Tile promises to reimburse owners of lost objects

Tile is preparing to launch its Premium Protect insurance plan in the United States. Image: Tile via AFP Relaxnews

United States company Tile, which makes Bluetooth trackers with various form factors for valuable or easily misplaced items (such as keys, wallets and gadgets, among others), is gearing up to launch a new premium service that will reimburse up to $1000 (approx. P48,500) for items that have definitively disappeared.

However, the new insurance comes at a cost: subscribers will have to pay $100 (or around P4,800) a year to benefit from the plan.

Tile’s trackers, which can be made to ring or located on a map if the objects to which they are attached are lost or misplaced, is branching out into the world of insurance.

A few years ago, a French study found that, over a lifetime, the average person will spend two months looking for items that have been lost or mislaid. This fall, the company will launch a new service called Premium Protect, which will guarantee reimbursement for items that cannot be found by the Tile network within a period of seven days after they have been reported lost.

To insure items, users simply have to register a photograph of them along with the tracker to which they are attached with Tile’s smartphone app. Thereafter, they are entitled to claim reimbursement in the event that an item cannot be found, provided that they have paid the service’s yearly $100 subscription fee. CC

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