As another academic year approaches, more students are ditching notebooks and pens for portable electronic devices like tablets and laptops. Forty-eight percent of all people ages 18 to 29 own a tablet, and this doesn't even count their laptops.

"Many college students are already strapped for cash, so the loss of an expensive yet essential electronic device can be particularly upsetting for them," said Tim Meenan, executive director of the Service Contract Industry Council. "Service contracts can help them protect themselves financially before a mishap blows a hole in their already tight budget."

With so many portable electronics in use throughout the day, accidents are bound to happen, whether it's a single drop to the ground or a drop of rain from above. Service contracts can give consumers peace of mind by providing cost-saving coverage that makes it easy to repair or replace damaged electronics. In addition to helping consumers save money, service contracts save time and eliminate the hassle of having to search for repair services. For a fraction of the cost of full replacement, service contracts may cover

• drops, spills, and mechanical/electrical failures from normal use
• screen or touchscreen failure
• antenna, wi-fi, charging-port, or battery failure
• discounted product repair
• product replacement
• access to pre-qualified technicians
• in-home repair service
• 24-hour technical assistance
• routine maintenance, such as cleanings and tune-ups
• major component coverage
• comprehensive coverage
• accidental damage from handling
• free shipping.