How Does Insurance for Consumer Electronics Work?

Insurance, protection plans, warranties – the plans we use to protect electronic devices have many names. Whatever you call them, they are important tools to protect our beloved consumer electronics.

How the Market for Consumer Electronics Has Grown in Recent Years

During the past several years, the insurance for consumer electronics market has grown tremendously. Just a few of today’s common electronic products include TV sets, laptops, phones, and wearables such as smartwatches and fitness trackers. The electronics category even extends to modern workout equipment and home automation devices.
According to information gathered by Statistica, the overall electronics market will exceed $422 billion a year in the United States, and global revenues will climb to over a trillion Euros. Along with the public’s increasing investment in and reliance upon electronics comes a need for effective ways to protect all of these useful gadgets and devices with electronics insurance.

How Do Extended Warranties for Electronics Work?

When customers purchase electronics, the seller will almost always provide a short-term manufacturer or seller warranty. Depending upon the product, these may last from several weeks to several months. Mostly, sellers offer these to assure customers that they purchased a product that will perform as intended and advertised.
To better protect themselves, consumers can buy extended warranties. They last longer and generally cover more kinds of incidents than seller warranties. Retailers almost always also offer extended warranties at the time of sale. Of course, since these protection plans may come from a variety of retail outlets, manufacturers, or warranty companies, they won’t all provide the same coverage.
To determine how any particular extended warranty works, customers have to read the fine print. According to the FTC, federal law gives consumers the right to read any warranty before they make a purchase. To buy the right warranty, the FTC advises everybody to get these questions answered when they compare warranties:
  • Length of protection: First compare the length of the warranty to how long people tend to keep the product before replacing it for a newer model. Keep in mind that some warranties may vary the coverage period for different kinds of incidents.
  • How to get service: Learn how to make a claim and various service options. For instance, does coverage require mailing the product off or are local options also available? Also, find out if the warranty company will offer to replace the item if repairs exceed the value.
  • What the warranty covers: Before buying any kind of electronics, learn what kinds of problems other customers have commonly had and ensure the warranty doesn’t exclude or limit them. As an example, some TV warranties excluded burn-in, a common kind of screen damage on some TVs.

How Upsie Extended Warranties Work

Reading the fine print on extended warranties can frustrate even the most careful shopper. In contrast, Upsie doesn’t just provide affordable, effective warranty coverage. They also make their protection plans simple to understand and use.
While warranty details may differ somewhat because of the type of device, it’s easy to understand the basics by reading the Upsie “How it Works” page:
  • Purchase the warranty after buying electronics: Upsie gives customers up to 60 days after the purchase for most electronics. They extend that to 120 days for phones and eleven months for TV sets, appliances and fitness equipment.
  • Note when coverage starts: Upsie plans with protection for accidental damage generally start on the 31st day after warranty purchase. As an exception, phone coverage will begin on the first day if the customer buys a plan the same day they purchased the phone.
  • Filing claims: Customers can call the customer service number on their account page 24/7. Live operators will help complete the claim and provide guidance for service. Depending upon the kind of device and the problem, claim options may include in-home, mail-in, local service centers, and replacements.
Upsie covers both new and used electronics. To qualify, the seller just has to offer a warranty with a term of at least 30 days. Upsie plans can overlap with seller warranties, and once the coverage expires, Upsie takes over.

How to Compare Upsie Warranties for Electronics

Upsie covers all kinds of electronics, including phones, computers, wearables, and TV sets. To get started, visit the Upsie electronics warranty page and click on the type of product. From there, it takes seconds to fill in just a little more information about the product on the quote form and see Upsie’s transparent pricing and coverage plans.

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