Insuring a switch 2 for my brother

crazycodprincess

I've recently bought a switch 2 for my brother as his birthday present and I want to get it insured. The games console is a gift from me and will be at my brother's house or workplace rather than at my home. Would I still be able to buy insurance for it if it's not in my possession or my home? Or is this something my brother would have to sort out for himself?

MyRealNameToo

Does your brother have home insurance? Subject to the level of cover and excess its potentially already covered automatically.

Gadget insurance could be bought, make sure you understand the terms of the policy as some can be fairly limited, but would need to be in their name, though most likely you could pay for it if you wanted to but just remember it will most likely auto-renew and you won't have the right to cancel it as it won't be in your name.

flaneurs_lobster

Believe that in order to insure a thing you need to have an "insurable interest" in it. That is, you'll suffer a loss if it's stolen, damaged etc.

Don't think that's the case for something you've gifted, your brother would have to arrange cover for himself.

Usual way would be to include it as a "high-value item" on a household policy or to have separate "gadget" insurance for this and things like mobile phones, laptops, tablets etc.

sheramber

Your brother would have to be the policy holder but you could give him the money to pay the premium.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82035600#Comment_82035600

Interestingly, for me at least, this is where different classes of insurance deviate, for general insurance (home, motor etc) you still need an insurable interest at the date of loss whereas say Life insurance you only need the interest at the point of buying the policy.

Whilst I appreciate some budget policies consider electronics as "high value", standard policies consider it to be limited to art, jewellery, watches, items made of precious metals and objet d' art. You would need to ensure you have Personal Possessions cover on the Home insurance to include cover outside of the home