Laptop insurance: should I buy it for my new high performance laptop?

[As Time Goes By]

I just bought a laptop that cost a lot of money. It has an 18 inch monitor and assorted bells and whistles. The manufacturer, HP, offers accidental insurance coverage. Meaning that if it falls off the table and breaks HP will fix it or replace the broken part if they can't fix whatever part that's broken. I use my computer primarily (75%) for work and school. If you were me (and no, I don't have a lot of disposable income to spend) would you buy accidental insurance coverage?

HP charges $250 for two years of coverage. Here's what HP says about their plan:

With this plan, you'll get:
1) Protection from damage caused by drops, spills, and electrical surges
2) Convenient door-to-door PC pickup and return with roundtrip shipping included

[crankydave]

Check with your homeowners/renters insurance company first. Often you can schedule coverage for less and for longer periods. Then compare the options.

Dave

[cw1865]

Usually I view 'retail insurance' as the 'sucker upsell' - I personally do not purchase it. If you do decide to purchase it, try to investigate it a little bit to make sure that other people who have bought it and have filed a claim have actually been made 'whole' or 'satisfied' - HP does have a good name; but it could actually be underwritten by an actual insurance company, its one thing to buy it, its another to make a claim - I always view it that somehow, someway they're going to find a way to refuse your claim.

[davebarnes]

Consumer Reports says that you should never buy "extended warranty" on anything, except:
1. laptop computers
2. Stairmasters

If CR is telling you to buy, then buy.

[Peter]

Depends how accident prone you are, also as Cranky says check other contents insurance first to see if it is already covered.

[Clint1]

If you find it's not covered by your homeowner's insurance, then do not pay that much for an EW from HP! That's an insane price. I just bought 2 EW's from CPS for two new HDTV's. The EW for the one that was $2300 was only $140, and for the $899 HDTV it only cost $100. And this is for 3-year EW's (4 years total). I got my CPS EW's from Chris at MountAVision - Your HDTV, Mounts, Accessories, Home Theater, Furniture - Consumer Priority Service Warranties . You can ask if they sell them for laptops (info[at]mountavision.com). If not I'm sure somebody does.

[nickoran]

You must have accidental insurance for a laptop, simply must. hunt around for insurance and get the best deal you can, there are lots of providers out there (did you buy it from hp or from a store?) but really if your a student the last thing yo want is to lose all your work and have to go sit in the library typing it all up with a week to go before the hand in dates!

[Django]

Check to see what the insurance covers for and if you do make a claim who pays up. A number of product insurance policies make portion of the claim from your house insurance without you knowing should you make a claim for loss or damage.

[larryweiss]

Insure anything you cannot afford to replace and nothing else. In the long run, you will get the most sleep at the least cost.

[As Time Goes By]

Check with your homeowners/renters insurance company first. Often you can schedule coverage for less and for longer periods. Then compare the options.

Great idea. I called my insurance agent after I read your post. And she told me that my renters insurance will cover it for theft only and not accidental breakage. So that's not an option. Nice to know that the entire cost of the laptop - minus the $200 deductible - is covered even if it's stolen 100 miles away from my apartment. Thanks for the good advice.