mobile phone insurance

Mobile Insurance: How to apply for Best Mobile insurance

Insurance

It goes without saying that the current generation is addicted to their phones. Everybody wants to use and flash the best smartphone models. The craze of smartphones has reached a level where people might not be able to deal with the loss of their phones.

High-tech models with the best of facilities and features come at a pretty high price too. If you own the latest iPhone, a high-end gaming phone, etc., then it’s quite likely that you spent a fortune on your phone.  The question is: What would you do if your costly phone gets lost or damaged? Would you be able to afford a new phone that costs the same? Not really, right?

Your phone manufacturer warranty doesn’t cover plenty of things. These include screen cracks, liquid spill damage, battery damage, camera issues, and malfunctions with speakers, charging port, earphone jack, and so on. The cost of repairing expensive phones could also cut a big hole in your pocket.

So, how about buying mobile phone insurance? Not only will it protect your phone against damage but also provide a mobile theft insurance.

Mobile insurance is rather a new type of policy provided by IRDA approved insurers. The concept of smartphone insurance could be fairly new to several people. So, let’s discuss everything you need to know about mobile phone insurance.

What is Mobile Insurance?

These days, people are spending a lot of money to purchase mobiles. And if such a pricey smartphone gets damaged, then you need to spend a lot of money to repair it. To say the worst, what if your phone gets stolen? So, to protect you from such losses, the insurance companies in India have started providing you with mobile insurance policies as well. Such policies will cover against accidental damage to any part of your phone, theft, and so on.

What is covered by a Mobile Insurance?

Mobile insurance provides cover against several types of damage that might happen to your mobile. Let’s have a quick look at all the coverage offered by smartphone insurance:

  • Theft or robbery of the phone
  • To repair or replace a damaged or lost phone (if the incident is reported within 48 hours of its occurrence)
  • Cover for accidental damage
  • Cover for liquid spillage and fire damage
  • Cover for physical damage: Damage to screen, technical malfunction, and so on.
  • Cashless settlement
  • No Claim Bonus (provided by some companies)
  • Technical malfunctions such as issues with charging ports, ear jacks, screens, etc.
  • Free repair or replacement facility
  • Cover for battery and accessories like earphones and charger
  • Doorstep pick-up and drop service for mobile repairs.

What is not covered by a Mobile Insurance?

  • Unexplainable loss of the mobile phone.
  • Self-damage: Attempt to cause phone damage intentionally which might lead to damage or loss of the phone
  • Damage to the phone due to change in climate
  • Damage caused by overloading or experimentation on the phone
  • Pre-existing malfunctions before taking the policy
  • Manufacturing defects are also not entertained
  • No cover for any software issue, data loss, corruption, or virus attack

Benefits of Mobile insurance in India

1. Protection against Repair Costs

If your mobile suffers from any damage due to any mishap like dropping or liquid spillage, then the policy will cover the repair expenses. Moreover, they also have the facility of pick up and drop at the doorstep which means that your phone will be collected from your doorstep for repair and delivered in the same way.

2. Replacement

Mobile insurance also includes a clause to replace your damaged phone with a new one in case it isn’t repairable or gets stolen. Now, that’s a beneficial deal for sure.

3. Claim Settlement Procedure is Simple

Getting mobile insurance is not like other insurance. It does not involve many hassles. Most companies sell their mobile policies on platforms like Amazon, Flipkart, etc. The claim settlement is also hassle-free and cashless which makes the experience convenient for you.

4. Internal and external components damage is also covered

A mobile insurance policy will protect the external components of the phone like touch-screen, earphone jack, and charging port. Moreover, your insurance will also cover any damage to the internal components of the phone too.

5. Additional Benefits

You could also take up some add-on riders like transit insurance, worldwide coverage, and so on. These will protect the phone in a better way and enhance the coverage.

