With many K-12 schools purchasing student device insurance for the first time due to COVID, Securranty has compiled a step-by-step guide for K-12 Schools considering purchase of laptops, Chromebook, and Apple IPad insurance. There are many options available for K-12 Schools to purchase insurance the 1:1 program for devices issues to students, to self-insure. However, a critical evaluation of all the details before selecting an insurance company can eliminate risks, save cost, and simplify the management of devices for IT Directors and staff when these devices experience mechanical failure, accidental damage, or are lost or stolen.
Paying attention to detail matters: When comparing Care Plans from OEM's, Distributors, Resellers, or from an aftermarket insurance company for devices issued to students for the 1:1 initiative requires the comparison of Coverage, Pricing and more. Many details require careful review and evaluation to eliminate the future risk of additional costs as well as the hassles and challenges related to repairs for losses not covered. Over the years, Securranty has earned the trust and confidence of the 1000's of small and large K-12 schools across the country by providing a transparent and detailed proposal including comparative analysis. Securranty is the only insurance company that offers transparent pricing for K-12 Schools by providing an option to generate proposal(s) instantly in about 2 minutes, with bulk purchase discounts as well as an option for K-12 Schools to offer students or faculty the option to insure school issued devices or personally owned devices.
The Step-by-Step Guide to issuing bids, reviewing, and comparing proposals is below:
Should a K-12 School select the lowest priced Proposal? When issuing a bid for student device insurance to receive Proposals from insurance companies or Care Protection Plan OEM's or Distributors of devices, it is critical to require insurance bidders to provide an itemized list of failures, damages, and losses covered. K-12 School's insurance purchase of Chromebooks, Apple iPads, Laptops, MacBook's, Microsoft Surface, and tablets requires consideration of many factors besides the cost of insurance.
Failure to request an itemized list of loses covered and what is not covered to compare the details of coverages, the K-12 School is at risk of having claims denied resulting in substantially higher total cash outflow considering (a) payment of insurance or warranty and (b) repair for failure or losses not covered by the OEM's, Distributors or Resellers Care Plan. More importantly, the hassles and headaches for IT staff only multiply, considering the limited financial and staff resources. It is imperative to request when issuing a bid an itemized list of all losses covered as well as to carefully compare for each coverage such as mechanical breakdown, Accidental Damage to cover cracked screens and liquid damage, as well as coverage for lost, Theft, Burglary, Vandalism, Flood, and Fire. Some insurance companies offer a lower price to win the bid and do so by omitting some of the critical failures or losses. Thus, paying attention to details of what is covered and what is not covered (omitted from the Proposal to offer a lower price) is of the utmost importance.
Mechanical Breakdown (Extended Warranty): Whether purchasing Mechanical Failure Coverage makes sense, and should it be part of a bid when requesting proposals requires consideration of several factors.
On average, claims filed by K-12 schools for Mechanical Failure range between 20% – 30%. The rate varies based on the OEM model and age of the device. Some Mechanical Failure issues cost, on average, about $55 - $95, including parts, labor, shipping charges, and not to mention the time and effort required to ship it for repair. The average repair cost of a Mechanical Failure for Chromebook with a replacement cost of $250 is about $95, and the 1-year insurance premium with comprehensive coverage, $0 deductible and Unlimited claim incidents. To read more, visit Securranty.com.
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