insurance schemes for electronics

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filmguy

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are there any insurance co's around that have insurance schemes to ensure only electronics. croma has their extended warranty scheme which i've been informed is a sort of insurance that they've taken out. i was wondering if there was ny such scheme for individuals that cover consumer electronics for breakdowns/repair/replcaement costs.
 

ashishkesarwani

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are there any insurance co's around that have insurance schemes to ensure only electronics. croma has their extended warranty scheme which i've been informed is a sort of insurance that they've taken out. i was wondering if there was ny such scheme for individuals that cover consumer electronics for breakdowns/repair/replcaement costs.

All public insurance company's have such insurance wherein they insure your household goods against any defects and thefts, and if anything goes wrong with your insured goods then insurance company pays you for its repair. Good example of insurance companys are Oriental Insurance, National Insurance, United India Insurance, etc. You need to have the original invoice of the product you need the insurance for and it would be covered.
 

filmguy

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^^thanks ashish but do u think these insurance co's really do cover cost of repair/replacement or is it on paper only and when it comes to doing it they make u run around?
 

psychotropic

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I have taken household insurance from Tata AIG, it costs some 2-3k and covers repair of various appliances....for instance my TV is covered for 25k....
 

Manu

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I have taken household insurance from Tata AIG, it costs some 2-3k and covers repair of various appliances....for instance my TV is covered for 25k....

How about claims? Any one had reason to make a claim and how was that serviced? If we have a good record, I would also want to insure some of the equipment.
 

madbullram

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I have taken household insurance from Tata AIG, it costs some 2-3k and covers repair of various appliances....for instance my TV is covered for 25k....

Psyc, can you pls explain, sound interesting. Is it only for TV or does it cover all domestic appliances like Microwave etc?
 

ashishkesarwani

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As I remember in my case I have around 12.5 Tons of Airconditioning from Carrier in my showroom and after its warranty period of 1 year was over, I was suppose to get an AMC contract from the Carrier but it was costing me almost 10-15% of the cost of the Airconditioning so I went ahead and also took a quote from my Insurance company about insuring the same and to my surprise it was far lesser than the Carrier. So I went ahead with the Insurance. During the period of Insurance a time came when one of the compressors of the A/C went bad so I took a quote for the repairs of the same from Carrier and submitted the same to the Insurance company along with the actual bill for the cost of repairs, then after 15 days I recieved a cheque from the Insurance company for the repairs costs which was incurred by me to keep the A/C in running condition.
I hope the above example helps anyone who wants to get their household items insured. But keep in mind that I had the pay the cost of repairs from my pocket initially which was later rembursed by the insurance company.
 

madbullram

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Which insurance company was this? Also, can you indicate whats the premium percentage compared to the actual price of the product? Is it a yearly or one-time premium?
 

ashishkesarwani

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Which insurance company was this? Also, can you indicate whats the premium percentage compared to the actual price of the product? Is it a yearly or one-time premium?

This was done from United India Insurance company and the premium percentage was roughly around 5%, and it was for a period of 1 year.
 

teky

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As I remember in my case I have around 12.5 Tons of Airconditioning from Carrier in my showroom and after its warranty period of 1 year was over, I was suppose to get an AMC contract from the Carrier but it was costing me almost 10-15% of the cost of the Airconditioning so I went ahead and also took a quote from my Insurance company about insuring the same and to my surprise it was far lesser than the Carrier. So I went ahead with the Insurance. During the period of Insurance a time came when one of the compressors of the A/C went bad so I took a quote for the repairs of the same from Carrier and submitted the same to the Insurance company along with the actual bill for the cost of repairs, then after 15 days I recieved a cheque from the Insurance company for the repairs costs which was incurred by me to keep the A/C in running condition.
I hope the above example helps anyone who wants to get their household items insured. But keep in mind that I had the pay the cost of repairs from my pocket initially which was later rembursed by the insurance company.

Didn't know such things existed, Thanks for your information Ashish.

BTW do you know if these are also covered for theft,fire etc?
 

ashishkesarwani

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Didn't know such things existed, Thanks for your information Ashish.

BTW do you know if these are also covered for theft,fire etc?

God forbid, but I have been through a fire incidence at my showroom way back in 1998 and that time I was compensated for my entire loss, but at that time it took 2 years for the Insurance company to settle the entire claim amout which also included the stock losses and in my case it was gold, as I own a Jewellery showroom.
 

ashishkesarwani

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You can even get your mobile phone insured and claim for its loss in case of theft or its going bad, all you need is a Police FIR in which you have reported for your lost mobile.
 

skumar

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I thought the house-hold or store-owner policies cover repairs due to accidental damage (ex: short circuit blows the compressor or thunder or fire etc) but they will not cover repairs due to normal wear and tear.

