Laptop Insurance - Yay or Nay?

[barkley]

Check your homeowners insurance. We called ours to ask about coverage of her stuff for theft and the laptop was included. She was actually covered for about $10k worth of stuff away from school; the computer was the bulk of 'value' she had, so we didn't need any other extra coverage.

She is covered under our homeowners. It would be covered for theft but not accidental damage. And it would be covered under our deductible of $1000.

We are also planning on doing the student insurance to cover all of his belongings, including laptop. The big draw for me is that the policy is around the $200 mark, but the deductible is only $25. Much better deductible than through our home owners. All electronics, bike etc. brought to school will be covered in full, including accidental damange and/or theft of laptop. It's our first year with one at college, so doing it for peace of mind

on the subject of insuring the kiddos stuff while at college (in dorm or private housing)- although they are likely covered under a parent's existing homeowner's policy the drawback of relying on it is if there is a claim that's financially wise to submit (well over the deductible amount) that claim will go AGAINST the existing homeowner's policy-and that can lead to higher premiums on what's usually not a cheap policy to begin with.

we looked into just relying on our homeowners when dd moved into college housing until we spoke to our agent about it-she pointed out to us the significant discounts we currently get for a no/low claim history as well as the high deductible we carry (which would mean a loss would have to be significant on dd's part before it would ever benefit us to submit a claim). it was FAR more cost effective short and long-term to get dd a renter's insurance policy (less than $180 per year with a $200 deductible). this provides coverage for both the contents of her housing AND in her car (she's still covered for both under our homeowners in the event of a MAJOR loss-but we would always default to the renter's policy as the first point of coverage).

another suggestion-before your kiddo leaves, make an inventory of what they are taking (and have them alert you to any subsequent significant purchases). in the event of a theft or fire it's very difficult to remember specific items-and you want to be able to provide complete information to the insurer for payment. agent suggested this in particular for dd's electronics, video gaming systems/games, movies and text books-all are the most likely to be taken in a break-in b/c of ease to thief in selling, and while some don't seem too valuable-when you start adding up how much 100 blu-rays add up to or 50 video games that run $50 a pop-that's a significant chunk of change (and ooooooh those several hundred dollar each textbooks).

 

[MillauFr]

that claim will go AGAINST the existing homeowner's policy-and that can lead to higher premiums on what's usually not a cheap policy to begin with.

Agreed making a claim against your homeowners is a mistake. Besides we have a $5,000 deductible on our homeowners and any theft wouldn't reach that threshold. I don't trust insurance companies to do the right thing. I think they just care about making money.

 

[Kathryn Merteuil]

I think is a good idea on an expensive laptop. I almost learned the hard way a few years ago when I spilled a glass of wine on one (a cheaper Dell) that I had about a week. It fried the hard drive, they replaced the hard drive and did not charge me. However, the keys were always sticky after that. I got the Square Trade warranty on my MacBook Air now, but I have never had to use it thankfully.

 

[tasha99]

I had an insurance policy on my laptop in school, and was glad of it. The thing is, a laptop takes a bit of a beating being put in a bag, out of a bag, getting carried around so much etc. Plus, most policies cover one battery replacement and one cord replacement--which shaves a bit off the cost of the policy. I cracked a screen in school, and it wouldn't have been worth repairing without insurance.

That said, now that my laptop never goes anywhere, it's a bit of a waste and I won't buy one next time.

 

[pampam]

I'm very careful with my MacBook pro, but even still, I once dropped it in the toilet, ports first, and another time I dropped it and broke the screen. Glad I bought the extra warranty.