Home' Air Force News : February 14th 2013 Contents VOLUME SEVEN
Find out why. Watch this.
Watch the video or order the DVD on the website
ADF Financial Services Consumer Council
(more so if you're in the ADF)
not as easy as
February 14, 2013
Australian Securities and Investments Commission chairman Greg
Medcraft weighs up the benefits of insurance for mobile devices.
sted topic for this column,
WHEN buying a
smartphone or tablet
don't forget to think
about whether you need insurance.
It's easy to get caught up in the
hype and rush out to buy the lat-
est device -- but remember these
items are easy to damage or lose.
There are two ways you can
insure your portable electronic
devices: you can add to your
contents insurance or get separate
If you already have contents
insurance for your home it can be
cost-effective to add your phone,
tablet or laptop to your existing
It will cost extra but if you
need to claim it usually won't
affect your no-claim discount.
Cover provided through con-
tents insurance policies is also
more likely to cover accidental
loss of your device.
You can also buy insurance
specifically for portable devices.
Separate portable insurance
can work well if you have no
existing contents insurance.
But be aware that some insur-
ers won't allow you to start a
policy if your electronic device is
not brand new.
Not all policies cover the
same things. Check that the poli-
cy you are considering covers:
replacement if the device is
reimbursement of unauthor-
Most policies don't cover
devices stolen in an unlocked
vehicle or left unattended in a
public place; nor do they cover
general wear and tear.
It is also important to know
that most policies don't give you
a new device if the one you've
lost is a few years old. Most only
cover you for the current value of
Making a claim
If your portable device has
been stolen you'll usually have
to notify the police within 48
hours and your insurance pro-
vider within 14 days.
Proof of purchase, such as
a receipt, should be enough to
prove you own the device.
Remember if someone steals
your phone, laptop or tablet, they
can get more information from it
than they can from your wallet.
So keep your devices safe and be
careful with your passwords.
If your device is stolen you
should immediately disable SIM
or internet cards.
Ask your phone provider to
clear your personal phone data if
you have anti-virus software.
You can locate your phone via
GPS if you have this facility on
Think about what it would
cost if you had to replace your
tablet or smartphone.
If you are happy you can
cover the full cost you may
decide insurance isn't needed
-- but if you have an expensive
device and travel often you m
decide to get cover because th
is a reasonable chance of som
thing going wrong.
Whatever your decision,
make sure you know all the
facts about what is included and
excluded in your policy.
For more information go to ASIC's
MoneySmart website at
Into damage control
NEED TO KNOW
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