Top 10 Best Mobile Insurance Companies in India

Sl. No. Mobile Insurance Minimum Premium Benefits
1. Syska Gadget Secure INR 1199 p.a.
  • Accidental damage cover, theft cover, etc.
  • Antivirus software
2. OneAssist Mobile Insurance INR 67 per month
  • Accidental damage protection
  • Liquid spillage cover
  • Pickup and drop repair
3. Acko Mobile Insurance INR 1199 p.a.
  • Cover against liquid dam
  • Cover against physical damage
4. Times Global Assurance Mobile Insurance INR 2460 p.a.
  • Theft, accidental damage protection
  • Quick repair facility
5. SyncNscan Mobile Insurance INR 249 per month
  • Cover against damage due to accident, liquid spillage, or fire.
  • Theft cover
6. Onsite Go Mobile Insurance INR 1231 to INR 7250 p.a.
  • Screen damage cover
  • Manufacturing defect cover
  • Pickup and drop repair
7. Flipkart Complete Mobile Protection (CMP) Insurance Plan INR 500
  • Liquid spillage cover
  • Accidental damage cover
  • Doorstep repair
8. WarrantyBazaar Mobile Insurance INR 649 to INR 3599
  • Accidental damage cover
  • Warranty shield protection
9. Bajaj Finserv Mobile Insurance INR 649 p.a.
  • Screen damage cover
  • Free antivirus
  • Accidental damage cover
10. Airtel Secure Mobile Insurance INR 49 month
  • Liquid spillage and accidental damage cover
  • Anti-malware protection
  • Risk detector app

1. Syska Gadget Secure

Premium: INR 1199 to INR 2199 per annum

Syska Gadget Secure is one of the best mobile insurance policy in India. There is one thing to remember, however, with Syska Mobile Insurance. You need to purchase this plan within 15 days from the date of purchase of the mobile. Syska is a highly reputed brand and undoubtedly the best mobile insurance company in India.

Key Features and Benefits

  • Protection against accidental damage, theft, and fire damage
  • Free software to protect your phone against virus
  • Claim settlement procedure is easy
  • Allows you to track and block your stolen phone

2. OneAssist Mobile Insurance

Premium: INR 2460 to INR 6720 per annum

One Assist is yet another good smartphone insurance provider in India. Besides providing an extensive cover to protect your phone, they also offer a mobile app. This app will help you manage the insurance check your mobile health.

Key Features and Benefits

  • Accident damage protection
  • Liquid spillage protection
  • Cashless repair
  • Doorstep pick-up and drop repair service provided

3. Acko Mobile Insurance

Minimum Premium: INR 1199 p.a.

Acko Mobile Insurance provides good customer service and hassle-free claim settlement procedure. It protects your phone against a lot of damage. But, you need to report the damage within 7 days. This is an Amazon mobile insurance provided with phones purchased at the shopping website.

Key Features & Benefits

  • Cover against liquid damage
  • Covers against physical damages
  • It comes refurbished with certain mobiles on Amazon.

4. Times Global Assurance Mobile Insurance

Premium: INR 67 per month

Times Global is one of the best mobile phone insurance companies in India besides being the largest as well. They provide an easy application procedure followed by an instant policy activation.

Key Features and Benefits

  • Cashless damage protection
  • Cover against phone theft
  • Extended warranty
  • Quick repair services

5. SyncNscan Mobile Insurance

Premium: INR 249 per month

SyncNscan Mobile Insurance is a joint venture by SyncNscan and IFFCO Tokio General Insurance. The insurance also takes care of your mobile security besides providing cover. It can also help you remotely access your lost phone and has established itself as one of the best mobile insurance companies in India.

Key Features and Benefits

  • Liquid Damage Protection
  • Accidental damage cover
  • Fire damage cover
  • Mobile Theft Insurance

6. Onsite Go

Premium: INR 1231 to INR 7250 per annum

Onsite Go is a device insurance provider in India that offers insurance for your mobile phones, tablets, laptops, etc. It provides plans for both new and old mobile phones.

Key Features and Benefits

  • Mobile Screen Insurance
  • Extra protection against manufacturing defects
  • Spill and drop protection
  • Pick-up and drop facility. Else, the company provides reimbursement.

7. Flipkart Complete Mobile Protection (CMP) Insurance Plan

Minimum Premium: INR 99

Flipkart CMP Insurance Plan has been brought forward in association with Bajaj Allianz to protect any phone you purchase at Flipkart. The best part about the Flipkart Mobile Insurance is that it will get activated automatically upon delivery of the phone.

