance maximum benefit for damage or loss | Apply |
---|---|---|
![]() | $3,000 | |
![]() | $3,000 | |
![]() | $3,000 | |
![]() | $3000 for international trips and $2000 for domestic trips | |
![]() | $3,000 | |
![]() | $3,000 | Get quote |
![]() | $3,000 | |
![]() | $3,000 | |
![]() | $4,000 | |
![]() | $6,000 | |
![]() | $2,000 | |
![]() | $3,000 | |
![]() | $3,000 | |
![]() | $2,000 |
When it comes to electronics and travel insurance, one area that regularly catches travellers out is the limitations that apply to cover. The first limit you need to consider is the overall maximum amount your insurer will pay for lost, stolen or damaged personal belongings. There are also individual sub-limits an insurer will pay for any one item, which means you might still end up out of pocket if your laptop is stolen.
Some insurers allow you to increase the insured limit for specified items by paying an additional premium. If you’re taking an expensive laptop with you on holiday, this extra cover may be well worth considering.
Insurers also factor in depreciation when assessing the value of your laptop or other electronic device. Read on for more details about how this can affect your hip pocket.
When you make a claim for a lost, stolen or damaged item, an insurer will take into account the item, its age and any wear and tear it may have experienced when determining its worth. Insurers pay claims based on the laptop’s current value, not what it was worth at the time of purchase.
Insurers also apply an asset life to the items you take with you on holiday, and the asset life of a laptop is three years. If your laptop is more than three years old, your claim will only be worth the item’s residual value, which is 25% of its purchase price.
Your insurer will decide whether to offer new-for-old replacement for your laptop, cover the cost of its repair, or provide you with store credit or a cash payment.
Back to topThere are situations when your claim for a lost, stolen or damaged laptop will not be paid, such as if:
If you’re looking to take out additional travel insurance cover for a specified item such, as your laptop, you’ll need to pay an additional premium. The extra amount you have to pay is usually calculated based on the value of your item and how long you are travelling for. The longer you travel, the more you need to pay.
For example, if you want cover for your $3,000 laptop for a three-week holiday, your additional premium could be worked out by multiplying $3,000 by 5% of that amount, which would equal $150. But if you wanted to insure the laptop for a three-month holiday, the multiplying percentage might rise to 6%, so your extra premium would equal $180 ($3,000 by 6%).
If you want to take out cover for a specified high-value item, that item must be owned by you and taken with you on your trip. You’ll need to be able to provide proof of ownership and cover is usually only available for belongings that are designed to be carried around with you at all times or worn on your person.
As a general rule, you won’t be able to take out cover for the following items:
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