madbullram
Well-Known Member
Folks,
I see a lot of us are buying expensive TVs and sometimes with model going out of production or limited or non available extended warranty, we are at the mercy of the manufacturer who gives low buy backs or expensive repair cost or worst total loss if it cant be repaired. I have seen my friends suffering such issues with even TVs bought for 2 lakhs and above.
It got me thinking and I was scouting for an insurance to take care of this. I came across Bajaj Allianz "Householder Package Policy". The best part of this policy is that it covers both Domestic Appliance and Electronics Equipment mechanical and electrical failures, apart from regular flood, fire etc.
The only catch seems to be we have bear the first time cost upto 10% or 500rs whichever is higher (like car insurance). The depreciation for total loss is also good with 10% every year and 50% max.
Unlike National Insurance there is no cap (National insurance caps at 25k which is very small)
Here is the overview:
Home Insurance India | House Insurance | Bajaj Allianz Home Insurance
Here is the policy details:
http://www.bajajallianz.com/Corp/content/house&shop/householder_brochure.PDF
Here are the wordings:
Electronic Items:
You can insure your Computer, TV and VCR against all risks of sudden physical loss. + +Losses, which can be repaired, will be settled by paying the repair cost without applying any depreciation (except for parts with limited life). For total losses, depreciation at the rate of 10% per year from date of manufacture up to a maximum of 50% will applied depending on the age of item +Third party liability arising out of use of TV is also covered under this
section +Items more than 10 years old will not be insured
Note: List of items & their values to be covered are to be provided.
Main Exclusions:
+Loss or damage for which manufacturer or supplier is responsible
+Loss or damage caused due to wear and tear, gradual deterioration, climatic conditions, rust, corrosion and insects
+Costs incurred in connection with functional failures
+Loss or damage caused by willful acts or willful gross negligence of the insured or nsured's family
+The Insured shall bear the first 10% or Rs. 2,500/- (Whichever is higher) for claim concerning computers and the first 10% or Rs. 500/- (Whichever is higher) for claim concerning any other item of Electronic
Equipment +Terrorism Cover Extension can be availed by paying extra premium against terrorist damages
Anyone else has any experience or similar product that can be recommended?
I see a lot of us are buying expensive TVs and sometimes with model going out of production or limited or non available extended warranty, we are at the mercy of the manufacturer who gives low buy backs or expensive repair cost or worst total loss if it cant be repaired. I have seen my friends suffering such issues with even TVs bought for 2 lakhs and above.
It got me thinking and I was scouting for an insurance to take care of this. I came across Bajaj Allianz "Householder Package Policy". The best part of this policy is that it covers both Domestic Appliance and Electronics Equipment mechanical and electrical failures, apart from regular flood, fire etc.
The only catch seems to be we have bear the first time cost upto 10% or 500rs whichever is higher (like car insurance). The depreciation for total loss is also good with 10% every year and 50% max.
Unlike National Insurance there is no cap (National insurance caps at 25k which is very small)
Here is the overview:
Home Insurance India | House Insurance | Bajaj Allianz Home Insurance
Here is the policy details:
http://www.bajajallianz.com/Corp/content/house&shop/householder_brochure.PDF
Here are the wordings:
Electronic Items:
You can insure your Computer, TV and VCR against all risks of sudden physical loss. + +Losses, which can be repaired, will be settled by paying the repair cost without applying any depreciation (except for parts with limited life). For total losses, depreciation at the rate of 10% per year from date of manufacture up to a maximum of 50% will applied depending on the age of item +Third party liability arising out of use of TV is also covered under this
section +Items more than 10 years old will not be insured
Note: List of items & their values to be covered are to be provided.
Main Exclusions:
+Loss or damage for which manufacturer or supplier is responsible
+Loss or damage caused due to wear and tear, gradual deterioration, climatic conditions, rust, corrosion and insects
+Costs incurred in connection with functional failures
+Loss or damage caused by willful acts or willful gross negligence of the insured or nsured's family
+The Insured shall bear the first 10% or Rs. 2,500/- (Whichever is higher) for claim concerning computers and the first 10% or Rs. 500/- (Whichever is higher) for claim concerning any other item of Electronic
Equipment +Terrorism Cover Extension can be availed by paying extra premium against terrorist damages
Anyone else has any experience or similar product that can be recommended?
