If you’re planning to get a good deal on a new TV, fitness tracker or air fryer this November, you’re not alone. Black Friday 2024 is expected to generate R22 billion in additional retail sales as South Africans go bargain-hunting.
Amidst the excitement of all the bargains, Ernest North, co-founder of naked.insure, the fully digital insurance platform, shares some smart tips for protecting your investment in that new appliance or gadget you plan to buy over Black Friday.
TIP 1: Ask about the warranty
If you have saved up all year for a new couch or washing machine, you want to know you’ll get years of good use out of it. Check the manufacturer’s warranty, which should offer some protection if the product has a manufacturing defect. Warranties typically range from two years for electronics to five, 10, or even more years for large appliances and furniture. If you encounter a manufacturing fault while your product is under warranty, the item should be repaired or replaced.
TIP 2: Think beyond the bargain
Warranties don’t cover unforeseen incidents like accidents, fires or theft. This is where insurance fills the gap. By insuring that new laptop, for instance, you’ll be able to claim if it gets stolen during a home robbery. So, add insurance to your shopping checklist, because with just a bit of planning, you can shield your new device or appliance from life’s ‘what ifs’—so your bargain stays a bargain.
Whether you’re buying in-store or online, you can add items to an existing home contents policy or choose standalone insurance for immediate peace of mind. High-value items that leave the home, like laptops or bikes, may need individual cover for full protection. Digital insurers make it easy to add new items to your existing home contents cover or to get a quote and buy standalone insurance online at any time and from anywhere.
TIP 3: Get it covered as soon as you take possession
Remember to add valuable items to your policy or buy standalone insurance as soon as you take ownership.
For home deliveries: Activate insurance for your new purchase from the delivery date. Retailers typically insure items against damage or theft during transit.
For in-store pickups: If you’re transporting the item yourself, items like a fridge are typically only covered for up to R5,000 or about 20% of your coverage. Having the store deliver might provide more protection for fragile or expensive items.
TIP 4: Insure for the full value, not the discounted price
Insuring an item at its replacement value, rather than its discounted price, ensures you will receive full value if something unexpected happens. This means you won’t have to compromise on quality should you need to replace it.
TIP 5: Keep track of receipts and other docs
Keeping digital copies of receipts and warranties can make it easier to claim insurance or warranty benefits if something goes wrong. Photograph receipts or store them in a secure app — these can be useful for insurance claims and product warranty suppor