Mobile Insurance: Know the advantages, coverage and claim process

What is Mobile Insurance?

Insurance is not a new term, we have been using this word since so long in Health insurance, car insurance etc etc. Insurance is a means of protection from financial loss, that financial loss could be of anything that is important and valuable. Insurance is something like form of risk management that manages our risks by helping out financially for valuable things. Nowadays the most costly thing we have in our pocket is mobile phone, if that smartphone got stolen, lost or damaged, there would be huge financial loss. So its obvious, mobiles are much needed to be insured.

The concept of mobile insurance is not recent one, the thing is we as customers are not aware of it or are not willing to purchase any insurance policy but now the loss or theft of smartphone is so common that it becomes important for us to insure our devices.

Earlier mobile phones were  so basic with basic features like for calling, texting and playing music thats all whereas now we do almost important things through our smartphones. The smartphones has become necessity rather than a luxury item.

Mobile Insurance

Advantages of Mobile Insurance:

Apart from the price value, smartphone also includes our personal, banking and professional data. We can define our smartphone in one word as our "personal and professional life manager". Yes its so true as we save lots of data related to our professional and personal data in smartphones and manages data only through it. 

So, it becomes important for us to insure our smartphones. Here are some of the benefits of getting our phones insured:

1. Protection from Theft

Because of the higher price values of smartphone, they are more prone of being stolen and it is quit hard to recover back the stolen phone. which ultimately left you with financial and personal data loss. Thus it does make sense that you should insure the smartphone to deal with such scenario. As it can at least manage your financial loss. Depending upon the policy you took, you can get a replacement for your stolen phone.

2. Protection against accidental damage

If we talk about accidental damage, its pretty obvious that in our day to day life we sometimes drop our phones accidentally which leads to full or partial damage to our phones. If we already had taken an insurance policy, it will help in getting a replacement for full damaged phone and free repairing for partially damaged phone.

3. Coverage against Liquid Damage

Sometime smartphones also get damaged when they came in contact with  any liquid or moisture accidentally. Due to water contact mobile screens, motherboard or other component got damaged very easily. In this scenario too the mobile phones can be replaced for full damage or can be repaired for partial damages, if you have taken the mobile insurance policy.

4. Doorstep Pick up and drop facility

Some insurance companies also provides the facility of doorstep pick up and drop. If  you wish to claim for coverage then you just need to contact the insurance company, after completing the necessary formalities the companies service provider will himself come to collect the damaged phone at your doorstep and drops the replaced or repaired phone.

5. Coverage against mobiles component damage

The technical malfunctions to the components of mobile like charging ports, touch screens and ear jacks are also covered by some insurance companies..

Process of Claim

If the mobile phone get damaged and you had already insured the mobile phone, its important to be aware of claiming process for mobile insurance. Its not necessary that the claim process would be same for all insurance companies, the process may vary little bit from company to company. Below are some of the steps to be followed in the event of claim settlement:

(A) In case of Theft

  • If you  have lost your mobile phone or it got stolen by some thief, the first thing you have to do is filing an FIR in your nearest police station. It is most important because anyone can misuse your phone in future and all the blame will be put on you if you  didn't have FIR of your lost phone. After filing FIR, a copy of FIR  is must as it will be used for future process.
  • Now you must immediately report about the loss of mobile phone to the insurance company either through the toll free customer support number or by directly visiting the companies office.
  • Then you have to submit the claim form and FIR of your lost phone either online or by visiting nearest company's branch office.
  • Based on the policy document an internal investigation would be done by the insurance company.
  • After the full investigation, the claims will be settled by the company and you will get a new phone.

(B) In case of Damage

  • In case of damage to the phone you must immediately report to the insurance company either through the toll free customer care number or by directly visiting the company's office.
  • Then you have to submit the claim form either online or by visiting nearest company's branch office.
  • After an internal investigation process, the claims will be settled in either way. Replacement in case of full damage and repair in case of partial damage.
  • Third party claim: Some insurance companies settle the claim bills by directly making a payment to third party mobile repair centers authorized by insurance company.
  • One claim settlement per policy: Some insurance companies only allow  one claim settlement per policy term whereas some offer more than one  claims in the policy term year.

Mobile Insurance Providing Companies:

Flipkart Complete Mobile Protection 

SBI Fonesafe Secure

Bajaj Finserv Mobile Protection and screen Protection Smart device Protection 

Syska Secure Mobile

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