Expensive toys and the insurance implications
Tarina Vlok
Personal technologies such as drones, gadgets, consoles, video games, GoPro’s and smartwatches have gained in popularity. However, it raises many questions on insurance, specifically under which section of your policy they are insured.
“It’s important to provide your insurance provider with as much information as possible and specify which personal technology you have. This will ensure that should any gadget get damaged or stolen, it will be covered and replaced,” Old Mutual Insure’s Tarina Vlok says.
Drones and quadcopters
These are considered part of your contents covered under household goods, meaning they are covered inside your home.
“However, the very reason for owning these items is to use them outside, which significantly raises the chances of them getting damaged,” she explains.
Therefore, these items should be specified under the All Risks section of your policy.
GoPro’s and other action cameras
Vlok explains that the same cover applies to the cameras, needing to be covered under both household and all risks policies.
“If specified, they will be covered anywhere in the world, even while they are used. Remember that they will not be covered by mechanical, electrical or electronic breakdown or failure, unless you specifically include them under the mechanical and electrical breakdown section,” explains Vlok.
Smartwatches and fit-bits.
If your smartwatch interacts with your cellphone, it’s considered a watch.
As such, it will be covered at home; away from home, under All Risks.
However, if your smartwatch also acts as a mobile device, it will be considered a mobile communication device, so they must be specified under All Risks.
Tech toys inside your home
“Typically these items are not normally removed from your private home and therefore they can be safely insured with the rest of your contents under Household Goods.