Single-item cover could revolutionise contents insurance

For the first time, consumers will be able to insure possessions on a one-by-one basis as a whole new model of contents insurance hits the market.

 

Experts say the new service, Trov, has the potential to change the way we decide what is worth insuring, what is not worth insuring and how long we would like to have an item insured for.

Trov customer and photo journalist Madula Amin said her Canon camera is both her passion and her livelihood, and is the one thing she could not be without.

Madula Amin says her Canon camera is her most prized possession. Photo: 7 News

Along with her phone and laptop, they form a high-tech trio of prized possessions but, like many people, Ms Amin is uninsured for them.

“I don't want to be paying for insurance when I know where my equipment is,” she said.

On-demand insurance service Trov offers cover for the individual items consumers want to insure, and only for the days they want them insured for.

Insurance cover for individual items can effectively be turned on and off at any time with Trov. Photo: 7 news

“We allow you to select just the items you care about, an item, for as long as you want,” Scott Walcheck from Trov Protection said.

Trov is backed in Australia by insurance giant Suncorp and is predicted to be the next market disruptor.

“Comparing Trove to a traditional contents policy is sort of like comparing apples to tennis balls,” Mr Walcheck said.

Scott Walcheck, pictured, from Trov Protection says its policies are different to traditional insurance cover. Photo: 7 News

It is targeting owners of mobiles, laptops, cameras, tablets and sports gear.

Premiums start at 10 cents a day for mobiles, 12 cents for cameras and 20 cents for laptops.



It is a potentially lucrative concept, but Trov's success will depend on the user experience, its payment of claims and its susceptibility to fraud.

Ms Amin told 7 News that for her it means she can leave home with her prized possessions and know that they are covered.

“I can turn on my camera, laptop, phone and tripod, out and about for the day, everything's covered, and you come back home and you turn it off,” she said.

Trov launches online on Monday night.

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