Insurance for our beloved AV systems ? Suggestion / Tips....

[Naveen_Reloaded]

Since we all own costly AV tech , how do you guys make sure that in case it goes down , you are financially protected ?

Do you guys get any insurance policy or AMC or ???

Suggestions , tips would be very helpful.

Whether the system/device is in warranty or not , what would be the best way to protect ourselves from huge repair costs ?

 

[fLUX]

Since we all own costly AV tech , how do you guys make sure that in case it goes down , you are financially protected ?

Do you guys get any insurance policy or AMC or ???

Suggestions , tips would be very helpful.

Whether the system/device is in warranty or not , what would be the best way to protect ourselves from huge repair costs ?

I dont believe there is any way to financially protect yourself in case if something goes down. All electronic goods deplete in value tremendously and dont believe any insurance would be willing to cover it at even half the cost considering the likelihood of such things happening.

However what you can do to protect your equipment is to make sure of the below
i) Never try changing cables when your device is on. Other than speaker cables I never change anything with the device being on (prefer doing that also while device is off as accidentally you might end up shorting it if not careful)

ii) Ensure that anytime you connect new equipment , start playing it from lowest possible volume to notice for any hiss/static noise and also to avoid any sudden surge in volume.

iii) Use good brand spike busters , preferably use either a servo stabilizer or an online UPS to keep your equipment safe.

iv) Regularly dust off the equipments to prevent accumulation of dust as much as possible.

v) Dont work on integrating new equipments or making complicated wire connections while tired, I have done this a few times and have screwed up few connections in the past but luckily nothing happened.

 

[Naveen_Reloaded]

I dont believe there is any way to financially protect yourself in case if something goes down. All electronic goods deplete in value tremendously and dont believe any insurance would be willing to cover it at even half the cost considering the likelihood of such things happening.

However what you can do to protect your equipment is to make sure of the below
i) Never try changing cables when your device is on. Other than speaker cables I never change anything with the device being on (prefer doing that also while device is off as accidentally you might end up shorting it if not careful)

ii) Ensure that anytime you connect new equipment , start playing it from lowest possible volume to notice for any hiss/static noise and also to avoid any sudden surge in volume.

iii) Use good brand spike busters , preferably use either a servo stabilizer or an online UPS to keep your equipment safe.

iv) Regularly dust off the equipments to prevent accumulation of dust as much as possible.

v) Dont work on integrating new equipments or making complicated wire connections while tired, I have done this a few times and have screwed up few connections in the past but luckily nothing happened.

duly noted..

but these ?

Electronic Equipment Insurance - Protect Your Electronic Gadgets

Buy Electronic Equipment Insurance from HDFC ERGO. Protect your laptop, computers & other electronic gadgets against breakdown or damage. Get the quote today!

www.hdfcergo.com

OICL

OICL - The Oriental Insurance Company Ltd

orientalinsurance.org.in

Electronic Stationary Insurance for Electronic Equipments by Bajaj Finserv

Electronic Stationary Insurance provides protection for equipments like printer, scanners, photocopier, calculators, digital planner which helps to handle loss and damage. Buy Now!

www.bajajfinserv.in

Electronic Equipment Insurance Policy

ICICI Lombard offers Electronic Equipment Insurance (EEI) Policy that covers financial loss due to damage of Industrial Electronic Machines, Computers & Laptops, Printers & Scanners and other electronic equipment.

www.icicilombard.com

Electronic Equipment Insurance Policy | Reliance General Insurance

Electronic Equipment Insurance Plan by Royal Sundaram

Get online Electronic Equipment insurance by Royal Insurance. An insurance cover for unforeseen and accidental loss or damage to electronic equipment.

www.royalsundaram.in

 

[keith_correa]

There is coverage offered for A/V equipment by many insurance providers but the caveat is that the equipment under cover must be under some sort of maintenance contract or else the premium increases drastically.

 

[Naveen_Reloaded]

oh ok..

there is no maintenance contract for AVs system right ?

 

[neogen]

Extended warranty from third parties is one of the option.

 

[dr.arun]

Acko offer free home appliance coverage when you pay rent using their system . Never had to claim . So can't comment on whether it's useful or not

 

[fLUX]

duly noted..

but these ?

Electronic Equipment Insurance - Protect Your Electronic Gadgets

Buy Electronic Equipment Insurance from HDFC ERGO. Protect your laptop, computers & other electronic gadgets against breakdown or damage. Get the quote today!

www.hdfcergo.com

OICL

OICL - The Oriental Insurance Company Ltd

orientalinsurance.org.in

Electronic Stationary Insurance for Electronic Equipments by Bajaj Finserv

Electronic Stationary Insurance provides protection for equipments like printer, scanners, photocopier, calculators, digital planner which helps to handle loss and damage. Buy Now!

www.bajajfinserv.in

Electronic Equipment Insurance Policy

ICICI Lombard offers Electronic Equipment Insurance (EEI) Policy that covers financial loss due to damage of Industrial Electronic Machines, Computers & Laptops, Printers & Scanners and other electronic equipment.

www.icicilombard.com

Electronic Equipment Insurance Policy | Reliance General Insurance

Electronic Equipment Insurance Plan by Royal Sundaram

Get online Electronic Equipment insurance by Royal Insurance. An insurance cover for unforeseen and accidental loss or damage to electronic equipment.

www.royalsundaram.in

Thanks for the links,. quiet informative. These seem to be aimed for larger businesses and terms also seem to indicate the same. The issues we face would be more of wear and tear, manufacturer related repairs etc.

