Mutual organisation RACV has released a new product that will enable a “largely ignored” consumer group to insure their laptops, tablets, phones, gaming consoles and other items for as little as $25 a year.
Stacey Maher, RACV general manager for home insurance, said the RACV Single Item Insurance will cater to the insurance needs and lifestyle of younger consumers.
“Until now, the insurance sector has largely ignored younger consumers, assuming they did not want, or have the funds, to take out insurance,” Maher said. “But younger generations care about their lifestyle, and the items that support their passions – their phones, laptops, cameras. RACV Single Item Insurance means they can protect their most valuable item for little more than the cost of a movie ticket each month. They can go online, select what cover they’d like, and get a quote in under 30 seconds.”
The RACV Single Item Insurance provides coverage for theft from home, and damage and loss due to fire, storm, cyclone, and flood. It also provides optional cover against thefts anywhere in Australia and accidental damage, including knocks, drops, and spills. The product encompasses 10 categories, including gaming devices, musical instruments, furniture, and consumer electrical goods.
“The single-item insurance category is a natural next step for the industry,” Maher said. “Consumer habits have evolved, and we are committed to providing services that are flexible and innovative enough for all Victorians.”
In a statement, RACV cited Roy Morgan research that found that 80.7% of renters in Victoria do not have contents insurance. Even so, in the financial year ending June 2017, RACV logged $2.2m-worth of contents-insurance claims for theft of laptops, cameras, mobile phones, and tablets.
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