Are you considering buying or upgrading to the new iPhone 15, Apple Watch Series 9 or Ultra 2 that has just been announced? Or are you already an Apple fan with a collection of MacBook, iPhone, AirPods or iPad. It is likely you’ve spent thousands across your various Apple gadgets and if it was lost or damaged, you would be out of pocket by hundreds at least, if not thousands of dollars.
Learn more about how AppleCare+ works and whether insurance could be the better option for you. We look at Contents insurance and make a number of comparisons across quotes and benefits to give you an indication of what it might cost you to get these items insured and which could be the better cover.
Note: this article is not just for the Apple fans. If you have expensive phones, tablets, laptops and computers from Samsung and other brands, this article will also benefit you.
How much are your gadgets worth
Before we dive into the cost of protecting your gadgets, let’s stop to consider how much your Apple gadgets likely costs all up. If you have a family of four, you can triple or quadruple the costs below to arrive at the total costs of your Apple devices which could be between $13,878 and $41,584. This is the costs you could be up for if it were all stolen or damaged.
Apple Gadgets | Pro (Max) | Standard |
|---|---|---|
MacBook | $4,599 | $1,749 |
iPad | $2,299 | $899 |
iPhone | $2,499 | $1,649 |
AirPods | $999 | $329 |
Total | $10,396 | $4,626 |
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Is AppleCare worth it
Before we dive into insurance, let's take a quick look at the warranty that is offered at checkout from the Apple store. AppleCare or AppleCare+ is additional warranty that comes at a cost and offered by Apple so that customers can have extra peace of mind for a longer period of time. Of course, it comes at a cost - and it's not small.
The standard Apple warranty for most of their products is one year from the date of purchase. AppleCare+ extends the warranty to a period of three years for Mac and Apple TV, while other products such as the iPhone, iPad and AirPods in their line up are covered for two years.
The cost of AppleCare+ varies. This table compares how much AppleCare+ costs across the various products
Benefits | AppleCare+ | Contents Insurance $10K |
|---|---|---|
Cost | From $19 to $749 | $340 *Premiums depend on a range of factors including home ownership, location, claim history, etc. |
Lost or Theft | No cover | Covered by most policies |
Accidental Damage | Limited cover with following excess: * $169 for screen or enclosure * $499 for other accidental damage | Covered by most policiesExcess from $250 |
Tech Support | Yes | No |
Battery Servicing | Yes | No |
Buy | Online or in-store | Online or via broker |
Comparison | AppleCare+ | Contents Insurance $10K | Contents Insurance $50K |
|---|---|---|---|
MacBook | 3 years $329 to $749 (+ Fee $169 / $499) | Yearly cover $340* Excess $250 *Premiums depend on a range of factors including home ownership, location, claim history, etc. | Yearly cover $460* Excess from $250 *Premiums depend on a range of factors including home ownership, location, claim history, etc. |
iPad | 2 years $119 to $249 (+ Fee $49 / $75) | Same as above | Same as above |
iPhone | 2 years $149 to $379 (+ Fee $49 / $169 / $279) | Same as above | Same as above |
Apple Watch | 2 years $99 to $199 (+ Fee $119 / $139) | Same as above | Same as above |
Apple TV | 3 years $39 (+ Fee $25) | Same as above | Same as above |
While for every 12 month period for the duration of the AppleCare+ is in place you are entitled to two incidents of accidental damage, there is still a service fee for the repair. For common screen breakage or damage to the casing of your device, there is still a cost to pay. For your iPhone it is NZD$49 and for a MacBook it is NZD$169. Other more serious accidental damages will cost $169 on the iPhone and NZD$499 for a MacBook to fix. We think of this as being similar to "excess" you would pay when comparing it to insurance. However, you can see that this excess does not run cheap and there is a limit on how many times you can claim on it.
One thing worth noting is that AppleCare+ does not cover your Apple gadgets from theft or if you lose it. Overall, it seems like while there is some benefit to getting the additional AppleCare+, especially if you would like the Tech support, there are some notable downsides like theft and loss that leaves you exposed to some real risk.
Read more about AppleCare, NZ Consumers Guarantee protection and the standard Apple warranty HERE.
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Looking at insurance to protect your expensive tech
If you are considering insurance, Contents insurance (sometimes known as Renters insurance) would be the one to look at to protect your expensive tech gadgets. For those unfamiliar with Contents insurance, the way to think about it as many in the industry would say is that if you were to turn your house upside down, everything that falls out would be covered. That is the general rule of thumb. Therefore, applying that to your Apple and other technology gadgets, it will "fall into" the covered category.
Can I purchase Contents insurance to cover my new electronic gadgets?
The short answer is yes, but it will cover more than just your tech gadgets. Typically it covers all your other valuables up to the amount you've selected to insure. Typically, it will include electronics including your TV, sound system, camera etc, jewellery, furniture, clothes, sporting equipment, whiteware, and appliances, etc. Every insurance company and policy will largely cover similar items (some exceptions) but it may be up to a different limit.
For example, with AA insurance there are two levels of Contents insurance policy offered. (1) Contents and (2) Limited Contents. The cheaper cover will usually have less protection i.e. may either exclude some things from cover, or offer a lower level of cover. Limited Contents cover in this case does not offer protection against theft or accidental damage for your mobile or laptop as part of the base policy, it is however a $49 option.
Which insurance company and cover should I purchase to best protect my Apple MacBook and iPhone, etc?
If you are interested mostly in protecting your electronics like your laptop, mobile phone, tablets, looking for policies with higher and more comprehensive cover for these items will be most relevant. Our scan across the popular insurers brands like AA, AMI, State and Tower all provide full cover for these items across their top tier Contents covers. However, it's important to note that all of them have different minimum cover limits. AA requires the lowest at $2,000 min cover. Next is AMI and State at $5,000, and followed by Tower at $75,000. These are the amounts you'll need to insure your total contents for to be eligible to purchase their most comprehensive insurance. For a comparison across Contents insurance for a 35 year old Male, renting in Auckland and for $10,000 of cover (which should cover a MacBook, iPhone and an iPad):
AA - $437.69 yearly ($300 excess)
AA Limited (incl. Mobile and Laptop/Tablet cover) - $319.49 yearly ($300 excess)
AMI Advanced - $245.54 yearly ($500 excess)
State Comprehensive - $371.64 yearly ($250 excess)
In the above example, considering that all of the options offer full cover for accidental damages, theft and loss for your devices, AMI Advanced and AA Limited (selecting the Mobile and Laptop/Tablet option) comes out on top price wise.
For a more comprehensive look across these policy benefits, check out Market Scan to help you find quotes and compare these benefits in just a few clicks to save you the time and hassle of visiting multiple insurance companies to DIY. We present this information back to you in a simple and easy to understand table highlighting the benefits of each cover. Give Quashed go, it's completely free.
Contents insurance is the winner (in our eyes)
Our verdict is that Contents insurance is the way to go. It offers much more protection at very competitive prices. In comparison to AppleCare+ warranty, which also requires you to pay varying amounts per incident, Contents insurance covers much more and in some cases it can cost less. We'll leave you with this example - if your MacBook was damaged, the AppleCare+ warranty cover service fee is $499. This is more expensive compared to paying the Excess on your Contents insurance. Or worst, if your MacBook was stolen or lost, AppleCare+ will not cover you for it at all but the right Contents insurance would.
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