 

[Naveen_Reloaded]

point of this thread to get info on how to safe guard against huge financial losses...

All inputs are welcome.

 

[kannapi2]

Like some people pointed out , most of these are for businesses , but HDFC covers home electronics it seems . I just checked with a random figure of 10lakh home cover .30% can be claimed for electronic equipments . Premium is 8000 per year for 10lakhs

 

[Naveen_Reloaded]

Like some people pointed out , most of these are for businesses , but HDFC covers home electronics it seems . I just checked with a random figure of 10lakh home cover .30% can be claimed for electronic equipments . Premium is 8000 per year for 10lakhs

30 % of 10 l ? ie 3 L ?

Or 30% of the repair cost ?

Funny thing is i started this thread and by panny broke 1 month later...

Should have put some insurance atleast.

 

[sandeepmohan]

Should have put some insurance atleast.

For a 6+ year old TV? Why?
Unless you live in some earthquake, natural calamity prone zone or you have a kid you loves to throw stuff at your appliances, I don't see the point of Insurance.

Insurance is good to have but you need to read the fine print on what it covers and what it does not, before you sign the dotted line.

 

[k-pad]

Naveeen Bhai,
Will read the links you have attached.

But as far as I know, we can only opt for electronics section in whole house cover.

While on topic, I'd urge FMs to go for some kind of cover for their homes, even in apartments (or especially apartments)

Please don't think of it as off-topic, we all FMs need to cover our homes first, and whatever value we put in that for our electronics gets adjusted to insurance for that component. If I am not wrong, we can claim any home appliance within what is specified in house cover, inside electronics, as per values given by us.
Regards

 

[Naveen_Reloaded]

For a 6+ year old TV? Why?
Unless you live in some earthquake, natural calamity prone zone or you have a kid you loves to throw stuff at your appliances, I don't see the point of Insurance.

Insurance is good to have but you need to read the fine print on what it covers and what it does not, before you sign the dotted line.

now the cost of repair is 60K+ ...

thats why...

Also now i dont want to spend 60k on a 6 year old tv , and its worth now is 3-5k .. just imagine...

 

[msankadi]

While on topic, I'd urge FMs to go for some kind of cover for their homes, even in apartments (or especially apartments)

Your post piqued my interest. I am on the rented house side of equation in rent vs buy and always ignored house insurance for those who own the house. Can you share some links for me to educate myself? Have you taken one? Do you mind sharing some details around your insurance and electronics coverage?

 

[raghupb]

A small UPS (1100VA), a stabilizer (servo) and a few spike busters will offer basic protection from cutoff, over/under voltage and spikes.
This will take care of most home AV usage scenarios.

Cheers,
Raghu

 

[kannapi2]

30 % of 10 l ? ie 3 L ?

Or 30% of the repair cost ?

Funny thing is i started this thread and by panny broke 1 month later...

Should have put some insurance atleast.

30 % of 10 l ? ie 3 L ?
Like this . Not sure how much they will pay for each service

 

[Manoj Nair]

I dont believe there is any way to financially protect yourself in case if something goes down. All electronic goods deplete in value tremendously and dont believe any insurance would be willing to cover it at even half the cost considering the likelihood of such things happening.

However what you can do to protect your equipment is to make sure of the below
i) Never try changing cables when your device is on. Other than speaker cables I never change anything with the device being on (prefer doing that also while device is off as accidentally you might end up shorting it if not careful)

ii) Ensure that anytime you connect new equipment , start playing it from lowest possible volume to notice for any hiss/static noise and also to avoid any sudden surge in volume.

iii) Use good brand spike busters , preferably use either a servo stabilizer or an online UPS to keep your equipment safe.

iv) Regularly dust off the equipments to prevent accumulation of dust as much as possible.

v) Dont work on integrating new equipments or making complicated wire connections while tired, I have done this a few times and have screwed up few connections in the past but luckily nothing happened.

Fully agree .....specially Point 5 where I have shorted connections and speakers have blown .Learnt lesson the hard way

 

[k-pad]

Your post piqued my interest. I am on the rented house side of equation in rent vs buy and always ignored house insurance for those who own the house. Can you share some links for me to educate myself? Have you taken one? Do you mind sharing some details around your insurance and electronics coverage?

Hi,
In current rented place, only individual contents are insured.
For the own place I intend to move in soon, have recd a quotation of Rs 2,000 paid per sq ft if anything goes wrong. Considering it is an apartment, that did not make sense, so have asked them some questions and a better per sq-ft repayment quote. Will update here once i move in and lock on a policy.
Having said that, you can insure goods as just a tenant also, if you have really expensive contents that you want to protect (An AVR is expensive in my book, and investing 2K/yr for a 100K AVR is worth my while).
Need to disclose true values with proof and negotiate a good pay-out from them though. It will drive up premiums from the base levels, but will be worth it.
Regards

 

[adhingra]

I work in insurance industry but haven’t Insured my system
Best advice I have heard is to buy a home insurance policy that covers equipment on declaration basis.