Key Features and Benefits

  • Covers accidental damage caused to your mobile screen
  • Covers damage caused by liquid spillage
  • Protects against software bugs and hardware glitches
  • Door-to-door repair service

8. Warranty Bazaar Mobile Insurance

Premium: INR 649 to INR 3599

Warranty Bazaar Mobile Insurance provides two types of covers. One is the accidental damage cover and the other one is a warranty shield plan. Let’s take a look at the key features of this insurance:

Key Features and Benefits

  • Covers against accidental damage
  • Warranty shield plans of 1, 2, or 3 years

9. Bajaj Finserv Mobile Insurance

Premium: INR 649 p.a.

Bajaj Finserv Mobile Insurance goes by the name of Fonesafe Lite. This plan provides cover against a lot of things and also provides a free annual subscription of ZEE5.

Key Features and Benefits

  • Affordable premium
  • Accidental Damage Cover
  • Cover for repair in case of mobile screen breakdown
  • Antivirus protection

10. Airtel Secure Mobile Insurance

Premium: INR 49 per month

Airtel Secure Mobile Insurance can be purchased by airtel postpaid customers only. It has a low premium and provides a 2GB cloud storage as well.

Key Features and Benefits

  • Covers accidental damage
  • Covers liquid spillage damage
  • Low premium price
  • Anti-malware software
  • Risk advisor app
  • Web security against malicious sites and phishing

Difference between Mobile Insurance and Extended Warranty

Extended Warranty Mobile Insurance
Cover for theft and burglary not provided. Cover for theft or robbery included
Does not cover for liquid spillage and accidental damage Covers for Liquid Spillage and accidental damage.
Cover provided for manufacturing defects, software bugs, and hardware malfunctions. Cover against damage to phone from any mishap.
Comes with the phone itself. Needs to be bought separately.
Provided by the phone manufacturer. Can be purchased from a mobile insurance provider.
Repair is done by the manufacturer. Repair can be done at any service centre.

How does mobile insurance policy work?

The working of mobile insurance policies is simple to understand. When you buy mobile insurance, you provide cover for both the loss of your phone and the damages incurred by your phone. You can get mobile insurance cover for both new and old phones. Application for insurance can be done both online or offline. Companies also sell their mobile insurance plans on online shopping platforms like Amazon, Flipkart, etc.

If your mobile gets damaged in an accident, then you need to inform the company of the same. They will arrange for cashless repair of the phone. The insurance will also cover for the repair of any part of the phone that gets damaged.

In case your phone gets stolen, then you need to file an FIR and submit a copy of the same to your insurance provider. They will then provide for the replacement of the phone. This way you can save a lot of money that would have been otherwise spent on mobile repairs or in replacement of the phone.

Why do you need mobile insurance?

Mobile phones are becoming more and more fragile by the day. But their prices are increasing nevertheless. There was a time when the phones were as strong as a brick and could handle a lot of stress. Not anymore!

The concept of insurance for mobiles is rather new and naturally, not many people wish to adopt it. The cell phones, these days, come with a warranty of 1-year and cover for hardware malfunctions and software bugs. This is highly limited!

Your phone could face any sort of unforeseen damage in the months to come. If your phone happens to incur some accidental damage like cracked screens or damage due to water spillage, then the warranty won’t provide coverage.

You can choose to extend your mobile warranty but still, you wouldn’t receive a cover against accidents and other damage. So, here comes the need for mobile insurance policies. Smartphone insurance protects your phone against damage from accidents, water spillage, fire, or other reasons. Moreover, it also covers screen cracks, damage caused to earphone jacks, buttons, etc.

Clearly, this is a great way to protect your mobile from any mishap. Also, your phone insurance will pay repair costs of your mobile and provide for a replacement if the phone gets lost or stolen.

Who Should Buy Mobile Insurance Policy?

A lot of people might not realize that they need to insure their phones. Given below are some instances of the same. If you can relate to any of the points mentioned below, then you should get insurance for your smartphone today:

  • Individuals who have been robbed of their phones several times in the past
  • If most of your previous phones broke down
  • If you have a very expensive smartphone
  • If you don’t plan to or cannot afford to replace your phone
  • If you do not wish to buy a less expensive phone in case of any damage to your phone
  • You cannot lose the time to have your phone repaired

How to File a Mobile Insurance Claim?

