A complete guide to mobile insurance
Mobiles have become the part and parcel of the modern generation. It is no longer just a means to talk with people, mobiles today have become multifaceted which allow you to click pictures, chat through messages and even shop online. In fact, mobiles have become so important that many people have not one but two phones in their possession. Mobiles phones have also evolved with various unique and cutting features which make your user experience more enhanced. However, mobile phones are also prone to lose. Theft or loss of the phone, mishandling, water seepage, screen damage, etc. are some of the common threats which mobile phones face. In fact, mobile phone damage is very common. When the damages occur you face considerable financial loss and repairing the phone is not cheap. Given the high-end models which are available in the market, if the phone is damaged you have to incur substantial costs in getting the phone repaired or replaced. Can you bear these costs easily?
Many might not be able to bear the costs easily, so a mobile insurance policy is made available in the market. The policy covers your mobile against possible damages and compensates you for the repair costs that you incur if the mobile is damaged. Let’s understand the policy in details.
What is mobile insurance?
Mobile insurance is an insurance policy which is taken on a mobile phone. The policy covers the loss of phone or the damages suffered by the phone. You can buy a mobile phone insurance policy on your mobile and get covered for the possible damages of the phone.
Features of mobile insurance policies
Mobile insurance plans have the following salient features –
- They cover both new and used mobile phones
- Smartphones, as well as basic feature phones, can be covered under the policy
- Cashless repairs are allowed under many plans
- The sum insured is linked to the cost of the phone
- The term of the policy can range from 6 months to 12 months
What is covered under mobile insurance?
Mobile insurance policies cover the following types of damages suffered by your mobile phone –
- Loss of the phone due to robbery or theft
- Any type of accidental damage to the phone
- Damages due to liquid seepage
- Technical malfunctions in the phone
- Screen related damages
- Damage because of fire
- Replacement or repair of the phone in case of covered damages
Add-ons under mobile insurance
Mobile insurance policies also offer additional coverage benefits which you can select by paying an additional premium. Some commonly available add-ons are as follows –
- Transit insurance which covers damage to the phone when it is in transit
- Worldwide coverage which covers the damages suffered anywhere in the world
What is not covered under mobile insurance?
Though a phone insurance policy covers almost all possible damages to the mobile, the following instances of loss or damages would be excluded from coverage –
- Any type of mysterious loss of the phone
- Damage to the phone due to climatic changes
- Theft of the phone when it was left unattended
- Damages suffered when anyone except the owner was using the phone
- Pre-existing defects in the phone
- If you try to deliberately damage the phone
- Any type of overloaded mobile or an experimental mobile phone
Importance of mobile insurance
Mobile insurance policy becomes useful because of the coverage benefits it provides. Here are some reasons which make mobile insurance an important cover for your phone –
- Ease of replacing a lost phone
When your mobile is stolen or if you lose your phone, which is quite common, you face a considerable financial loss. If your phone was a premium Smartphone, the costs are unimaginable. The insurance policy covers this loss and compensates you financially. This allows you to buy another phone without worrying about your finances.
- Coverage for repair costs
Repair costs can be quite expensive when you drop your phone and damage it or if liquid enters your phone’s internal parts. The costs can go up to tens of thousands which might prove unaffordable. Since a mobile insurance policy covers the repair costs, you don’t have to worry about the financial pinch in case of damages.
- Is more comprehensive than warranty
Mobile phone companies allow you extended warranty which covers damages to the phone. However, these warranties are not operational if you lose your phone or if the phone is stolen. This is where a mobile insurance policy proves beneficial.
These benefits of mobile insurance make the policy important and quite essential in today’s age when dependency on mobile has increased.
