What price a gadget? says Assurant Solutions

Sept. 3, 2012 - PRLog -- What price a gadget? Well, according to research* by Assurant Solutions, many estimate it to be at least 20 percent less than it actually costs.

According to the research, consumers are drastically underestimating the price of the gadgets they use on a daily basis, and as such, get a massive shock when it comes to paying for replacements in the event these devices are lost, broken or stolen.

For example, six in ten consumers surveyed underestimated the price of an iPhone 4S when asked how much the handset cost, guessing at least 20 percent less than the ticket price of the cheapest model. To that end, nearly a third of the respondents hadn’t insured their gadgets because they didn’t believe they were worth enough to justify the cost of insurance.

Simon Harrison, Sales Director, UK & Ireland for Assurant Solutions, comments: “We know that consumers are clamouring to get hold of the latest gizmos and gadgets, but when they do so, they don’t think about protecting their investment for the future. If it comes to having to fork out for replacements, consumers can often underestimate how much the initial financial outlay was, because they may have bought it as part of a contract/package. Consequently, they are left with a quandary about how to finance a replacement.”

Harrison continues, “Many people think nothing of taking their laptop with them when out and about, and leave it lying out in the open, not realising the true value of what they have in front of them. Accidents and thefts happen all the time, and it’s only when something like that does occur that they realise its value. The old adage is true; ‘you don’t know what you’ve got till it’s gone.’”

When questioned about what people did when a gadget was lost or stolen, the majority of respondents replied that they bought a new replacement, while others have had to rely on second hand or older generations. Some even said that they would take out a new phone contract (in instances like lost or stolen iPads) just to avoid digging into their pockets for a replacement.

Those that think they are covered on their household insurance could be in for a nasty shock. Accidental damage isn’t always standard in household policies, and cover may not apply if the gadget is damaged or lost outside the home. Even if it is covered, if a larger voluntary excess has been chosen to bring the premium down, it may not be worthwhile making a claim at all.

Harrison continues: “It seems that the majority will want to replace a lost or stolen gadget with an identical model as the desire to have the latest make or model, no matter the cost, is quite strong. However, for the cost of a few pounds each month, consumers can have peace of mind that if anything happens to their gadgets, then it’s easy enough to repair or replace in a relatively short amount of time.”

Assurant Solutions issues customised plans for consumer electronics, appliances, jewellery and other products that extend service well beyond the manufacturer's warranty. The plans provide millions of customers with the assurance of knowing their products can be repaired or replaced.

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*The research was carried out for Assurant Solutions by OnePoll between 01.05.12 and 03.05.12 amongst 2000 UK adults.


For further information please contact:
Spotlight Communications for Assurant Solutions:                    
Sarah Whelband:Direct:  +44 (0)1252 781636
Mobile: +44 (0)7525 211473                                
Email:  sarah@spotlightcomms.co.uk                              

Assurant Solutions
Assurant Solutions businesses develop, underwrite, market and administer specialty insurance including mobile device protection, extended service contracts and other risk management solutions through collaborative relationships with wireless carriers, electronic goods and household appliance manufacturers, retailers, leading financial institutions, automobile dealers, funeral homes and other entities. Assurant Solutions serves customers and clients in Europe, North America, the Caribbean, Latin America and Asia. With operations in 25 locations worldwide, the Assurant Solutions executive offices are based in Atlanta, in the United States.

Assurant
Assurant Solutions is part of Assurant, a premier provider of specialised insurance products and related services in North America and select worldwide markets. Its four key businesses -- Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits -- partner with clients who are leaders in their industries and build leadership positions in a number of specialty insurance market segments worldwide.
Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has approximately $27 billion in assets and $8 billion in annual revenue.
www.assurant.com.