What to know about Purchase Guard, Q0010 and NTUC's insurance policy for gadgets

To guard against defective, malfunctioned products, e-commerce platform Qoo10 and insurance firm NTUC Income has partnered to launch Purchase Guard.

Purchase Guard protects Qoo10 shoppers with coverage against “defective or malfunctioned electronic goods” (NTUC Income’s definition in their media release), or “unforeseen electrical or mechanical defects” that makes them “materially defective” (Qoo10’s definition here). From our understanding, it’s a special type of insurance that singles out and rectify products that are almost, or already Dead On Arrival. Of course, as an insurance policy, shoppers pay the insurance premium for Purchase Guard.

“As more consumers shop and purchase online, the introduction of Purchase Guard is timely. Such a policy not only gives protection to consumers who make purchases online but also provides a leg up for online retailers who may not be able to offer an international manufacturer’s warranty. Purchase Guard, thus, levels the playing field for online retailers as the insurance cover gives consumers a greater sense of confidence about their purchases,” said Ms. Annie Chua, Income’s Head of Personal Lines, in their media release.

Purchase Guard is applicable to products that are listed under two of Qoo10’s sub-categories: TV/Camera/Audio, and Home Electronics. It’s also only applicable to devices or products that are priced at S$100 or higher.

We tested Purchase Guard out. Read about it here.

This article was first published on Hardware Zone.