Electronic home appliances like washing machines have become a basic essential over the years. In 2016, more than 3.5 million fully automatic washing machines were sold in India, and these sales are expanding to beyond the urban population. Along with these appliances, respective insurance policies are also gaining ground as users are dependent on these appliances for their daily routine and take the necessary steps to financially safeguard against malfunctions and damages.
A washing machine insurance policy financially covers you from damages and subsequent repairs needed.
What is the washing machine insurance policy?
It is a personal insurance plan that financially protects you in case of damages to the machine due to fire, theft, and other associated causes. The policy provides the repair and/or replacement expenses. To clarify, if repair is not possible, the insurance plan may compensate with a claim disbursal to substantially cover the cost of replacement.
Note that such coverage terms vary as per the insurance policy and the financer providing the same.
If you are about to purchase such an insurance policy, make sure it offers the following terms of coverage first –
- High coverage
You can purchase the Washing Machine Insurance from Bajaj Finserv offered under their Pocket Insurance & Subscriptions to benefit from a high coverage of up to Rs.35,000 at a nominal annual premium.
- Online facility
You can easily purchase the insurance policy online. Pay the premium via various available payment modes like mobile wallet, debit cards, credit cards, net banking, mobile banking, and UPI.
- Complete cover
A complete cover for your washing machine helps you avail financial protection against various unforeseen incidents. If the loss and damages happen due to some distinct instances, you can avail a reimbursement up to the sum insured value or the invoice value.
You can claim financial coverage with the Washing Machine Insurance from Bajaj Finserv under the following incidents as per terms –
- Accidental damage
As an electrical apparatus, washing machines are prone to accidental malfunction. In such instances, all your expenses on the replacement or repair will be covered under the insurance policy.
Other than accidental damage, your washing machine can be damaged due to unforeseen incidents like fire. The insurance plan will provide financial coverage due to the damages caused by such an incident.
- Burglary and theft
Losses incurred because of theft and burglary is another crisis that is completely covered by a washing machine insurance policy.
If you want complete protection for other appliances and belongings in your home, for furniture, electronic gadgets, clothes, etc. you can also consider purchasing a home protection insurance policy.
You can apply for a washing machine insurance policy online by filling up the form with required details. Then you can proceed for the payment options of your choice.
To apply for the claim, you need to inform the insurance company within 24 hours of the incident. The claim settlement process requires the following documents.
- A report of the incident.
- Repair bills if the washing machine is damaged partially.
- Invoice of the restored washing machine.
- Fire brigade report in case of a major fire incident.
- FIR copy for the event of theft or burglary.
A washing machine insurance plan can be a smart investment to make as it provides you the financial protection you from any losses you may face due to the damages to the insured device. You can also purchase a kitchen appliances insurance plan to financially cover the damages which may occur to your microwave oven, mixer-grinder, rice cooker, etc. Make sure to read the terms of coverage thoroughly before purchasing any insurance policy.