Do you have to get insurance for your laptop?
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Asked May 8, 2011
Laptop insurance is not a requirement, except in certain situations, such as rent-to-own, where the laptop provider is subject to losses if the machine is stolen or damaged. Individuals are entitled to purchase laptop insurance if they wish, and the coverage is available from insurance companies both online and off, as well as computer dealers offering point-of-sale insurance options.
Laptop insurance has many shortcomings, including restrictions on acceptable loss. For instance, if your laptop is stolen out of a locked car, it is probably covered, but if the car was not locked it will not be covered. This particular rule has other exceptions and restrictions as well, and many insurers are reluctant to insure a laptop that is highly mobile or even one that is permanently mounted in a vehicle.
Laptop insurance will not protect you against loss or damage related to computer viruses or other malicious software attacks. The coverage is usually limited to placement cost of hardware and software, with restrictions on when and why software may be covered, usually limiting damages to those caused by theft or physical damage. Make sure that you read the policy carefully before signing up, and are aware of the exclusions and exceptions that will not be covered.
It should also be noted that laptop insurance does not generally cover normal wear on the machine. This means that if your hard drive stops functioning, you will have to replace it out-of-pocket. However, there are full-coverage computer policies available at a higher price. In this situation, the consumer would be best advised to compare the cost of full coverage insurance to the cost of leasing the machine. In some situations, leasing will be more affordable as well as offering a broader range of protection against mishaps.
Answered May 8, 2011 by Anonymous