Insurance is a means of protection against financial loss. It is a form of risk management, mainly used to hedge against the risk of a possible or uncertain loss.
Mobile phone insurance has recently started to gain attention, although few smartphone owners are aware of it or are ready to buy it. The loss or theft of smartphones has become commonplace, making it all the more important for owners to insure their devices. For higher value smartphones, this protection is even more important because they are very lucrative targets of theft.
Smartphones have almost become a necessity because they help us in everything we do. Initially, smartphones only had basic functionality, but these days they are equipped to handle your entire personal and professional life. Beyond the features they offer, smartphones have become a status elevator in terms of spending capabilities and style.
Benefits of mobile insurance
• Today, smartphones have become a necessity for almost all individuals and as a result, mobile insurance can be everyone’s best friend. Here are some of the benefits offered by mobile insurance, which makes it a requirement these days.
• Depending on the policy you choose, you can get a replacement for your stolen or damaged smartphone (same model) without having to upgrade to a less advanced model.
• You recently bought an expensive smartphone and want to protect it from theft or damage. A mobile insurance policy can help you in this regard.
• A mobile insurance policy is a wise purchase if you’ve ever lost or broken your old phones.
• If you rely heavily on your smartphone for your daily activities and need an immediate replacement in the event of damage, mobile insurance would be a big help.
Types of mobile insurance coverage
Mobile insurance covers provide protection against a number of risks and damages to the phone. Since smartphones are electronic devices, they could be prone to software crashes which can often render the device useless. Besides internal damage, external damage can also occur for various reasons. Here are some of the risks and damages typically covered by mobile insurance policies.
• Damage to internal parts affecting the operation of the phone, for example due to water spillage.
• Hardware failure such as touch screen malfunction, faulty headphone jack, or charging port issue.
• Damage caused by fire.
• Damage due to riots, strikes, terrorist activities.
• Damage caused by malicious intent.
• Damage to the screen.
• Loss of the device due to theft, burglary, burglary.
• Device loss from a securely locked vehicle or building.
• Damage to interior or exterior components of the device.
Mobile insurance exclusions
• Some of the exclusions that are not covered by mobile insurance policies are mentioned below:
• The phone has mysteriously disappeared.
• The phone has been stolen from an unattended building or vehicle. Theft of mobile phone in vehicles left unattended.
• Damage or loss of the phone while it was in use by a third party other than the owner of the phone.
• The phone has a mechanical or electronic fault.
• The phone is overloaded or tested under abnormal conditions.
• Damage due to normal wear and tear of the device.
• Damage due to changing climatic / atmospheric conditions.
• Damage due to any intentional or malicious act caused by the owner of the insured device.
• Defects or damage caused during the repair or cleaning process of the device.
Today, smartphones have become an important tool for every individual and any form of loss or damage can be heavy on the pocket. Whether you have an old or a new phone, wherever you are in the world and whoever is using your phone. Mobile insurance will protect you against any form of damage or loss to your phone and ensure that you are reimbursed for it.