What is a mobile insurance?
Mobile/phone insurance is a type of insurance that covers damage or loss of a mobile device, such as a smartphone or tablet. This can include coverage for accidental damage, theft, and loss. It is typically offered by cellular service providers, but can also be purchased separately from other insurance companies.
Mobile phone insurance generally bought to cover repair or replacement costs if your mobile phone gets damaged. Insurance for mobile is the best alternative option to secure your phone from physical damages and loss.
Some mobile insurance policies may also provide coverage for repair or replacement of the device, as well as additional services such as data recovery.
Mobile/Phone Insurance Features and Benefits
Buying mobile insurance has several benefits, including screen replacement if it's unrepairable. Mobile screen replacement is the most expensive cost associated with the mobile repair.
Phone insurance bears this cost on their way by paying you to repair cost for replacement or reinstallation, if recoverable.
The most common advantages of buying phone insurance are as follows.
Coverage For Physical Damage
Phone insurance provides coverage for physical destruction such as mobile screen scratches, breakage, complete or partial body damage, .etc.
You can claim the settlement if any of the sides of your smartphone is damaged. The insurance company will bear the cost themselves or will reimburse you if paid by you upfront.
Note:-Some mobile insurance policies do not cover liquid and electrical damages. Kindly read all terms and regulations carefully before buying the policy.
Mobile Insurance Can Be Avail For Both New and Old Phones
Whether your mobile is new or you've been using it for several months. The condition is it should be in working condition at the time of purchasing the plan.
Risk-Free Mobile Uses
Mobile insurance plans offer you a confident and risk-free lifestyle. You do not need to worry at all whether you're operating your mobile while riding a bike, running early in the morning, or listening to music while exercising in the gym.
Stay calm and show your style to the world confidently with mobile insurance. Whatever happens to your phone, mobile insurance always protects your phone.
However, data loss or internal mechanical problems are not covered under the policy.
How a mobile insurance works?
" Mobile insurance works by providing financial protection against loss or damage to a mobile phone. When you purchase a mobile insurance policy, you pay a premium to the insurance company, which provides you the coverage for the cost of a repair or a replacement of the phone in the event of loss or damage. "
There are different types of mobile insurance policies available, but most include coverage for damages due to accidental drops, liquid spills, screen damage, and theft. Some policies may also cover loss or damage due to natural disasters, such as floods or earthquakes.
If there is a loss or a damage to your mobile phone, you can file a claim with the insurance company. The insurance company will then review the claim and, if it is valid, will reimburse the you for the cost of repair or replacement of the phone, up to the sum insured.
In short, a mobile insurance protection plan works as simple as other insurance policy except the condition for the settlement that is inspection of the device before initiating claim settlement process.
Mobile Phone Insurance Coverage
Mobile phone insurance coverage generally refers to insurance policies that protect a your mobile phone from damage, loss, or theft. These policies may be purchased separately or as part of a package with other types of insurance, such as home loan insurance or renter's insurance.
These policies typically include coverage for repair or replacement of the phone, as well as additional benefits like protection for accessories, accidental damage, and even loss of data. Some providers offer worldwide coverage, Others may have certain restrictions, such as not covering loss or damage that occurs outside of the country.
However, the most of mobile insurance plan coverage includes:
- Mobile Insurance Coverage For Physical Damages: Mobile insurance coverage for physical damages typically covers repairs or replacement of your mobile phone due to accidental damage. This can include damage caused by drops, spills, and other types of accidents. Some insurance policies may also cover damage caused by natural disasters, such as floods or fires.
- In most cases, the phone will need to be assessed by a professional to determine if it is repairable or if it needs to be replaced. The cost of the repair or replacement will typically be covered by the insurance policy, subject to any deductibles or other policy limits. Some insurance policies may also offer coverage for accessories, such as phone cases, chargers and other peripherals.
- Mobile Insurance Coverage For Loss/Theft: Mobile insurance coverage for theft usually covers the cost of replacing your mobile phone if it is lost or stolen. It also include coverage for loss due to theft, misplacement, or other types of loss. You'll need to file a claim with the insurance provider and provide proof of loss, such as a police report or a statement of loss. The insurance provider will then evaluate the claim and determine the amount of coverage that will be provided, which may be subject to deductibles or other policy limits.
- In some cases, the policy holder may be required to pay a higher premium for coverage of loss. Some insurance policies may offer options for tracking the phone in case it gets lost, and in that case the phone will be covered for theft too.
- Mobile Insurance Coverage For Liquid Damage: Mobile insurance coverage for liquid damage covers repairs or replacement of when your mobile phone is damaged due to liquids, such as water, coffee, or other spills. It covers damage(s) caused by accidental spills, submersion in water, or other types of liquid damages as well.
