iPad 3 Insurance
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[Deleted User]
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I have an iPad 3 which is insured through icare which I purchased when I brought the iPad. I am now in a position where I am having to claim after my daughter dropped it and cracked the screen and everything is going through.
I got an email today with this paragraph in the middle.
Please be aware that the policy limits liability to the sum insured of the item in any one insurance year and therefore once the repaired item has been returned you may want to contact us for a quote to fully reinstate the sum insured.
Am I right it assuming I will have to again pay for insurance for a new ipad even though I thought I had paid for a 12 month insurance policy instead of a one time only policy?
If so can anyone recommend somewhere decent that will cover accidents/unit failure etc where I can just pay on a monthly basis?
I got an email today with this paragraph in the middle.
Please be aware that the policy limits liability to the sum insured of the item in any one insurance year and therefore once the repaired item has been returned you may want to contact us for a quote to fully reinstate the sum insured.
Am I right it assuming I will have to again pay for insurance for a new ipad even though I thought I had paid for a 12 month insurance policy instead of a one time only policy?
If so can anyone recommend somewhere decent that will cover accidents/unit failure etc where I can just pay on a monthly basis?
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Where you have a sum insured, say £500, and the policy states that's the maximum liability in that year then there is no automatic re-instatement, any claim you make reduces the sum insured.
So for example, £500 SI less £200 claim means that they won't pay out any more than £300 in this policy year.
In theory, if you have another mishap and make another £200 claim then you should be fine. However, they may have an underinsurance clause too which basically means your claim would be reduced proportionately in line with the amount by which you are underinsured against the replacement cost.
So, if an items true value is £500 and its sum insured is only £300, the insurance company will only pay out 3/5 of the value of the claim, even if the value of the claim does not exceed the sum insured.
Sorry, I've probably just complicated an already complex matter.
The long and short of it is that you're still insured. However, the most they will pay on any future claim during this period of insurance is the difference between the replacement value (true sum insured) and the amount paid on the claim you currently have. However, its worth asking them if they have an under-insurance clause because if they do then the amount they pay will be reduced further and it would definitely be advisable to pay the re-instatement cost.
1/ Buy a bumper/case for the iPad.
2/ Ban your daughter from touching it again.
It was in a case but I have considered the banning thing!! I will see what I can do. We are changing house insurance next year anyway so I will try and find a policy which will cover it all probably.