In 2017, the market size for laptops was estimated at $101.67 Billion and was expected to grow at a rate of 1% annually. The sheer size of the market and its growth prospects are testimonials to the burgeoning popularity of technology in our daily lives.
With the introduction of newer technological advancements and increasing awareness regarding laptops, the number of users is skyrocketing every year. Barring the negligible numbers of users from rural areas, there is one laptop for every 100 individuals in urban India within the age group of 20 – 50.
The prevalence of laptops into every aspect of individuals’ lives has made it the epitome of utility. In parallel to the growing importance, thefts and damages have also become significantly ubiquitous. Statistics suggest that a laptop is stolen every 53 seconds.
On account of that, laptop insurance policies have become imperative when buying a new one.
Why is a laptop insurance policy needed?
When you buy a new laptop with substantial investment, you expect it to serve a few important needs to its fullest to derive positive marginal utility from it. In simpler terms, you want the value for money from it and all its ancillary components such as chargers, trackpad, keyboards, etc.
Along similar lines, you fill your laptop with important data and information, the loss of which might cost you significantly more than the original cost of the laptop. According to research, 80% of the cost from misplacement of a laptop is constituted by loss or breach of data.
The need for a laptop insurance plan is extensively discussed in the pointers below –
- Fragility: Laptops, like all portable devices, are fragile. They may offer little when it comes to durability. It is prone to damage under multiple circumstances –
- liquid damage in case of a spill,
- strewn food which attracts bugs and ants that can perforate the system
- cause motherboard to malfunction,
- body damage during travelling, etc.
Laptop manufacturers do not offer warranty cover on these damages. Repairing of such damages can cost significantly depending on the severity of it. In which case, you need to have an online laptop insurance policy to avail financial coverage during the same.
- Ancillary product damages: The associated products that come with laptops are also prone to damage and theft – given that you carry them with you or they are subject to mishaps during usage, especially chargers. In case you have an expensive laptop, charger replacement comes at a substantial cost.
You can avail reimbursement through Pocket Insurance and Subscriptions like Laptop Charger Insurance plan offered by reputed financial institutions such as Bajaj Finserv in such situations.
- Loss or burglary: Thefts mostly occur during travelling and in workplaces. It can lead to identity theft and loss of important data, which is potential enough to jeopardise your financial and professional position.
As mentioned earlier, mending of such damages can cost significantly. In most cases, the laptop bags are stolen in its entirety, which may contain other necessary elements.
You can purchase Pocket Insurance and Subscriptions such as Baggage Insurance policy provided by reputed insurance aggregators such as Bajaj Finserv to receive financial coverage for losses suffered.
With the advent of technologies, individuals are purchasing more and more gadgets, such as Bluetooth speakers, wireless earphones and headphones, reading devices, etc. All these gadgets, like laptop, are prone to similar perils. You can financially safeguard such devices with multiple gadget insurance policies at a relatively low annual premium.