That's not to say they can't come in handy.
There have been times when I was thankful a product was still under warranty (Charlotte's iPhone is a recent example). And we do have relatives like Charlotte's sister Pam who has trouble keeping her cell phone (pick one) dry; undamaged and/or out of someone else's hands.
So when the folks at consumer electronics insurer Worth Ave. Group offered some advice on protecting gadgets, I was anxious for them to share their recommendations with the Boomer Brief. They have some good ideas about how to protect gadgets and they've been around longer than my trusty Betamax.
BRIDGING THE GADGET PROTECTION GAP by Aaron Cooper
The economy may still be sluggish, but you won't find much indication of that at your local electronics store.
Surveys by the Consumer Electronics Association (CEA) show that 80% of individuals are asking for some sort of consumer electronics device as a gift this year. Apple, with its iPads, iPods and iPhones, is expected to be the big winner. But the CEA study shows that laptops, eReaders, digital cameras and HDTVs are at the top of many wish lists as well.
What most gift givers don't realize, as they head to the checkout line, is how vulnerable most of these devices are--especially those items that travel easily. Statistics reveal that roughly four out of five iPhone and iPad failures are caused by accidental damage. All it takes is for a cup of coffee to spill on an iPad at Starbucks, or for an iPhone to fall out of a shirt pocket into a toilet (it happens more often than you think) and the product's warranty is invalidated. Nor will factory warranties pay for damage when laptops, smartphones, MP3s or other portable electronics crash to the floor.
Here's something else to consider. Most homeowners carry deductibles of $500 to $1,000. So if your friend or family member's new portable electronic device is stolen, chances are that they'll be on the hook for the entire replacement cost.
Instead of purchasing a hit-or-miss accessory, consider adding a device-specific insurance policy to your present. Premiums are less expensive than you think--about the cost of a memory card for a smartphone--and cover everything from theft and accidental damage to third-party repairs and onboard software. In most cases, coverage begins as soon as you apply for the policy, which makes it a great last-minute add on.
About the AuthorAaron Cooper is the Marketing Director for Worth Ave. Group a consumer electronics insurer that has been providing consumers with a sense of security for over 35 years.