Understanding Game Console Insurance

What is game console insurance?

Game console insurance is a type of insurance policy specifically designed to protect your gaming console. It is a way to financially safeguard against unexpected events, such as accidental damage or theft, which are not typically covered by a manufacturer's warranty. There are many advantages to having game console insurance, including peace of mind and the ability to significantly reduce out-of-pocket expenses in the event of an accident.

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What game consoles can I cover with insurance?

Insurance protection is available for a range of game consoles, including your PS5, Nintendo Switch, Microsoft Xbox, Nvidia Shield, or any other gaming system you want covered, such as Playstation 4, Nintendo Wii, Xbox One, and Nintendo 3DS.

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Do homeowners or renters insurance cover gaming consoles?

Homeowners or renters policies typically have limitations for game consoles as to how they are covered, where they are covered, and how much they are covered for.

Firstly, many homeowner and renter policies do not offer any protection for on-the-go electronic devices. Those that do, typically have low limits and often exclude important coverages such as theft or liquid submersions. There is normally no protection for accidental damage and deductibles are often prohibitively high (e.g. over $500) as they often match the homeowner deductible. Should you need to file a claim against your policy, there is also a risk that your homeowner insurance rates increase.

Oyster has plans built specifically for personal electronics, with unlimited claim submission and the ability to purchase coverage anytime. Plus, coverage through Oyster means your homeowners or renters insurance rates won’t increase if you need to file a claim.

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What does game console insurance cover?

Oyster policies offer protection for all game console models, regardless of whether they are new, used, or refurbished. This insurance covers a range of losses, including:

• Accidental damage: If you accidentally damage your game console through drops, cracks, or other accidents, you will be covered.
• Theft: If your game console is stolen or vandalized, Oyster policies can provide protection.
• Spills and liquid submersion: If your gaming console suffers liquid damage from spills or being dropped in water, Oyster policies will provide protection.
• Fire, flood, and natural disasters: In the event that your gaming system is damaged in a fire, flood, or natural disaster, Oyster policies will provide coverage.
• Power surge by lightning: Lightning can cause serious damage to electronics, including game consoles. Oyster policies offer protection against this type of damage.

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What doesn't gaming console insurance cover?

Oyster offers comprehensive coverage for your gaming console, but there are a few exceptions to what it covers, including exclusions for intentional damage, cosmetic damage, and general wear and tear. See the policy details for more information on any exclusions.

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Should I insure my games console?

When it comes to protecting your game console, having insurance can be a smart investment. One of the major benefits of game console insurance is that it helps you reduce the cost of out-of-pocket expenses when accidents or other unexpected events occur. Whether you're dealing with damage to your gaming console or it has been stolen, the cost of repairs or replacement can be significant.

If you're considering whether or not you need insurance for your game console, it's worth thinking about whether you would be able to afford the cost of repairing or replacing your device if anything happened to it. Accidents and other unforeseen events can happen at any time, and having insurance can give you peace of mind and help you protect your investment in your game console.

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Do I need game console insurance if I have warranty protection?

Game console insurance offers protection that goes beyond what a warranty typically covers. While a warranty is a form of limited protection that comes with the purchase of equipment and covers issues such as manufacturer's defects, it does not typically cover theft, accidental damage, vandalism, or liquid damage. 

Additionally, warranties are often only valid for a limited period of time, ranging from a few months to a couple of years, whereas insurance policies typically allow you to continue receiving coverage as long as you pay the premiums. This means that you can have ongoing protection for your game console gear, rather than the limited coverage provided by a warranty.

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How much does game console insurance cost?

There is no real "average" policy as many factors affect the price of insurance e.g. item type, price of the item, etc. That being said, insurance is a small price to pay to make sure you are protected should the unthinkable happen and you damage your game console, or it’s stolen whilst you're out and about. Oyster gaming console insurance plans are very affordable, starting at just $25 per year.

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How do I get game console insurance?

The best way to find out exactly how much insurance will cost you is to get a quote. It takes less than 2 minutes to get a quote for a policy with Oyster!

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How do I insure my gaming console for travel?

Oyster provides protection for your device no matter where a covered incident occurs. This means that your console is protected whether it is at home, outdoors, or even when you are abroad. This can give you peace of mind knowing that you have financial protection in case of any unexpected events.