In today's technology-driven world, almost every business organisation and households rely on some sort of electronic appliance to carry out their essential daily tasks. Any mishap or damage to the said appliances can result in significant damage to work and, ultimately, financial loss. This is where electronics insurance comes into play. 

About Electronics and Home Appliances Insurance 

Electronics and home appliances insurances are financial products that help you deal with all kinds of monetary loss due to damage or repair and offer coverage for your electronic appliances. To put it simply, home appliance insurance is another term for an extended warranty. Whenever you buy a new appliance for your home, chances are that you are already provided with a basic warranty on that electronic appliance. However, that warranty may not include all the parts of the appliance. The ultimate goal of this extended warranty is to protect the functional parts of your equipment from any kind of damage, which might include normal wear and tear, heat or humidity, and power surges, among others.

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Why Do You Need Electronics Insurance?

  • Increase In Phone Accidents

Studies indicate that almost 50% of people from around the world have broken their smartphones. 

 

  • Increase In Theft

Many electronic devices get stolen, especially portable ones like cameras or phones. It is also difficult to track these devices once they are stolen.

 

  • Overcome Monetary Loss

 

Repairing your phone parts can sometimes be quite expensive. With the help of an Electronic Insurance plan, you can get comprehensive coverage for the loss of electronic goods and can save up on unavoidable costs. 

 

  • Receive Additional Benefits

With an Electronic Insurance Plan, you get to enjoy several additional benefits such as coverage of the cost of working, night work, and double pay on public holidays. 

Types of Electronic Appliance Insurance at Bajaj Markets

At Bajaj Markets, you can enjoy complete financial security for all your electrical appliances. The different types of electrical appliances insurance that Bajaj Markets provides are:

 

What Are The Different Types Of Electronic Insurance Policies?

Typically, there are broad types of electrical appliance insurance policies. These are 

 

  • Household Appliances

  • Kitchen Appliances

  • Electronic Appliance

 

Based on what appliances you need coverage for, you can make your choice accordingly. However, before doing so, it is also important to learn all the features and benefits of each policy, so that you can then go on to make a well-informed decision. 

Key Features of Electronics and Home Appliance Cover

Mentioned below are some of the key features and benefits of Electronics And Home Appliances Insurance

Substantial Coverage

Get to enjoy high financial coverage extending up to Rs 25,000 at a very affordable price.

Flexible Online Payment Options

We have a variety of payment options such as internet banking, mobile wallets, etc. Choose the one that suits you the best, and make your payment accordingly.

Emergency Assistance During Travel

Even in worst-case scenarios, wherein you get stranded whilst travelling due to unforeseen circumstances, you will receive monetary benefits.

Receive Reimbursement On All Your Repair Expenses

In case of accidental damage to your electrical appliances such as your laptop charger, you will receive a full reimbursement on all costs of repairing and replacing.

How To Compare And Choose The Right Electronic Appliance Insurance Policy?

When it comes to choosing the right Electronics Appliances Insurance policy, you need to keep a few things in mind. Those are

  • Claim Settlement Ratio

    The claim settlement ratio typically differs across various companies. A higher ratio denotes the higher credibility of the insurer.

  • Key Features And Benefits

    While purchasing an Electronic Appliances Insurance Policy, it is very important for you to learn all the key features and the benefits offered by that plan. You can also compare it against other policies and finally choose the one that works best for you.

  • Budget

    Last but not least, your budget is another important thing to remember. You should always look for a plan that fits your budget and not the other way around.

Why Choose Bajaj Markets For Electronics Insurance Plan?

 

Your Most Trusted Companion

We have over 100+ clients spanning different states of India. Now is your chance to be a part of our journey.

Quick Claim Settlement

Settle all your claims quickly and get prompt support only at Bajaj Markets

24*7 Assistance To Claim Insurance

Our team of experts are available at your service 24*7 so that you do not face any kind of problems while claiming Electrical Appliances Insurance benefits. Reach out to this toll-free number, 18002095858 to avail all the benefits of the plan.