Making a claim under mobile insurance
In case your mobile phone suffers any of the covered damages, you can make a claim under your mobile insurance policy. To make a claim, you should follow the below-mentioned steps-
- Inform the insurance company immediately of the loss that you suffer. The loss might be damage to the phone or theft of the phone. To inform the company you can call the claim helpline of the company and register your claim. You would be given a claim reference number which you should preserve for the future claim process
- Fill up and submit the claim form entering the details of the claim
- If your phone has been stolen or if you have lost the phone, file a police FIR with the local police station. The FIR would be necessary for making a theft claim
- You might be required to click images of the damages suffered by the phone and send it to the insurance company
- The company would then investigate the damage done and the cause of the damage
- Based on the inspection of the damage and the claim form, your claim would be approved
- If your phone is being repaired, the insurance company might settle the repair costs directly with the mobile service centre if the centre that you selected is an authorized service centre. If not, you would have to pay for the repair costs and get the costs reimbursed from the insurance company
- In case of theft or loss of the phone, the insurance company would pay you the sum insured of the mobile insurance policy as a claim
Documents required for mobile insurance claims
To get your mobile insurance claims successfully settled, you would have to submit the following documents to the insurance company –
- Filled and signed claim form
- Police FIR copy in case of theft or loss of the phone
- Invoice of the phone
- Policy bond
Companies which offer mobile insurance in India
Mobile insurance policies are offered by a handful of insurance companies in India. These mobile insurance companies and their respective plans are as follows –
|Mobile insurance company||Name of the plan||Salient features|
|Go Digit General Insurance Company||Mobile Insurance Plan||· Only screen related damages are covered under the plan |
· The coverage can be taken for 6 months or 12 months
· Premiums are low and affordable
|OneAssist||Mobile Protection Plan||· Original spare parts are used in case of repairs |
· 100% cashless repairs can be availed if you get the phone repaired at an authorized service centre
· Free pick-up and drop facility for your phone
|Bajaj Finserv||Mobile Screen Insurance||· Coverage is allowed for fire-related damages |
· High sum insured can be opted
|Home Credit||Mobile Protection Plan||· In case of loss of phone, you get replacement cover wherein you get the same phone |
· Free pick-up and drop facility is allowed under the plan
|SyncNScan||Mobile Protection Plan||· Recovery of personal data if the mobile is lost or stolen |
· Facilities of cloud backup, virus protection and finding a lost phone
|OneSiteGo||Mobile Insurance Plan||· If the repairs to a damaged phone are not done in time, the company promises free replacement of your damaged phone |
· Different types of plans are available for different coverage needs
|Syska||Gadhet Secure||· Three different plans are offered by the company |
· You get coverage for fire and allied perils
Extended warranty vis-à-vis mobile insurance
Many of you feel why invest in a mobile insurance plan when you can buy an extended warranty for your mobile phones. However, the concept of an extended warranty is different from the concept of mobile insurance. Let’s understand how –
|Basis of difference||Extended warranty||Mobile insurance|
|Coverage scope||The extended warranty only covers damages to the phone. Theft and burglary are not covered||Theft and burglary are also covered along with damages to the phone under mobile insurance plans|
|Coverage for liquid damage||An extended warranty might not cover water spillage or seepage||Liquid damages are covered under mobile insurance plans|
|Who offers coverage||This is provided by the manufacturer of your mobile phone||Insurance policies for phones are offered by insurance companies|
|Defects in the phone||You get coverage for manufacturing defects in the phone||Coverage for manufacturing defects or pre-existing defects is not available|
|Type of phone covered||Extended warranties are available only for new phones||Second-hand phones can also be covered under mobile insurance plans|
How to buy mobile insurance?
You can buy mobile insurance online through the website of insurance companies. The process is simple and quick. You just have to choose the insurer, fill up an online application form and pay the premiums online and the insurance policy would be issued. Alternatively, you can also visit the branch of a mobile insurance company and apply for the policy.
To buy a mobile insurance plan, you would have to submit the following documents –
- An application form seeking insurance cover
- Invoice of the phone
- IMEI number of the phone
- Your identity proof
So, secure your mobile phone under a mobile insurance plan and cover yourself against the financial losses suffered when the phone is damaged, lost or stolen. The premiums are very low and you can buy insurance easily without any hassles.
Frequently Asked Questions
- I bought the phone from another country. Can I buy mobile insurance in India?
Yes, you can buy a mobile insurance plan from a company in India even for a phone which was bought in another country. You just need the ownership documents of the phone to buy the policy.
- If the mobile phone is completely damaged, would I get covered for the repair costs?
In case of complete damage of the phone, the insurance company might offer you a replacement phone rather than covering the repair costs.
- Can I recover data if my phone is lost?
Under some insurance policies, there are features of data retrieval from a lost or stolen phone. If you buy such a policy you can recover data from a lost or damaged phone.
- Do all companies offer mobile theft insurance?
No, not all companies offer coverage for theft of the phone. Under some plans, coverage is restricted to screen damages only. You should, therefore, read the coverage details of the policy before buying it.
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Courtesy Article: Supramind / October 25, 2019 mintpro.in