What is Core & Satellite strategy?

In today’s times, it is impossible to imagine our lives running smoothly without gadgets, be it our phone, washing machine, laptop or AC. Our lives come to a grinding halt when our laptop or phone breaks down. Moreover, getting these repaired is a time-consuming and costly process. Even extended warranties do not provide cover against theft and accidental breakdowns.

In such a case, insuring all your expensive gadgets for a small amount can somewhat help lessen the sudden financial blow of getting them repaired. 

What’s on offer?

Gadget insurance policies usually offer comprehensive protection against accidental damages, and also from ones caused due to natural calamities like earthquake, fire breakout, floods etc. Some policies also offer protection against technical malfunctions, cyber security breaches and theft. What sets them apart is that the premium for such policies is extremely low, which is why they are also known as pocket or sachet insurance. Companies like OneAssist, Bajaj Markets etc. actively offer insurance for such products. 

For instance, the Bajaj markets small gadgets insurance cover offers annual financial protection of a maximum Rs 10,000 for just Rs 399. From your expensive fitness wearables to your big-budget home theater, every gadget can be insured. However, mobile phones and laptops are amongst the most insured products. 

Most home appliances like washing machine, microwave, dish washer, AC etc. are often bundled into a single plan, which covers the cost of repairs by authorized personnel etc. But in these cases, an address change can lead to cancellation of the policy without any refunds, 

Look out for caveats 

Mostly, these policies are centered around the online shopping consumer, who looks for an additional layer of safety around their expensive purchases. However, as is the case with OneAssist standard plans, you are allowed to make only 2 claims within a year. Any more concerns will not be entertained. Also, you are required to insure your gadgets within a week. Any device, be it phone, smartwatch or others will not be eligible for insurance after 1 month from purchase. 

Also, prior repairs by unauthorized or local personnel are not covered, and can often become grounds for claim rejections.