Understanding Smart Watch Insurance

What is Apple Watch or Smart Watch insurance?

Apple Watch or Smart Watch insurance is a type of insurance policy specifically designed to protect your watch against damage, theft, and other covered losses. Like other types of insurance, Apple Watch or Smart Watch can provide financial protection in case of an unexpected event, such as accidental damage or theft, which can be costly to repair or replace on your own.

What Smart Watches can I cover with insurance?

Insurance protection is available for a wide range of models and brands. This includes popular watches such as the Apple Watch, Samsung Galaxy Watch, Fitbit Versa, and Garmin Vívosmart. 

Both new and used or refurbished watches can be covered by insurance with Oyster and it is possible to purchase insurance at any time, regardless of the age or condition of your device.

Do homeowners or renters insurance cover Apple Watches or Smart Watches?

Homeowners or renters policies typically have limitations for watches 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 very low limits and often exclude important coverages such as theft or liquid submersions. There is normally no protection for devices used for business and deductibles are often prohibitively high 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.

What does Apple Watch & Smart Watch insurance cover?

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

  • Accidental damage: If you accidentally damage your smartwatch through drops, cracks, or other accidents, you will be covered.
  • Theft: If your watch is stolen or vandalized, Oyster policies can provide protection. 
  • Water damage: If your Apple Watch or Smart Watch 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 device 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 smartwatches. Oyster policies offer protection against this type of damage.

What doesn't Smart Watch insurance cover?

Oyster insurance plan offers comprehensive coverage for your smartwatch, but there are a few exceptions to what it covers, including exclusions for intentional damage, cosmetic damage, and general wear and tear. There is also no cover for computer viruses or any software issues. 

Should I insure my Apple Watch or Smart Watch?

When it comes to protecting your smartwatch, having insurance can be a smart investment. One of the major benefits of smartwatch 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 smartwatch 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 smartwatch, 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 smartwatch.

Do I need smartwatch insurance if I have warranty protection?

Smartwatch 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 or accidental damage. Smartwatch insurance protects against a variety of damages including cracked screens, spills, liquid submersion, and drops.

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 smartwatch, rather than the limited coverage provided by a warranty.

How much does insurance for Apple Watches or Smart Watches cost?

The cost of insurance can vary based on factors such as the type and value of the Smart Watch, the extent of coverage desired, and the specific terms of the policy. However, the relatively low cost of insurance can be worth it to protect against the potential expenses of repairing or replacing a damaged or stolen smartwatch. It is important to consider the value of having peace of mind and financial protection.

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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