Television is perhaps the most popular personal electronic item. From morning to evening, we need television for passing our time. The "idiot box" has come a long way from black and white era to high and sophisticated 3D and LED TV sets. There are different types of televisions like widescreen, digital, plasma, LCD, LED and 3D. With the increase is sophistication, the price and the risk associated with the TV sets (in case of damage, theft, accident) has also increased. TV insurance is one of those methods to protect televisions from damages, theft and many other possible issues.
TV Insurance Benefits
Apart from only television, there are other items closely related to TVs which may require insurance, such as, VCRs, VCD/DVD players and dish antennas. A TV insurance covers ones TV and related accessories from possible damages give below:
Explosion, Lightening and Fire : Sometimes, current flow can become unsteady leading to short circuit, explosion or fire inside the house. Moreover, natural calamities like lightening can cause the same to the electric appliances including TV and its equipment. TV insurance provides coverage against damages caused by all these.
Flood, Cyclone, Storm, Earthquake and Allied Perils : There are certain regions in the world which are prone to natural disasters as stated above. TV insurance makes sure that in case your TV set gets damaged due to these reasons it is properly take care of.
Malicious Act, Strikes and Riots : These activities are covered under TV insurance where TV owners are either provided replacement TV or repaired TV.
Housebreaking, Theft and Burglary : Theft is a major aspect of consideration especially in case of expensive TVs. TV insurance benefits include coverage against theft and heist.
Electrical or Mechanical Breakdown : There are regular electrical or mechanical breakdown in hardware appliances and TV is one of those appliances. There is a need to service television on regular basis and TV insurance can readily provide coverage for these routine or sudden breakdowns.
Types of TV Insurance
There are various types of television insurance and TV owners have privilege to choose either any or all of them. These insurance covers include:-
Loss Coverage : With a supplementary fee of $1 per month, TV insurance providers replace the television if TV owner loses it.
Accidental Damage Coverage : This type of coverage makes sure that TV owners do not panic if television accidentally breaks or drops down. Insurance providers repair services in this case.
Breakdown Coverage : Various insurance companies also follow simple methodology of providing extended warranty where they fix the television if there is a mechanical or electrical fault in it.
Theft Coverage : Under this type of TV insurance policy, there is 48 hours replacement policy for stolen televisions.
Countrywide Coverage : TV owners need not worry about their televisions if they are traveling abroad. Countrywide coverage has been made obligatory for all the TV insurance companies.
Liquid Damage Coverage : There is repair facility for televisions if TV owners accidentally spill water over them and they stops working.
There are discount schemes if TV owners insure multiple gadgets under a single insurance policy.
Exclusions from the TV Insurance Policies
There is exclusion from the TV insurance policies which would not be covered under any circumstances. These exclusion aspects include:-
- Beforehand repairing, dismantling or erection of TV or its appliances
- Liability assumption by the insurance holder
- TV damaged in warlike situations and nuclear risks
- Liabilities of the suppliers and/or manufacturers
- Consequential loss, wear and tear, depreciation and failure
- Damage done by natural atmospheric circumstances
- Loss or damage to TV or its appliances as the side effects of burglary or theft if it is not stolen
Major TV Insurance Companies
Square Trade
Square Trade is popular due to their amazing savings, #1 rating and great service. In comparison to other insurance companies, Square Trade offers three times cheaper plans. Moreover, they offer other services like 5 days service guarantee, online warranty management and cash reimbursement in case if TV is irreparable.
They have three variations in their prices depending upon the types of televisions. For LCD and Plasma TVs, they offer plans ranging from $29.99 to $399.99. On the other hand, for Projection TV; Square Drive has plans ranging from $27.99 to $399.99. These variations are dependent upon the prices of the televisions.
Television and Appliance Warranty Inc
Established in 1973, Television and Appliances Warranty Inc. offers various extended warranty plans. They were incorporated in North Carolina. They also provide other types of insurance except life, health and automobile insurance.