DURBAN – Tech devices have become some of the most popular items to purchase, especially in the build-up to Christmas, when most people are already on the lookout for the perfect gifts for their loved ones.
On Black Friday and Cyber Monday, these valuable items come at a great discount and, as they’re cheaper, they are often bought without giving insurance a thought.
What if your amazing early Christmas present is damaged before the time, or even worse – stolen?
According to the Governance, Public Safety and Justice Survey (GPSJS) 2018/19, released by Stats SA this October, there were roughly 1.2 million incidences of theft of personal property which affected 2.5 percent of citizens aged 16 or older. There were also around 580 000 cases of street robbery over the same period.
Vera Nagtegaal, Executive Head of online comparison website Hippo.co.za, said that it is important to ensure that your tech devices are covered when leaving your home, as this could save thousands in replacement costs should they be damaged or stolen.
Nagtegaal explains that a home contents policy insures everything you keep in your home, so it would naturally cover that new state of the art TV or other high-tech items.
"Unfortunately, what this may not cover is the tech devices that you take out of your home. So, should you take that new phone or iPad out and it gets damaged or stolen, you will be liable unless this is covered by specific insurance policies designed for these items or specified on your existing policy," said Nagtegaal.
Consumers also face an additional financial woe should this happen. Apart from the replacement costs, if you bought a device on a package deal with a cellphone contract provider for example, you will be liable to continue paying the monthly cost of the damaged or stolen item as well, which could add to financial pressure during the festive season.
To avoid this from happening to you, Nagtegaal points out that you should investigate whether there are any limits to your insurance policy.