Spectacles are an integral part of the lives of many, as it is essential for their clear vision. Today, with the increasing screen exposure due to online classes for children and long working hours for adults, the demand for spectacles has gone up significantly. This in turn has led to a sharp surge in the prices of spectacles.
Given the growing demand and increasing prices, spectacle insurance has gained importance among many to financially secure eyewear in the event of the loss, damage, or theft of expensive spectacles. In this article, we will take you through the details of spectacle insurance and what it covers.
What are the Features of Spectacle Insurance?
With spectacle insurance, you can get your expensive eyewear repaired or replaced easily. Here are some of the key features of spectacle insurance:
- Validity
- Spectacle insurance plans come with a validity of one year.
- Minimum Cost- Maximum Coverage
- You can get spectacle insurance at premiums starting from as low as ₹799 per year and get coverage of up to ₹15,000, along with additional benefits worth up to ₹40,000!
- Hassle-Free Claim Process
- You can easily claim the benefits of your spectacle insurance by just sending an e-mail to your insurance provider or calling their customer care number.
- Repair or Replacement of Spectacles
- Certain insurance providers also give a complimentary cover for up to ₹15,000 along with the spectacle insurance. This complimentary cover is provided for the repair or replacement of your spectacles.
- Multiple Premium Payment Modes
- You can pay your spectacle insurance premium using various online payment modes like net banking, debit or credit cards, UPI, mobile wallets, etc.
What is Covered Under Spectacle Insurance?
Spectacle insurance offers the following coverage:
- Coverage Against Loss and Damage
- Spectacle insurance plans provide financial coverage for your specs in case they are damaged accidentally.
- Financial Protection Against Burglary or Theft
- Spectacle insurance provides coverage for the financial loss that you may incur due to robbery, theft, or burglary of your specs.
- Financial Coverage Against Fire, Riot, and Strike
- This type of insurance provides financial coverage in the event of damages or losses incurred due to riots, fires, strikes, etc. In such cases, the insurance provider will compensate you for the repair or replacement expenses for your damaged specs.
Are there any Additional Coverages Under Spectacle Insurance?
Some of the additional coverages offered by spectacle insurance are listed below. However, you must remember that these additional coverages may differ from insurer to insurer.
- Block Credit or Debit Cards
- Some spectacle insurance plans offer the facility to block all your credit and debit cards with a single phone call to the insurance provider in case you lose them.
- Emergency Travel Assistance
- Certain insurers provide emergency financial assistance of up to ₹20,000 in India and ₹40,000 abroad if you get stranded when you are travelling.
- Emergency Roadside Assistance
- Your spectacle insurance may also offer emergency roadside assistance in the event of a vehicle breakdown, battery jump start or flat tyre.
What is Not Covered Under Spectacle Insurance?
Some of the expenses that are not covered under spectacle insurance are:
- Specs Older Than One Year
- Spectacle insurance plans do not cover eyewear that is older than one year as the purchase date on the invoice.
- Damages Caused Due to Regular Wear and Tear
- Such insurance plans do not provide coverage for the damages caused to your specs due to normal usage.
- Damages due to Careless Usage
- Spectacle insurance does not cover the loss or damages caused to your specs due to mishandling or careless usage.
Depreciation Chart for Spectacle Insurance
You can use the following depreciation chart for your reference:
| Age of the Eyewear | Depreciation % |
| 0-3 Months Old | 10% |
| 3-6 Months Old | 20% |
| 6-9 Months Old | 30% |
| 9 – 12 Months Old | 40% |
| 12-18 Months Old | 50% |
| More Than 18 Months Old | 65% |
Wrapping Up
Now that you know the features of spectacle insurance plans and what coverage they offer, remember to secure your eyewear with a spectacle insurance plan as soon as you purchase a new one. With the spectacle insurance plan, you can ensure that you are secured financially in case your expensive specs are stolen, lost or damaged. So, wait no more! Get your spectacles insured now! #hyderabadnews #KhabarLive #hydnews
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