Your phone will be inspected by respective insurance company to determine the possibilities of repair or reinstallation, if possible. Else, your mobile will be replaced with a new one, if it is included in your policy terms.
Please Note: The coverage for liquid damage is not a standard feature in all mobile phone insurance policies, and it may be an add-on option or a separate policy. Some companies may not cover liquid damage at all, so it's important to check the policy details and see what is covered and what is not.
Types of Mobile Insurance
There are several types of mobile insurance that you can choose from, depending on your needs and budget. Some of the most common types include:
- Manufacturer's warranty: Some mobile phone manufacturers offer a limited warranty that covers certain types of damage, such as defects in materials or workmanship. This type of warranty is usually included with the purchase of a new phone and is typically valid for a certain period of time.
- Carrier insurance: The mobile phone carriers offer insurance policies that protect your phone from damage, loss, or theft. These policies may be purchased additionally, and may or may not cover protection for accessories and accidental damages.
- Third-party insurance: There are also many third-party insurance providers that offer mobile phone insurance policies. These policies may include more extensive coverage than carrier insurance and may be purchased separately from the phone or phone service.
- Device protection plan: This type of insurance is offered by phone manufacturers, and it may include protection from accidental damage, power surges, liquid damage, and even protection from theft and loss.
- Homeowners or renters insurance: Some homeowners or renters insurance policies may include coverage for mobile phones, but this coverage may be limited and may not include protection for accidental damage or loss.
- Travel insurance: You might be wondering why I mentioned travel insurance here? Your concern is genuine but this is because some travel insurance policies include coverage for mobile phones, including protection for loss, theft, or damage while travelling.
Mobile/Phone Insurance Claim
How to claim for mobile insurance?
The process for making a mobile insurance claim typically involves the following steps:
- Report the loss or damage to your insurance company as soon as possible. This can usually be done by calling the company's customer service number or by filling out an online claim form.
- Provide the insurance company with all the necessary documentation, such as a copy of the police report (in case of theft), the original purchase invoice of the mobile phone, and any other relevant documents.
- The insurance company may send an assessor to inspect the damaged phone or may ask you to send it to them for inspection.
- If the claim is accepted, the insurance company will process the claim and reimburse the cost of repair or replacement of the mobile phone, up to the sum insured.
- If the claim is rejected, the insurance company will provide a written explanation for the rejection.
Note: " The process and requirement may vary depending on the insurance company and the plan you have, it is best to read and understand the terms and condition before making a claim. "
Who you should buy a mobile insurance? Ask 3 questions yourself.
Question 1- How often do I drop my mobile?
Are you more likely to drop your phone down, or have you previously experienced a frequent drop-down of your mobile? If the answer is yes, we highly recommend opting for mobile insurance.
Question 2- Do I have enough money to spend thousands on repair?
Generally speaking, we must be prepared for any kind of unexpected circumstances. Mobile insurance's primary role is to reduce the restoration cost of your damaged mobile.
Are you capable of paying charges incurred by the service provider Or does your mobile warranty covers those expenses? Especially the costly screen replacement.
iPhone repair is the best example of the most costlier restoration service in the world if there is no iPhone insurance/warranty.
"If a cellphone warranty does not cover the cost of replacements of costly components such as a screen, motherboard, camera, etc., buying insurance is advisable."
Question 3- Which is the best option- spending more on repair or investing less in the policy?
Mobile insurance premiums start from Rs.1212 per year and can go up to Rs.6000 per year. Comparatively, the mobile insurance premium is less expensive than we spend on the repair.
If you're not willing to pay more upfront for the repair or you can not afford it, go for the policy. It will save you a lot.
Now you're 100% clear about buying or not mobile insurance.
Right?
Let's move on and look for the best mobile insurance plans and companies available in India.
Which is the best mobile insurance company in India?
In India, there are a number of mobile insurance companies. Some of them really offer great service across the country and abroad as well. Bajaj Allianz, HDFC ERGO, ICICI Lombard, and Reliance General Insurance are only a few of the yet most trusted and big market players in the market today.
Yes, in India, there is a plethora of insurance service providers. However, the most trusted yet popular companies for mobile insurance plans are Acko Insurance, Bajaj Finserv mobile insurance, GoDigit mobile insurance, OneAssist mobile insurance, and Flipkart Complete Mobile Protection plan.
These insurance plans cover almost all damages and have satisfying customer service/support and a high claim settlement ratio.
Flipkart Complete Mobile Protection Plan comes from India's largest online shopping store, providing you with peace of mind pick up and doorstep delivery experience multiple times a year (if more than one claims).
In addition to that, Flipkart's Complete Protection Plan also covers damages from liquid spills.
