Gadget insurance covers all kinds of gadgets such as phones, tablets, laptops, digital cameras, game consoles, MP3 Players, e-readers, digital recorders, smartwatches, and various other handheld devices. This insurance policy protects against loss, theft, accidental damage, and any other mechanical failure. As people are using more gadgets around the world, the insurance for gadgets market is rising and it can be used by individuals as well as businesses.This growth is primarily driven by Need for Insuring the Gadgets and Devices and Demand for Various Types of Gadgets.
Globally, a noticeable market trend is evident Increasing Consumption of Gadget Insurance Among Students. Major Players, such as Gadget Cover (United Kingdom), NRMA Insurance (Australia), Chubb (United States), AT&T Inc. (United States), Worth Ave. Group (United States), Helpucover (United Kingdom), CoverCloud (United Kingdom), InsureandGo (United Kingdom), Asurion (United States), Progressive Casualty Insurance Company (United States), Loveit Coverit (United Kingdom), Ripe Insurance (United Kingdom) and Tinhat (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 17th June 2020, loveit coverit has become a leading name in the mobile phone insurance market, offering flexible plans for customers, including the ‘Essential’ package, which covers theft and accidental damage, and the ‘Premium’ package, which includes loss protection – all with the breakdown and worldwide cover included. From June 2020, the mobile phone insurance company will be extending its gadget insurance offering.
"The Central Bank expects all insurers to issue an annual statement reminding consumers that the gadget insurance product remains in force, setting out the total cost of the insurance for the next 12 months, highlighting the key features and exclusions of the policy, details of how to make a claim, and providing consumers with relevant contact details should they wish to cancel or discuss any aspect of the policy. Insurers should exclude from the target market for the gadget insurance product consumers who hold an existing insurance product that covers the gadget being purchased. This information should be sought at the point of sale when assessing the suitability of the gadget insurance product for the consumer."
- Need for Insuring the Gadgets and Devices
- Demand for Various Types of Gadgets
- Increasing Consumption of Gadget Insurance Among Students
- Stringent Regulatory Guidelines on Gadget Insurance Market
The Prevalence of Phablet Gadgets will Boost the Gadget Insurance Market
New Entrants in the Gadget Insurance Market with Low Premium Rates
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Gadget Insurance Study Sheds Light on
The Gadget Insurance Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Gadget Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Gadget Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.