How to protect against life’s mishaps

Posted 16 January, 2023 Emma Harrington

A ring lost at the beach. A phone dropped in the pool. A bike stolen from the park. What do they all have in common aside from disappointment and inconvenience?

While the festive season is becoming a distant memory, hopefully you’re still enjoying its spoils. Perhaps you unwrapped a flashy tech gadget or piece of jewellery on Christmas morning. Maybe Santa was feeling extra generous this year and gifted the kids a new laptop, bike or guitar.

There’s no doubt big-ticket gifts spark joy, but they can also land you in a world of pain if they succumb to an unfortunate mishap or opportunistic thief.

That doesn’t mean you should lock away valuable items, never to see the light of day again. Instead, you can make a simple change to your insurance.

Whether you rent or own your home, adding Accidental Damage Cover to your RAA Contents Insurance means your items are covered if they’re accidently lost, stolen or damaged anywhere in Australia and New Zealand.

RAA Contents Insurance covers everything from phones to the content of your child’s school bag and offers peace of mind knowing that when you, or a family member, take these possessions out of the home, they’re covered should something unforeseen happen.

So, what big-ticket items does it cover?

1. Tech

Think laptops, phones, cameras and TVs – all of which feature in the top five most claimed items according to RAA Insurance data. Electronics are prone to accidents and the occasional memory lapse.

Take my friend’s grandfather for example, who accidentally threw out his new iPad because it was sandwiched between a stack of newspapers and magazines, which were thrown into the recycling bin. By the time he realised it was missing, the bins had been emptied.

2. Bicycles

While you’re unlikely to accidentally misplace a bike, they are a prime target for thieves. It’s so common that there are numerous social media pages dedicated to tracking down stolen bikes across South Australia.

3. Jewellery

On our honeymoon, my husband lost his wedding ring. In an airplane toilet. Only 48 hours after our wedding.

Fortunately, a flight attendant – arguably the world’s most dedicated and helpful – was able to retrieve the ring and for the rest of the trip it stayed safely stashed away.

On our honeymoon, my husband lost his wedding ring. In an airplane toilet. Only 48 hours after our wedding.

We were fortunate to get it back on this occasion, but had we not been so lucky, accidental damage cover would have come to our rescue.

4. Musical instruments

Learning to play a musical instrument is not just a time investment, it can be a financial investment too. Whether it’s a flute left behind on the bus or a foot through a drum kit when siblings are wrestling, instruments are prone to being casualties of youthful misadventure. Don’t let it hinder your child’s dream of becoming the next Vivaldi or Jimi Hendrix.

A final word of advice

If you choose to add accidental damage cover to your contents insurance policy, RAA will cover your contents if they’re accidentally lost, stolen or damaged anywhere in Australia and New Zealand but there are a few exceptions so check the product disclosure statement. You’ll also need to choose your maximum cover, which can be either $2000 or $5000 per incident.

If the item is valued at more than $5000, you’ll need to add it to your RAA Contents Insurance as a Specified Item Away from Home. This also covers the item in the event it’s lost, damaged or stolen anywhere in the world – handy for frequent flyers travelling further afield.

Home and Contents Insurance is issued by RAA Insurance Ltd (ABN 14 007 872 602) AFSL 232525. Optional cover only available in conjunction with RAA Contents Insurance. An additional premium will apply. The maximum RAA will cover is the sum insured as shown on your certificate of insurance. Subject to exclusions and limitations. Consider the Product Disclosure Statement and Target Market Determination available from RAA, when deciding whether to purchase this product.