The purpose of buying insurance is to protect against the things that a manufacturer’s warranty does not, by paying extra for the insurance cover each month. With a mobile insurance cover, the insurance company pays for all expenses relating to repairing as well as replacement cost. It also safeguards from any theft or damages.
The concept of mobile insurance is new and not many smartphone owners are aware of it or are willing to purchase it. With each passing day, mobiles are not only becoming more and more expensive, but they’re more fragile than the once sturdy brick phones of the ’90s. With mobile phones being a mandatory gadget and at the same time being an expensive investment, having your expensive mobile phone insured is also important.
Usually, most cell phones come with a 1-year limited warranty when bought, which usually covers hardware malfunctions and manufacturing defects. Note that these limited supplementary warranties generally do not cover accidental damage (including cracked screens and water damage), damage caused by misuse, damage caused by modifications of phone or damage from a third-party component. Even though such warranties can be extended, they do not cover damage from accidents and misuse.
These insurance policies provide protection against a variety of damages and perils to the phone. Industry experts suggest electronic devices and gadgets like smartphones are prone to software failure due to accidents, along with the possibilities of theft, drop, water spillage, screen damage or crack, and various other reasons causing internal and external damage. The purpose of buying insurance is to protect against the things that a manufacturer’s warranty does not, by paying extra for the mobile insurance each month.
With a mobile insurance cover, the insurance company pays for all expenses relating to repairing as well as replacement cost. It also safeguards from any theft or damages. Also, with a mobile insurance cover, it saves from the hassle of running for repairs. Note that with the replacement option of the lost or broken smartphone by the insurer, downgrading to lower models isn’t necessary.
There are various companies providing mobile insurance including Acko Mobile Insurance, Digit insurance, Syska Gadget Secure Mobile Insurance, Airtel Secure Mobile Insurance, Flipkart Complete Mobile Protection(CMP) Insurance Plan, etc.
Risks and damages that are usually covered under mobile insurance policies:
- Internal part damage of the phone due to water spillage
- Damage to the exterior and interior components of the insured device
- Hardware failure including charging port problem, faulty earphone jack or touchscreen malfunction
- Phone screen cracks
- Loss of the insured phone due to house break-in, theft, and burglary
- The insured phone damaged due to fire, or due to strike, riot, terrorist activities. Some policies also cover damage due to malicious intent
- Loss of the insured phone from a securely locked vehicle or secured building
Exclusions under mobile insurance policies
- Insured device damage due to routine wear and tear
- Insured device missing mysteriously
- The insured phone was stolen from an unattended building or vehicle
- The insured device has an electronic or mechanical breakdown
- Insured device experimented with under any abnormal conditions
- Insured device damaged due to wilful or malicious activity caused by the policyholder
- Damage to the phone or the device is lost when in possession of the third party will not be covered