Mobile Insurance

The concept of mobile insurance is rather recent and not many smartphone owners are aware of it, or willing to purchase it. Theft of smartphones has become a very common occurrence, making it all the more important for owners to insure their devices. For higher end smartphones, this protection is even more important as they are very lucrative targets for theft.

Over the past few years, the smartphone industry has undergone massive changes. From being an item of luxury, smartphones have now become a necessity, aiding us in almost everything that we do. When first introduced, smartphones offered very basic features. However, the smartphones being rolled out now are equipped to allow you to manage your entire personal and professional life on one single device. Beyond the functionality they offer, smartphones have become a status elevator in terms of spending abilities and style.

As opposed to previous years, customers are now spending more than ever on smartphones, the cost of which can easily go up to a lakh. Just like any other article of value, a smartphone too, is at a potential risk of being stolen. Beside theft, being an electronic gadget, smartphones are very prone to hardware or software damage or failure which may occur due to an accident, drop, water spillage, screen crack, or a variety of other reasons. Considering all that, it is only wise for you to get your smartphone insured, to help protect in case of any internal or external damage which may be caused to the device.

Benefits of Mobile Insurance:

Considering the heavy reliance that today’s generation has on their smartphones, mobile insurance can be your best friend. Listed below are just some of the benefits which mobile insurance provides, making it more of a requirement nowadays.

  • You have recently purchased an expensive smartphone and you wish to safeguard it from theft or damage. A mobile insurance policy can help you in that regard.
  • A mobile insurance policy is a smart purchase if you hold a history of having lost or broken your previous phones.
  • Depending on the policy which you take, you can get a replacement for your stolen or damaged smartphone (same model) without having to downgrade to a lesser advanced model.
  • If you rely heavily on your smartphone for your day-to-day activities and would need an immediate replacement in the event of a damage, mobile insurance would be of great help.

Mobile Insurance Covers:

Mobile insurance policies provide protection against a variety of perils and damages to the phone. Given that smartphones are electronic devices, they could be prone to software failure which can often render the device useless. Besides internal damage, external damage can also occur due to various reasons. Listed below are some of risks and damages which are commonly covered under mobile insurance policies.

  • Damage to the internal parts workings of the phone due to water spillage.
  • Hardware Failure like malfunctioning touchscreen, faulty earphone jack or charging port problem.
  • Damage due to fire.
  • Damage occurring due to riot, strike, terrorist activities.
  • Damage caused due to malicious intent.
  • Screen cracks.
  • Loss of device due to theft, house break-in, burglary.
  • Loss of device from a securely locked vehicle or building.
  • Damage to the interior or exterior components of the device.

Mobile Insurance Exclusions:

Some of the common exclusions under mobile insurance policies are listed below. The coverage is not valid:

  • If the phone has gone missing mysteriously.
  • If the phone is stolen from an unattended building or vehicle. Theft of the mobile phone from vehicles that are left unattended.
  • If any damage occurs or the phone is lost during the period when it was being used by a third party, other than the owner of the phone.
  • If the phone suffers a mechanical or electronic breakdown.
  • If the device has been overloaded or experimented with under any abnormal conditions.
  • If any damage was caused due to routine wear and tear of the device.
  • If any damage occurs due to change in climatic/atmospheric conditions.
  • If the damage was due to any wilful or malicious act caused by the owner of the insured device.
  • Any defects or damage that has been caused during the process of repairing or cleaning the device.

List of companies Providing Mobile Insurance:

  1. AppsDaily – AppsDaily offers anti-theft protection for mobile phones through its app. The app also supports 14 other features that include cloud scan, call management, battery optimiser, etc..

  2. 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 using spare parts that are 100% original. Free doorstep pickup and drop services are other benefits of getting insured with OneAssist.

  3. SyncNScan – SyncNScan offers insurance protection for your mobile device to safeguard it from theft and damages by violent means. The system automatically backs up data and restores it when needed. Tracking and deleting viruses/spam messages and finding/locking the lost phone are other features of the app.

  4. OnsiteGo – OnsiteGo enables you to protect your electronic devices in a hassle-free and transparent manner. The company’s one flagship product protects your devices even after the manufacturer’s warranty has expired. The coverage under the mobile insurance plan includes physical or liquid damage as well.

  5. Times Global Insurance – The insurance solutions provided by the company include coverage for liquid damage, screen damages, theft of the device, malfunctioning, display/camera issue, accidental damage, or breakdown. There is no need for elaborate documentation for the insurance purchase. No Claim Bonus facility is offered to customers who do not raise any claims in a year.

Mobile Insurance Claim Process:

The process to file a claim m under mobile insurance is simple and hassle free. In order to file claim, you must provide the insurance provider with the purchase invoice / bill of your smartphone, along with its serial number. Also, you must file an FIR (first instance report) for the missing phone within the first 24 hours following its theft or loss. You can file for a claim within 48 hours, along with the claim intimation documents and the FIR.

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