Techopedia Explains Buyback InsuranceBuyback insurance was introduced in electronic and tech products to circumvent product obsolescence and decommissioning from an end-user’s perspective. Although this is generally a marketing tactic that helps ensure repeat business for retailers, buyback insurance programs can provide a cost-effective way to keep up with new technology.
In general, buyback insurance returns up to 50 percent of the value of a product to put toward upgraded technology, but this can vary depending on the customer, region, organization’s policy and nature of the product.
- INFOGRAPHIC: 6 InsureTech Trends to Know
- How Explainable AI Changes the Game in Commercial Insurance
- 10 Ways Virtualization Can Improve Security
- How to Maintain HIPPA Compliance on a Budget
- 5 Tips for Secure and Efficient Employee Offboarding
- Top Reasons to Use Predictive AI for Enhanced Cybersecurity in 2021