Your cell phone was dropped again. It was in a pool this time.
You chose to get cell phone insurance. But how much do you know about your plan?
Most people are aware that insurance policies protect your phone from being stolen, damaged or lost. You might be surprised at what you don’t know. This is the Cliff’s Notes.
Your phone’s cost could be your deductible.
Right now, you can lease a new iPhone X from Sprint for $41.67 per month over 18 months. Sprint Total Equipment Protection costs $17 per monthly to insure your iPhone X. But break that shiny new phone, and your insurance deductible will be $275.
Your carrier doesn’t require you to purchase insurance.
Wireless carriers are not in the business to insure phones but sell them. They rely on Asurion, a third party for that. If you are looking to change carriers due to bad claims, you will likely still be working with the same insurer.
You don’t usually have to get insurance through your carrier. SquareTrade, a company that covers your device against damages and defects, charges a fraction of what most carriers charge.
Your replacement is not your responsibility.
Your insurance company may offer to replace the phone if you file a claim. But it doesn’t have a right to. Your new phone might be of a different type or color. You might not even have a new phone.
Bettie Colombo, spokesperson for Asurion, stated that “To be in a position to get the customer back in exactly the same make/model, we use both new and refurbished phone to ensure adequate inventory.”
For making a claim, you can be dropped from your plan.
Insurance companies usually limit your claims to two per 12-month period. For those who are particularly at-risk, this can pose a problem. These are the people who cell phone insurance is most beneficial.
Cell phone insurance can be a smart investment if you have problems with your phone. According to Verizon’s recent survey, more than half of Americans have never lost or broken their cell phones.
If you are one of them, you should know that you could pay hundreds of dollars in premiums for two years without ever filing a claim. And if you do file a claim, your deductible could reach as high as $299 on a top-tier smartphone such as the iPhone X.
Protect your cell phone from the carrier
These basic insurance options are offered by the Big Four and cover damaged, lost, or stolen phones. Although they don’t cover malfunctions of phones, carriers offer extended warranties that are often included with their insurance. The typical limit for customers is two claims per 12-month.
Mobile Insurance: The Advantages
Mobile insurance is a must-have for nearly everyone today. Listed here are just some of the benefits which mobile insurance provides, making it more of a requirement nowadays.
- Depending on which policy you choose, you may be eligible for a replacement of your smartphone (of the same model) without having to upgrade to a more advanced model.
- You recently bought a high-end smartphone and want to protect it from theft and damage. You can get mobile insurance to help you with this.
- If you have a history of losing or breaking your phones, a mobile insurance policy can be a smart investment.
- Mobile insurance is a great option if you depend on your smartphone for most of your daily activities.
Types of mobile insurance coverage
Mobile insurance provides protection against various perils and damages to your phone. Smartphones are electronic devices and can be susceptible to software failure, which could render them useless. External damage can also happen, in addition to internal damage. These are just a few of the risks and damages that are often covered by mobile insurance policies.
- Water spillage can cause internal damage that could affect the functioning of the phone’s internal parts.
- Hardware failures include malfunctioning touchscreens, defective earphone jacks or charging port issues.
- Fire can cause irreparable damage.
- Terrorist activities, strike, riot or riot can cause damage.
- Malicious intent can cause damage.
- Screen damage.
- Theft, burglary, or house break-in can cause the loss of your device.
- Device loss from locked vehicle or building
- The device’s interior and exterior components may be damaged.
Mobile Insurance Exclusions
Below are some exclusions that do not fall under the mobile insurance policy.
- The phone went missing in a strange way.
- The phone is taken from an unattended vehicle or building. Vehicles left unattended can be used to steal the mobile phone.
- Phone damaged or lost during use by third parties other than the owner.
- The phone is experiencing a malfunction.
- You have overloaded the phone or used it in an abnormal manner.
- Regular wear and tear can cause damage to the device.
- Changes in climate/atmospheric conditions can cause damage.
- Any wilful, malicious or intentional act of the insured device’s owner.
- Damage or defects that have occurred during the repair or cleaning of the device.
List of mobile insurance providers
- OneAssist: OneAssist offers insurance coverage for everyday use items such as smartphones and tablets, wallets and laptops, as well as protection for home appliances and other household goods. The company offers cashless repairs using 100% original spare parts. The company also offers free delivery to your doorstep and other benefits.
- AppsDaily: AppsDaily provides anti-theft protection on mobile phones via its app. The app supports 14 additional features, including cloud scan, call management and battery optimiser.
- SyncNScan – This insurance offers protection for your smartphone against theft and damage by violent means. The app automatically backs up your data and restores it if necessary. Other features include tracking and deleting spam messages, and locking/locking a lost phone.
- OnsiteGo – OnsiteGo makes it easy to protect your electronic devices. This company’s flagship product will protect your devices even after the warranty expires. Mobile insurance also covers liquid and physical damage.
- Times Global Insurance – This insurance policy covers liquid damage, screen damage, theft of device, malfunctioning display/camera issue and accidental damage. The purchase of insurance does not require any documentation. Customers who have not filed any claims within a year are eligible for a No Claim Bonus.
Process for Mobile Insurance Claim
It is simple and painless to file a claim under mobile insurance. The purchase invoice/bill for your smartphone must be provided to the insurance company along with the serial number. You must file an FIR (first instance) within 24 hours of the phone’s theft or loss. The claim intimation document and FIR can be filed within 48 hours.
Why should I get mobile insurance for my smartphone?
Mobile insurance is always a better choice to protect your phone. This insurance can benefit both old and new phones. It can also help to repay any damages, theft or damage to your phone.
What happens to the policy once the purchase is complete?
The insurance company will clearly indicate the effective date in its policy document. The premium must be paid before the policy can take effect.
What mobile phone insurance covers a purchase of a mobile phone outside India?
The Mobile Screen Insurance policy is restricted to domestic mobile manufacturers and models available in India and to Indian residents only.