The claim settlement procedure of mobile insurance could vary from one insurer to another. However, there are some general steps to be followed. Find them listed below:

  • Report the loss or damage caused to the smartphone immediately to the mobile insurance company.
  • You might also be required to submit a Claim Form which is available either online or offline.
  • If you happen to face theft or robbery, then the customer needs to submit the FIR complaint as well while filing the claim
  • You might be needed to provide the photographs of the damage caused to the phone
  • An internal investigation process will be initiated by the insurance company as per your policy document. The claims will be settled either by replacement or by repair of the phone. Cashless claim facility is available as well.
  • You could call up or contact the policy representatives during the claim procedure to avail support or for any other query.

Some documents are also required to claim your mobile insurance:

  • Invoice of your phone
  • The serial number of the phone
  • Insurance Policy Number
  • For a stolen or missing phone, you need to file an FIR and submit its copy too.

How to Apply for Mobile Insurance?

If you want to buy mobile insurance, then you need to apply for it first. Applying for mobile insurance is a fairly easy task. Moreover, the procedure is very simple and quick. We all are well aware of the offline insurance application procedure. So, let’s talk about how to buy mobile insurance online. Follow the given steps to know how to apply for mobile insurance online:

  1. Choose the plan and insurer of your choice.
  2. Fill in the application form of mobile insurance.
  3. Then, you need to provide the documents required.
  4. Pay the insurance premium online and the policy will be issued to you.

Documents Required to Apply for Mobile Insurance

The documents needed for the application of a mobile insurance policy differ from one insurance provider to another. However, some basic documents required in the procedure include the following:

  • Invoice of your phone
  • Application form
  • IMEI number of your phone
  • Your ID proof: Aadhaar Card, Voter ID card, Passport, Driving License, etc.

Things to be Considered While Applying for Mobile Insurance

Mobile insurance has been gaining popularity in recent years. Several companies are launching their own mobile insurance policies. So, there is a myriad of insurance policies available in the market and it becomes important to judge them based on certain factors. Given below are the aspects you need to look out for while buying mobile insurance:

1. Premium

You must consider the price of an item before purchasing it. Mobile insurance policy premiums are generally a lot lesser than the premiums of other types of insurance. But, still, you would want to get the best deal in the market. So, compare the premiums offered by different policies and choose the one that suits you well.

Keep in mind that your mobile insurance policy premium also depends on the price of your phone and the policy term you are opting for. Hence, mobile insurance for iPhone will be a costlier. Also, if you take up add-on riders, then the premium will further increase.

2. Cover

Different mobile insurance provides different coverage. You must compare the specific covers included in insurance to check which one provides the best deal. The cover should include mobile screen insurance, cover against fire, theft, liquid spillage damages, etc. This way you can ensure that your phone receives the best protection available in the market.

3. Cashless Claim Settlement

If the mobile insurance company provides cashless claim facility, then you are likely to receive pick up and drop repair facility as well. The insurance company will arrange for the repair procedure in a cashless way. Moreover, they will collect your damaged phone from your doorstep and then deliver it to your house as well.

4. Reviews

This is one of the chief points to consider while buying mobile insurance. Check out the reviews left by previous customers of the insurance on the internet. These will give you an idea about the service quality of the insurance company.

FAQs

Q1. Does mobile insurance provide protection against internal damage to the phone?

Ans. Yes, there are plenty such mobile insurance companies that cover for damaged motherboards or internal circuits of the phone.

Q2. Can I get an insurance in India for a phone purchased overseas?

Ans. Yes, you can. There are certain insurance companies that extend their services for phones bought in other countries too. Such mobile insurance companies offer worldwide coverage. Eg: Syska Gadgets.

Q3. What documents do I need to provide while filing a mobile insurance claim?

Ans. You need to provide the serial number and model number of your phone, policy number, invoice of the phone, and a payment method along with other minor details.

Q4. How many mobile insurance claims can I file in a year?

Ans. The number of claims you can file depends on the insurance company. Some companies allow more than one claims in a year while some don’t. If you do get to claim again, then the amount you can claim would be from the balance left after your first claim.

Q5. What is the average premium price of mobile insurance in India?

Ans. Mobile insurance will cost you anywhere between INR 49 to INR 7000 per month. The mobile insurance premium price depends on the insurance company, your mobile’s cost, and add-ons (if any).

Image Credit: Indianmoney.com

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