Be sure to read the fine print.
A lot of Irish people are wasting money on gadget insurance in Ireland through not understanding what type of policy they have, as well as simply failing to cancel their payments.
Mobile phone insurance is the most common type of gadget insurance and is generally sold to consumers as an add-on when they’re buying a new phone.
The Central Bank of Ireland did a themed investigation into three providers in Ireland which account for 80% of the market in this country.
The inspection found that, in certain circumstances, product information provided to consumers was inadequate. Manufacturers and distributors of gadget insurance need to do more to ensure that consumers are made aware of the key product features, benefits, exclusions, how to make a claim, and the total cost of the product.
It also found that around 21% of people don’t cancel their existing gadget insurance when purchasing a new one meaning they often end up paying double the money covering a phone they no longer use.
Speaking on the findings from the Central Bank, Daragh Cassidy, Head of Communications for Bonkers.ie said: “It’s also worth remembering that many people can claim for theft or damage to their gadgets as part of their home insurance, rendering extra gadget insurance pointless.
“In cases where you’re not covered, you can often get insurance for your personal belongings added on to your main policy for the fraction of the price of standalone gadget insurance.
“The whole point of insurance is that it’s there to protect you financially in your hour of need. But if you’ve been paying for inadequate insurance, or been mis-sold a policy, then it’s actually costing you financially.”
He advised customers to do the following when thinking of buying gadget insurance.
- Shop around for insurance, and never be pressurised into buying insurance at the point of sale.
- Find out what, if any, excess applies to the policy.
- Remember that you have a cooling-off period if you change your mind.
- Always contact your main insurance provider to see what they can offer you too.
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