What is Mobile insurance?
The concept of mobile insurance is recent and not many smartphone owners are aware of it or are unwilling to buy it. Smartphone theft has become a very common occurrence, making it even more important for owners to ensure their devices. For high-end smartphones, this protection is even more important as they are very attractive targets for theft.
In the past few years, the smartphone industry has undergone massive changes. From being an item of luxury, smartphones have now become a necessity, assisting us in almost everything that we do. When first introduced, smartphones provided very basic features. However, the smartphones that are being rolled out now are equipped to allow you to manage your entire personal and business life on a single device. Beyond the functionality they provide, smartphones have become a status elevator in terms of spending ability and style.
Unlike in previous years, customers are now spending more on smartphones than ever before, which can easily go up to a lakh. Like any other valuable item, a smartphone also has the potential to be stolen. Apart from theft, being an electronic gadget, there is a very high risk of smartphone hardware or software getting damaged or failing which may be due to an accident, drop, water leak, screen crack, or many other reasons. Keeping all these things in mind, it is wise for you to get your smartphone insured, to help protect the device from any internal or external damages that may occur.
Benefits of mobile insurance:
Considering today’s generation’s heavy reliance on their smartphones, mobile insurance can be your best friend. Some of the benefits provided by mobile insurance are listed below, making it a necessity nowadays.
You have recently bought an expensive smartphone and you want to protect it from theft or damage. A mobile insurance policy can help you in that regard.
A mobile insurance policy is a smart buy if you have a history of your previous phones getting lost or broken.
Depending on the policy you carry, you can get a replacement for your stolen or damaged smartphone (same model) without downgrading to a less advanced model.
Mobile insurance will be of great help if you are heavily dependent on your smartphone for your day-to-day activities and would need immediate replacement in the event of damage.
Mobile insurance cover
Mobile insurance policies are a protection to protect the phone from various perils and damages. Given that smartphones are electronic devices, they can be prone to software failure which can often render the device useless. Apart from internal damage, external damage can also occur due to various reasons. Listed below are some of the risks and disadvantages that are commonly covered under mobile insurance policies.
- Damage to the internals of the phone due to water spillage.
- Hardware problems such as a bad touchscreen, bad earphone jack, or a problem with the charging port.
- fire damage.
- Damage caused by riots, strikes, or terrorist activities.
- Damage caused by malicious intent.
- Screen cracks.
- Loss of equipment due to theft, home burglary, burglary.
- Loss of equipment from a safely enclosed vehicle or building.
- Damage to the internal or external components of the device.
Mobile Insurance Exclusions:
Listed below are some of the common exclusions under mobile insurance policies. Coverage not valid:
- If the phone has mysteriously disappeared.
- If the phone is stolen from an abandoned building or vehicle. Theft of mobile phones from abandoned vehicles.
- If any damage occurs or the phone is lost during the period it was being used by a party other than the owner of the phone.
- If there is a mechanical or electronic breakdown in the phone.
- If the device is overloaded or used under unusual circumstances.
- If any damage has occurred due to regular wear and tear of the device.
- If any damage occurs due to changes in climatic/atmospheric conditions.
- If the damage is caused by any willful or malicious act done by the owner of the insured equipment.
- Any defect or damage that may have occurred during the process of repairing or cleaning the device.
List of companies providing mobile insurance
AppsDaily – AppsDaily provides anti-theft protection for mobile phones through its app. The app also supports 14 other features which include cloud scan, call management, battery optimizer, etc.
OneAssist – OneAssist is a one-stop-shop platform that provides insurance protection for items of daily use, such as mobile phones and tablets, wallets, laptops, and home appliances. The company provides cashless repair services by using 100% original spare parts. Other benefits of being insured with OneAssist are free doorstep pickup and drop services.
SyncNScan – SyncNScan provides insurance protection to protect your mobile device from theft and loss. The system automatically backs up the data and restores it when needed. Tracking and deleting virus/spam messages and locating/locking lost phones are other features of the app.
insight – OnsightGo enables you to protect your electronic devices in a hassle-free and transparent manner. A flagship product from the company protects your equipment even after the manufacturer’s warranty has expired. The coverage under a mobile insurance plan also covers physical or liquid damages.
Times Global Insurance – Insurance solutions provided by the company include coverage for liquid damage, screen damage, device theft, malfunction, display/camera problem, accidental damage, or breakdown. There is no need for detailed documentation for insurance purchases. No claim bonus facility is given to those customers who do not make any claims in a year.
The mobile insurance claim process
The claim filing process under Mobile Insurance is simple and hassle-free. To file a claim, you need to provide the purchase challan/bill of your smartphone along with its serial number to the insurance provider. Also, you must file an FIR (First Instance Report) within the first 24 hours after the missing phone is stolen or lost. You can file a claim with claim information documents and FIR within 48 hours.