Ashish - what exactly is this policy called and what are the items covered in this?
 

ashishkesarwani

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I thought the house-hold or store-owner policies cover repairs due to accidental damage (ex: short circuit blows the compressor or thunder or fire etc) but they will not cover repairs due to normal wear and tear.

Ashish - what exactly is this policy called and what are the items covered in this?

In my case the policy which I had taken for my business was the "Jewellers Block Policy" which protects me against any unforseen losses in my business and for the airconditioner as well as other electronic instruments like the weighing scale, etc a seperate policy is issued.
Insurance states that it will not cover day to day wear and tear as in the case of automibiles, you are not liable to gain from Insurance but it will compensate you in the case of a major fault in a particular product because of which the product is unusable.
When the fire destroyed the entire airconditioning unit in my showroom, Insurance company paid me for its entire repair cost, to bring it back to the usable conditions.
 

filmguy

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afaik the tata aig scheme is for fixed 6 appliances (tv, dvdp, music system, fridge, micro, washing machine) for fixed amounts. so like psyc has, the tv is covered for 25k. i dont think u can decide how much each appliance is valued at.

so since i also wanted to cover my new (to be bought) ps3 i could not. instead things like fridges etc were covered.
also what if our tv costs more than 25k? the scheme is good in certain ways but it lacks flexibility in what can be insured & for what value.

Psyc - do u have any pdf/word document of the terms and conditions so that we can know what is/is not covered? i'd asked the tata representative but he didnt have/(wasn't ready to give ?)

the scheme that ashish has taken seems more flexible and would be great IF it covers normal breakdown of electronics and/or (for us people living near the sea) due to humidity and/or voltage issues etc etc..
 

madbullram

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Came across an excellent one from Oriental Insurance:
http://www.orientalinsurance.org.in...?pagesource=usefulpols&loggedIn=anonymousoicl

I am trying to find more details and will post it once I do.

Electronic Equipment Insurance Policy

Brief Description :

This policy offers you financial protection in case your electronic equipment suffers accidental electrical and machinery breakdown requiring repairs and /or replacement. This policy covers all types of computers including micro - processors, word - processors, tele - communication instruments, machine for medical use, films and television studio equipment, electronic score boards etc
Covered Risks :

Under this insurance you are covered against all kinds of accidental, Electrical and Mechanical breakdowns due to internal causes ,external causes and operational deficiencies.
Major Exclusions :

Damage due to any cause for which the manufacture and/ or supplier is responsible, Defects existing at the time of taking insurance known to the insured but not known to the Insurers, Loss or damage due to interruption caused by the failure of electricity service or supply.
 

psychotropic

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hey Ram,
sorry for not replying earlier. Mine covers 6 appliances TV, fridge, washing machine, microwave, DVD player, "music system" .....i don't have the policy documents with me, i'll dig them out and post more details when I can. It seemed like a decent policy, but I have no idea how claims work as I have thankfully not had an occasion to use it.
 

madbullram

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Will look forward to it. Bcos was talking to my auditor and he was of the opinion regular breakdown like, gas leakage in a Fridge might not be covered my AIG, but then he said he will get back as even he wasnt sure.

Just want to sure they dont wash hands saying only if its electrical something they will pay.
 

madbullram

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Guys,
Spoke to T$t$-A$G (you get whom I am talking about) and got a comprehensive information. Summary si this for 3409 rs annual premium you get
Fire protection and burgulary fo 3 lakhs (for all contents at home including your furniture to shoes),
Break down for 6 equipments (TV-12K, DVD - 4K, MUSIC - 15K, FRIDGE - 15K, WASHING MACHINE 15K, MICROWAVE - 12K provided all equipments are below 8 yrs) ,
Personal accident of 10 lakhs.

Also, after first year, you can add mobile, laptop etc to the policy and include it with more premium.

Sorry, I cant add the document in a public forum, so PM me if you want a copy of it.

This seems to be really good.

Your thoughts
 
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psychotropic

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this sounds like the one i got.....except i upped my TV coverage to 25k....don't remember if i paid more premium or sacrificed coverage for something else...more likely the former...but ya...this is the one.

Guys,
Spoke to T$t$-A$G (you get whom I am talking about) and got a comprehensive information. Summary si this for 3409 rs annual premium you get
Fire protection and burgulary fo 3 lakhs (for all contents at home including your furniture to shoes),
Break down for 6 equipments (TV-12K, DVD - 4K, MUSIC - 15K, FRIDGE - 15K, WASHING MACHINE 15K, MICROWAVE - 12K provided all equipments are below 8 yrs) ,
Personal accident of 10 lakhs.

Also, after first year, you can add mobile, laptop etc to the policy and include it with more premium.

Sorry, I cant add the document in a public forum, so PM me if you want a copy of it.

This seems to be really good.

Your thoughts
 
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