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Thinking to buy Mobile Insurance? | What Mobile Insurance covers and where to Buy it from

Mobile insurance plans

Many of us invest a good amount of money while buying a cell phone or laptop or camera because technology is changing day by day and good features of any equipment automatically increases the price of that device.

Also, while buying these electronic devices such as Mobile, laptop or iPad , the manufacturer also provides an option to buy a protection plan or a extended warranty. As the amount charged by manufacturer for protection plan is on quite higher side , we often ignore those fancy looking benefits.

And, we think that it is a wise decision to avoid that protection or insurance plan from the manufacturer when price seems on higher side. Because that Insurance protection/ benefits can be bought at a comparatively less price from companies who are dedicated to provide insurance only and you should always look for the same in Insurance market.

For example, You have seen while buying an iPhone / iPad or a mac book , Apple provides a protection plan for minimum of Rs. 16900/- for an iPhone where Apple Care+ extends coverage to two years from your purchase date of plan .

Here Apple promises to provide two incidents of accidental damage protection every 12 months and each incident is with excess or deduction of Rs. 2500/- for screen or back glass damage and Rs. 8900/- for any other damage.

If you notice that Apple is charging you in name of service charge an amount in which you have bought protection plan for one year so I do not understand what Apple is trying to cover by charging initially Rs. 16900/-. Assume due to some accident your device body has broken and now you want to take help from insurance . And for that repair you have already charged Rs. 17000/- while buying the plan and now in the name of service charge you are again charged Rs. 9000/- so you ended in paying 26000/-for that damage repair and nearly Rs. 20000/- for screen damage.

Just carefully see these numbers and think is you insuring yourself or just paying the bills by yourself. So, Our advice will be do not go for these type of heavily charged Insurance from any of the manufacturer. Just Explore your other options where Premium is less as well the deduction at time of claim.

Here, in this post we are sharing some best Mobile Insurer’s names who are providing a good protection in India at a cheaper rate and also at less deduction charges but first let’s take a look what common coverages are being offered by these insurers to protect your cell phone against any unforeseen event and what are the standard exclusions-

 

Theft protection under mobile insurance

Coverages

·       Theft or Robbery or Burglary

·       Protection against accidental damage to device

·       Protection against Fire

·       Some Insurers also cover liquid damage

·       Coverage is on All India Basis

·       Pick Up and Drop at your Door step facility in case of repair is also offered by some Companies.

·       Some insurance companies also offer No Claim Bonus to the policyholder at the time of policy renewal if no claims are reported during the previous policy term

 

 

Damage protection under mobile insurance

Most Common Exclusions

·       Normal Wear & Tear

·       Water damage due to Rain

·       Lost/misplaced gadget

·       Mysterious disappearance

·       Personalized data such as contact list, photo, videos, apps etc

·       Loss or damage to or of batteries

·       Losses falling under manufacturer warranty/guarantee and AMC 

·       Theft from unattended vehicle and Losses caused by Negligence, wilful neglect from insured 

·       Damage to the device due to climatic conditions

 

 

These are Name of some best insurance companies where you can buy a Mobile/Laptop insurance for yourself-

 

1.      The New India Assurance Co Ltd

2.    The United India Insurance Co Ltd

3.    Oriental Insurance Co Ltd

4.    National Insurance Co Ltd

5.      HDFC Ergo

6.    Bajaj Allianz

 

We have selected above companies after a good research on these companies where most of the above coverages are provided with less deduction by these insurance companies.

For example , some of above mentioned public sector insurance companies are covering iPhone 13 in nearly Rs. 4000/- to Rs. 5000/- + GST with excess of approx Rs. 2500/- in case of each and every claim .

If you are an existing customer of these companies then buying a cell phone insurance is comparatively easy for you as chances of Moral Hazard are less and Insurance company will not hesitate to provide these benefits of mobile insurance at very cheaper price to you.

As Most of these companies are not providing mobile insurance online(May be Moral hazard is one of the reason behind) so you will be required to visit the nearest office to buy Mobile Insurance from these companies.

Though there is a limit on maximum liability in case of total loss and at the time of claim settlement, depreciation also play its role in deciding the value of Mobile Phone as this is a common practice which is being followed by all insurance companies at the time of claim settlement.

 

We have found that following companies are also known for Mobile or Laptop Insurance-

 

1.      Times Global

2.    Syska Gadget Secure

3.    Onsite go

4.    OneAssist

 

Before buying Mobile Insurance from these companies one should always check the terms and conditions available on their websites as there can be conditions which are not highlighted at time of policy purchasing but they came in picture when you go for the claim.

We have read terms of conditions of some of these companies and found that getting claim from them is not a piece of cake because of the very same terms and condition attached with policy.

 

Claim Process for Mobile Insurance

Below are some of the steps to be followed by the policyholder of the mobile insurance policy in the event of claims settlement. However, the process may vary from one company to another. The steps are:

·       One must immediately report any loss or damage to the mobile phone to the insurance company offering the coverage either on a toll-free number or any other suggested customer support channels mentioned by the company

·       Customers must also submit the Claim Form as requested by the insurance company. This can be done either online or by visiting the nearest branch office of the insurance company

·       In case of theft or robbery, the customer must file an FIR with the nearest police station or submit the complaint and obtain a copy of it. In case of loss or damage to the mobile phone due to household fire, a report from the fire station is also required by some insurance companies

·       Some insurance companies may require the photographs of the damaged mobile phone to be sent to the claim assessor.

·       The policyholders may contact the insurance company representatives during the claim process for any support either by visiting the branch office or contacting them via online channels provided by the insurance company

 

Documents Required

The customer needs to submit the required documents to the insurance company for initiating the claim process for the insured mobile phone.

Some of these documents may include an original invoice of the phone, along with the serial number of the phone and the insurance policy number. In case of a missing phone, you need to file an FIR and submit its copy while filing a claim.

 

Final Words

Our Advice is that if you are having an expensive phone and you are the one who is not fond of changing your cell phone by every year or two, then you should opt of mobile insurance as a protection.

 As paying some extra bucks in range of Rs. 500 to 4000/- is a wise decision to protect your expensive devices against theft, accidental damage or fire. It will not create a hole in your pocket but at the same time you can enjoy your mental peace.

 

 

 

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