Losing a mobile phone, can be a heart wrenching incident. In certain cases, the anguish is extreme when the high end phone you had purchased was hardly a month old. It is at times like this you wish you had mobile phone insurance. Given that having this insurance is not a necessity, often individuals tend to overlook the need to possess one.
Mobile phone insurance just like any other insurance product provides risk cover. In this case, it covers risk arising from incidents such as loss of phone, theft, damage among many others. This insurance can be bought at the time of buying the gadget or maximum with a five day delay from the day of billing. The premium here depends on the worth of the mobile purchased. The cover period is typically for one year but there are a few players who offer a two year cover period.
Scope of cover offered
- Act of God
- Damage or theft during strike or riot
- Robbery from a locked building/vehicle
- In case of theft and housebreaking
- Damage arising from fire, lightening and explosion
- Accidental exposure to any fluid leading to damages in internal circuitry
- Accidental physical damage which leads to complete breakdown Exclusions
- Loss arising as a result of personal negligence such as lost, forgotten/misplaced/ left unattended, missing or fallen
- Loss resulting from attempted theft
- Loss due to willful neglect
- Any loss suffered at a time when the mobile was being used by a third party
- Loss during nefarious activities like cyber attack, terrorist activity and the likes
- Damage due to incorrect installation and incorrect set-up
- Any loss arising outside Indian territory
- Damage to accessories even if it is a part of standard pack at the time of purchase
Players in the market
Most of the insurance companies provide mobile/gadget insurance via third party service providers. Among third parties, one can approach SyskaGadgets, Biscoot, Gadgetcops, InfyShield, WarrantyBazaar, AppsDaily and Onsite.
The claims process is more or less similar for all the players in the market. Ideally, one should intimate the insurer about the loss/theft or damage of the phone as immediately as possible.
While making the claim, one needs to submit the original purchase invoice and the serial number of the phone along with the claim form. In case of theft, the claimant should provide a document stating that SIM card has been blocked and a First Information Report (FIR) stating that the phone has been stolen. In case of damage, apart from explaining the reason for the damage, it is most likely that the company will guide you to nearest authorized service centre and request you to obtain expense estimate towards damage.
All the required documents along with the claim form should reach the insurer within 15 days from the day of intimation. This time frame may vary according to the insurer chosen.