As per a recent market study, the industry for room Air Conditioning is hovering around 5.5 to 6 million units per year. It is also predicted that the market for room ACs will grow at a CAGR of 13.7% from 2019 to 2025.
Taking advantage of this increasing demand, companies are also launching newer models which come with innovative features and consume lesser energy.
However, the prices of these high-tech models are also significant. On top of that, expenses incurred in repairing and regular servicing of these units can be quite substantial.
Considering that the purchase of an air conditioner unit is a significant financial investment, buyers can avail an AC insurance plan to financially secure themselves in case of any unforeseen damages to the units.
However, there are certain aspects that one should know about before availing AC insurance. These pointers are mentioned below –
- Situations covered by the AC insurance policy
One should have a proper idea about the issues against which their insurance aggregators will provide financial coverage. Some of the scenarios which should be covered under their insurance policy are as follows –
- Robbery and theft – You will receive financial support under an Air Conditioning insurance plan for loss or damage to your unit due to burglary.
Additionally, if you live in an area where incidents of burglary and robbery are common, you can also opt for insurance plans like home protection cover to financially protect your other valuables in your absence.
- Fire – In case of fire, you will receive financial compensation for financial losses due to replacement or repairing of your Air Conditioning unit.
- Unanticipated events – Your insurance policy will provide financial coverage for expenses incurred due to repairs or replacement in case of damage due to technical issues, mechanical breakdown, etc.
- High coverage amount
Considering that the expenses incurred to repair or replace the AC unit will be substantial, one should opt for an air conditioner cover where they will receive a considerable amount as coverage by paying a nominal premium amount.
Since the purchase of an air conditioner is a significant financial decision, individuals can also opt for a price protection cover. It will ensure that you don’t overpay for an item. Under this insurance cover, you will be financially compensated if the price mentioned in a printed advertisement is less than the price you paid when you bought the same item having the same brand, make, model name or number.
- Application process
The procedure to apply for an AC insurance cover is simple and hassle-free. Go through the steps below to know how to complete the online application process –
- Visit your insurance aggregator’s website.
- Click on the link for the online application form and enter all the required information.
- Submit the application form and make the payment for the premium via any online payment options of your choice.
- Payment method
When you opt for an Air Conditioner Insurance policy from Bajaj Finserv under its Pocket Insurance & Subscriptions, you can pay the premium via any online payment option according to your convenience. It includes net banking, mobile wallet, UPI and the like.
- Claim process
Before you buy AC insurance cover, you should have a clear idea about the process of claiming the same. Make sure that your insurance provider initiates the claim settlement process soon after you have informed them about the occurrence of the incident.
Keeping these pointers in mind will aid in picking the right product. Aside from the above, one should also go through the terms and conditions of an AC insurance policy to avoid any confusion while making a claim.