You’ve chosen a new smartphone, an expensive pair of glasses, or a laptop, and as you pay in-store or online, you’re asked, “Do you want insurance with that?” The latest edition of the Austrian Financial Market Authority’s (FMA) consumer information series, “ Let’s talk about money” show how consumers can check whether additional cover matches their personal situation based on a few simple questions.<\/p>
The initial decision rests on the following fact: an immediate decision is not required, device insurance can often be taken out independently of the purchase. Consumers should check, if possible without any time pressure, the types of damage actually insured. Depending on the contract, these may include damage caused by devices being dropped or broken, water damage, theft or technical defects. Consumers should be particularly vigilant about excluded cover as well as excess amounts. Wear and tear or scratches are frequently not insured.<\/p>
Furthermore, they should also check whether additional insurance cover is really necessary. Statutory warranty claims or a manufacturer’s guarantee may exist for faulty devices. Household insurance or another existing insurance policy may also cover some types of damage.<\/p>
The cost and length of contract are also significant factors for a decision. Seemingly reasonable monthly premiums can soon add up over the duration of the policy. The total costs should therefore be compared against the value and age of the insured device. Options to cancel the insurance are equally important, as some contracts are renewed automatically.<\/p>
The current edition of “Let’s talk about money” can be found in English, along with all past editions on the website https:\/\/redenwiruebergeld.fma.gv.at\/en<\/a>. “Let’s talk about money” can also be found on Instagram under @redenwiruebergeld<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" What consumers need to be aware of about insurance for devices.<\/p>\n","protected":false},"author":20,"featured_media":41620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[80],"tags":[],"class_list":["post-42596643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release"],"yoast_head":"\n