Why Your Smartphone Needs an Insurance Plan?

Smartphones have become an integral part of our lives. The smartphone market is booming in India and people are now heavily investing in purchasing as well as accessorising their phones. With the advent of various security features, apps and pricey phones smartphone insurance have become a necessity.

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Why Your Smartphone Needs an Insurance Plan?

Listed below are 5 reasons that highlight the importance of Smartphone insurance policy:

• If you have recently purchased a smartphone then you will surely want to protect it. You can also enjoy a better servicing experience for your phone in case of any damage.
• If you have a history of losing phones then smartphone insurance is an absolute necessity for you. You will get compensated up to the sum insured if you lose your phone during the policy tenure.
• People who have invested money in pricey smartphones like apple iPhone need insurance as these phones are also susceptible to damages or loss. Any repair on high-end smartphones are not easy on your pocket and you often end up paying a huge amount for screen repairs, battery repairs or other kinds of repairs.
• Mobile phones are fragile devices and hardware or damage of internal parts is quite normal. You can make an easy insurance claim and remain stress-free.
• Mobile insurance helps you remain stress-free as it covers common instances of mobile damage like spillage of water or coffee, touch screen damages, internal damages or manufacturing damages. You can also enhance your cover by including rider benefits.

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Types of insurance you can avail:

Extended warranty policy:

Most of the Smartphone manufacturers offer you a warranty period of 1 year. This is not enough provided the money that gets invested in a high-end phone. The insurance will help you get an extended warranty and thus save your phones from burglary or damage for almost 3 years. You can repair your phones and get insurance cover for damages resulting from water clogging, screen damage or battery damage.

With the launch of various Smartphone brands in India people are relying on their insurances to recover from manufacturing defects. Some smartphone companies do not have dedicated services centers in all parts of the country and service centres located in major cities sometimes do not have the damaged parts that need replacement.

However, smartphones insurance cover excludes certain damages resulting from theft, burglary or accidental physical damage.  

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Individual cyber insurance:

Smartphones come with high end security features. But even if you are equipped with the best security features you never know when and how hackers will get into your social media accounts and you might end up compromising on your data. To keep your data safe you may opt for a cyber insurance policy. Cyber insurance will save you from modern perils of identity theft, bank details theft, phishing, malware attack etc.

What kinds of damages are covered by smartphone insurance?

Since smartphones are electronic devices, you can expect some damage in the form of software failure. You may also come across hardware damages as these devices are fragile. To safeguard

• Damage due to water spillage
• Damage due to fire
• Hardware failure like charging problem or touch screen malfunctioning.
• Damaged touchscreen due to cracking
• Loss of device due to theft
• Damage to the interior or exterior parts contained in the device.

What kinds of damages are excluded by smartphone insurance?

There are certain instances when the insurer is not liable to accept your claims. Exclusions of the smartphone insurance policies are listed below:

• If the phone is stolen due to carelessness. Phone stolen from your home or unattended vehicle are not covered
• Damage or loss of your phone by a third party
• Damage due to electronic or mechanical breakdown
• If the device has been used for experiments
• Damage caused due to wilful acts
• Damage caused by the change of atmospheric conditions.

See Also: Benefits of Buying Term Insurance Online

Smartphone insurance claim process:

Contrary to popular belief, filing Smartphone insurance is not time consuming. The process is quick and simple. You can file your claim online within 48 hours of damage or theft of your smartphone. You have to upload your insurance details and provide the insurer with documents like the purchase invoice and receipts. Additionally, you also have to submit a copy of the police FIR in case of loss or theft.

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