Occident renews its offer of consumer equipment insurance

"The company offers specific policies to ensure a wide range of objects, from musical instruments to electronic devices, now incorporating smartphones as a novelty."

Consumer equipment and electronic devices are becoming increasingly important in Spain, driven by digitisation, improved connectivity and changes in consumer habits. In this regard, Occident has completely refurbished its range of consumer equipment insurance, a product designed to protect personal objects from everyday life, including electronic devices (computers, tablets, drones, etc.), musical instruments and personal mobility vehicles (electric scooters and bicycles).

As a new feature, the insurer's value proposition now includes a specific insurance policy for smartphones that covers theft and screen damage. In fact, according to the most recent data from the National Statistics Institute (INE), in 2023, 99.5% of Spanish households had a mobile phone. Across Spain, around 1,500 mobile phone thefts are reported daily, according to data from the national police, and 77% of common accidents involve broken screens. 

The insurer is now incorporating new coverages and services to offer a more competitive product tailored to all profiles and age segments. In the event of an accident, the Consumer Equipment insurance covers compensation, repairs and/or replacements for the insured elements, according to the coverage of each element. The offers of coverage are adapted to the type of insured equipment, which can cover material damage due to falls, impacts or immersion in liquid, theft, rescue expenses, screen breakage, electrical damage or oxidation, among others.

The insurable value of the Consumer Equipment insurance is at purchase value, i.e. it ensures exactly what the object cost. This is the maximum compensation limit in the event of an accident. If the equipment can be repaired, the insurance will cover the expenses necessary to leave it in similar operating conditions, with its own technical service for tablets and smartphones. If it cannot be repaired or this repair exceeds the value of the equipment, compensation would be paid up to a maximum of the actual value of the equipment at the time of the loss, taking into account the depreciation of the product itself over time.  

The Director of Insurance for Companies at Occident, Manuel Martínez, says that “with the Consumer Equipment insurance, Occident offers a product that adapts to new market demands, allowing our policyholders to have the peace of mind of being protected against their day-to-day risks. With this renewal, Occident continues to demonstrate its commitment to excellence and attention to our customers' needs.”

A range with six modalities

The insurance includes coverage of up to six types, depending on the type of risk. Personal mobility vehicles (electric bicycles or scooters) and sports equipment (skis, surfboards, etc.) are covered; Gaming and office automation (computers, consoles, virtual reality goggles, etc.); Objects related to the elderly and personal assistance devices (wheelchairs, hearing aids, etc.); Photographic and video elements; Household and/or personal equipment (televisions, kitchen robots, smartphones, drones, etc.); Musical instruments

Lastly, as with the rest of the Occident insurance policies, the product includes courtesy services the legal advice over the phone, to resolve any day-to-day legal issues; and telephone medical guidance, which allows you to contact a medical professional by phone or video call to address a health-related inquiry.