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 ensure their devices. For higher-end smartphones, this protection is even more important as they are very lucrative targets for theft. In this article, you can get to know about the various benefits which mobile insurance offers, what do mobile insurance policies provide coverage for (in general), what are some of the exclusions of mobile insurance policies, some of the companies in India which offer mobile insurance to customers and how the claim process works in case of mobile insurance.

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.
• You rely very heavily on your smartphone for your day to day activities and would need an immediate replacement if anything were to happen to your current handset. Mobile insurance can take care of that.

Mobile Insurance Covers:

Mobile insurance policies provide protection against a variety of perils and damages, internal or external. 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 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 exclusion of mobile insurance policies are listed below.

• 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 / phone is lost during the period when the same has been lent or is 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.
• Any damage that is caused due to routine wear and tear of the device .
• Any damage occurring die to change in climatic / atmospheric conditions.
• Damage caused due to any wilful or malicious at 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. Quick Heal Gadget Insurance – Quick Heal is a name synonymous with reliable anti-virus products. They have recently started offering insurance for Android based mobile devices and provides cover for variety of damages / losses like theft, damage caused due to liquid spillage, physical damage or damage caused by fire. Plans offered by QuickHeal start from Rs 599 onwards and go up to Rs 2,499. The cost of the insurance plan will depend on the cost of the device. TO give you better value for money, you will also get QuickHeal’s mobile security suite, along with your mobile insurance.
2. New India Assurance – New India Assurance offers competent mobile insurance covers for mobile phones against a variety of damages like malicious damage (caused by riot, strike, etc.), damage by fire, accidental damage, or damage caused under fortuitous circumstances.
3. AppsDaily – Another popular mobile insurance provider is AppsDaily. The company provides a wide range of coverage for a wide variety of smartphones. Cover is provided against liquid damage, physical damage, loss due to theft or burglary. The mobile insurance schemes start from Rs 799 (for phones priced at or under Rs 10,000) and up to Rs 3,999 (for phones costing up to Rs 90,000). The notable features of this insurance provider is that it supports cashless claims, along with providing prompt service, which can be invaluable.
4. MobileAssist – MobileAssist is another mobile insurance provider which helps protect your device and the data stored on it against a spectrum of damages or loss. There are different plans which you can choose from based on the amount of the insurance. Each plan carries differing features and has been designed to fit differing requirements. The USP of this company is that it provides doorstep pick-up and drop of your device, in case of a major repair or damage. Also, you will be provided with a temporary phone in case your phone is lost or has been damaged.
5. SyncNScan – SyncNScan offers multiple insurance plans with additional features like damage / theft insurance, spam guard and cloud backup. Cover is provided for a wide variety damages like accidental damage, damage due to water spillage, burglary, theft due to house break-in, riot, strike, if phone is stolen from a locked vehicle or building, internal or external damage (to components of the device), wilful / intentional damage caused by third party, damage due to external impact.
6. Onsite Secure – Onsite Secure is another gadget insurance provider which provides insurance not only for smartphones but also for digital cameras, laptops and tablets. The company offers multiple insurance plans depending on the value of the device. Insurance provides cover against commonly occurring faults like malfunctioning touch screen, faulty charging port, hardware failure, etc. One of the notable feature of this insurance company is that it provides onsite service, which means that your damaged device will be picked from your doorstep, repaired at the authorized repair center and returned to you.
7. GadgetCops – One of the first mobile insurance providers in India is GadgetCops. The company provides all-round insurance plans for a variety of electronic devices, with a special focus on smartphones. The various plans offered by the company cover theft and accidental damage, along with providing a host of other value added services. Plans offered by GadgetCops will protect your smartphone for a duration of 2 years, while also providing for repair and replacement of a variety of electrical or mechanical faults. They also provide cashless service as a part of which the costs of repair done at the repair center will be borne by the company and not the insured.
8. Times Global Insurance – One of the popular mobile insurance providers is Times Global Insurance. The company offers trusted mobile insurance plans which start from as low as Rs 125 per month (for phones costing between Rs 3,000-15,000) and Rs 310 per month (for phones valued between the range of Rs 30,000 to Rs 60,000). The USP of their insurance plans is that it provides 100% cashless insurance cover against damages caused due to accidents, water spillage or cracked screens. With dedicated plans for iPhones and some other smartphones, customers can get up to 90% reimbursement for a stolen or lost smartphone.