Flexible Payment Options

We have different payment options available just for you so that you can complete all your transactions smoothly. 

Minimal Documentation

No tedious paperwork will be required if you are filing your claim. Some basic documentation can get your claim approved.

Inclusion And Exclusion Of Electronic Equipment Insurance Plan 

1. Electrical Appliances Insurance - Inclusions

 

The following list highlights all the things that are covered under the Electrical Appliances Insurance plan,

 

  • Accidental Damage Due To Fire

  • Burglary Cover

  • Cost Of Repair And Replacement Due To Accidental Damages

  • Electrical Appliances Malfunction

  • Damage Due To Natural Calamities 

     

2. Electrical Appliances Insurance - Exclusions 

 

The below-mentioned items are not included under the guidelines of the Electrical Appliances Insurance policy

 

  • Damage Due To Pollution

  • Damage Due To Act Of Terrorism

  • Damage Incurred During Maintenance

  • Damage Caused During Hostile Situations

How to Buy an Electronics Insurance Plan?

There are a few eligibility criteria that need to be fulfilled before you can apply for an Electronic Equipment Insurance Plan, which are:

 

  • You can purchase an Electronics insurance plan if you are the owner of an electrical appliance.

  • An organisation that leases electronic equipment.

  • Bankers that bear the purchase cost of the electrical equipment.

 

Once you have checked all the boxes, you can easily buy your Electronics Insurance Plan following these few steps

 

  • Click On Buy Now

Click on the ‘Buy Now’ option once you have decided on the product from the Electronics Insurance Plan page. 

  • Fill In The Details

Enter all the necessary information and details in the online application form. 

  • Make The Payment

After you have successfully filled out and submitted the form, you will be presented with different payment options. Choose accordingly, and make the payment.

Things to consider before buying Electronics Insurance

Electronics, especially smartphones, cameras and tablets, have become a very crucial life of your everyday life, so much so that a day without them is unimaginable. However, when they stop working or get damaged, the cost of repairing or replacing the same can be, at times, too much to bear. That is where electronics insurance comes into play. However, before opting for an Electronic Equipment Insurance plan, there are a few key things that you need to keep in mind. 

Watch out For Homeowners or Renters Insurance 

Often, especially for those who already have homeowners or renters insurance, chances are that the electronic devices of these said individuals are already covered. Therefore, it is very crucial for you to check for any existing insurance policies that provide sufficient financial protection before buying Electronics Insurance. 

Extended Warranty Benefits

Yet another important thing to look after before opting for Electronics Insurance is extended warranty benefits. Often, when you purchase any electronic appliances with a credit card such as Visa, Mastercards or American Express, it comes with an added benefit of extended warranty coverage onto the original manufacturer's warranty at zero cost. However, there are certain limitations to the coverage plan as well. Therefore, checking thoroughly before buying an Electronics Insurance plan is important.

How to Make a Claim On Your Electronics Insurance Plan

To claim the coverage offered under this policy, you can contact the insurer via

 

  • Email

  • Phone

  • Visit the customer service website

Documents Required To Process The Claim

Some important documents that are required while claiming the policy benefits includes:

 

  • A copy of the FIR, in case your device gets stolen.

  • Bill or Invoice Copy of your purchase order

  • Filled Claim Form

Electronics and Home Appliances Insurance FAQs

  • ✔️Can I cover more than one item under a single policy?

    Only that particular item is covered under the policy for those opting for a single-item policy. However, there are also various multi-item appliance insurance policies available in the market that you can choose from if you want to cover more than one item. 

  • ✔️ Do I need to provide proof of purchase of my appliances?

    Yes, insurance companies need to verify whether you are the appliances' owner. The best way to ensure that is by producing the original receipt. However, in cases where you do not have an original receipt, you can also offer other documents, such as a credit card or bank statement.

  • ✔️Does electronic equipment cover damage caused due to fire?

    Yes, comprehensive coverage is provided to insured appliances that may get damaged due to unforeseen circumstances such as earthquake, fire, flood and lighting.