Smartphones require insurance too

Check out how mobile insurance works and the top 7 mobile insurance companies.

Talking about mobile phones is like discussing people’s most pressing necessity. Earlier it was a luxury to have a smartphone, and not many people had one. But today it’s all over there in the world. Even a grade 8 student owns a mobile phone today. The reach has widened over the years, and it will keep on increasing for the upcoming years. Though not all smartphones are expensive, high-end smartphones like the iPhone are costly enough to get insured. Who’d want to let their phones be at risk? And when it costs you more than Rs.50,000 then for sure, you’d never take a chance. Mobile insurance comes in the picture then.

The concept of mobile insurance is recent and not many mobile phone owners are willing to purchase it. But these days, theft of mobile phones has become a common occurrence, making it even more critical for people to get their devices insured.

And it’s not just about theft; these electronic devices are prone to software and hardware damage or failure due to an accident, screen crack, spillage or any other reason.

With so many possibilities of damage, don’t you think it’s better to get mobile insurance?

What does a mobile insurance cover?

Yes, we all would think before spending money on mobile insurance because we aren’t quite sure of what it has to offer. We ask ourselves, will it actually help us in case of damage or theft?  There’s a flood of thoughts in your mind whether it’s worth it or not?

But, honestly it’s helpful, and you could entirely rely on it.

It covers a list of risks and damages mentioned below.

• In case of theft or robbery, burglary of your phone
• Internal damage due to water spillage
• Software problem due to a technical issue
• Hardware issue due to screen crack, faulty touchscreen, faulty charging port or earphone jack
• Loss of phone from a safely locked vehicle or building
• Other interior or exterior components’ damage
• Loss of device due to fire

Imagine how many times you face these issues, and all you can do is either to spend a lot on repair or buy a new phone if the damage is irrevocable. But with mobile insurance, you don’t need to worry about such damages.

Mobile Insurance Exclusions

Now for those of you who think it includes every risk or damage related to the device, let’s break your myth. It doesn’t cover for damages like:

• Mysterious loss of phone (because the owner cannot tell the exact reason for the same)
• Deliberately dropping your phone and damaging the exterior and interior components
• If there’s any damage or technical issue due to change in climatic conditions
• Any damage caused due to daily wear and tear of the device

So, make sure you don’t start throwing your phone off a window or stabbing your screen just so you can claim for it.

How to claim mobile insurance?

Often, people misinterpret the policies and fail to claim insurance. Here’s a process which could help you do it.

• As soon as damage covered in the policy occurs or your phone gets stolen, report to the company from which you’ve taken the insurance policy.
• Next up, fill the claim form as requested by the insurance company. This might be either online or a written document depending upon the company’s services. It requires the purchase invoice of your smartphone along with its serial no and insurance policy number.
• In case of theft, the owner must file an FIR for the missing phone within 24 hours after the incident.
• If it’s damaged, then some companies might want photographs of the phone to assess whether it’s genuine or not.
• Based on the policy you’ve selected, the company will investigate following which the claims get settled in, either way, i.e. replacement or repair of the insured phone.
• If you want to claim more than once, then go through the company’s policy because some of them allow only one claim settlement per policy whereas some offer more than one claim in the policy term.

Top 7 companies in India for a mobile insurance

When it comes to choosing the best insurance plan, you need to check the policies carefully and zero down on the best one.

Once you know which company’s plan suits your budget and what all does it cover, you can insure your phone and secure it against damages.

Also read: If mobile phones get insured then why not laptops?

Tags: insurance, smartphone, smartphone insurance