Mobile insurance is an agreement by a company which provides guarantee for compensation for a specified loss, damage or theft for payment of the decided premium. The amount of premium varies from company to company.

Mobile Insurance India

By insuring the device, the company with which you’ve insured guarantees for the compensation for the loss/damage caused to the mobile device. High-end phones don’t just come with beast like specs but they also cost a lot. High-end phones in India cost some where between 25000 INR – 80000 INR.

Mobile Insurance: Reasons for Insuring your Mobile Phone.

Although, the devices come with 1 year warranty from the manufacturer but that warranty is just for “software issues and free service charges”, However, in case of hardware damage, the customer has to pay for the hardware unit. So if your phone is under warranty you will get the device repaired free of cost, but charges for the hardware unit are levied on you.

1. Warranty doesn’t get the damaged hardware replaced free of cost, but charges for the hardware replaced are often high.

If you end up breaking the display of your smartphone, the warranty won’t get the display repaired free of cost. You will have to pay for the display and depending on the smartphone the cost of the display varies. In some cases the display’s cost around 10000-15000 INR which is just half the price of the device.

2. Warranty can’t be claimed in case of Mobile theft.

Everyone loves having an High-end phone. But losing or theft of your high-end mobile phone can give you nightmares. Some Mobile insurance companies also have plans which covers for the loss incurred because of mobile theft. In such cases, the company pays compensation on the decided terms, so that you suffer minimum because of that event.

3. The amount of Insurance Premium is not much high.

The Mobile insurance premium varies from one insurance company to another. It also varies from the type of plans you’ve chosen and the time period for which you are insuring your device. Even after taking the most costliest insurance plan which covers almost every loss in the mobile phone, the premium amount to be paid is very less or not even 5-10% of the mobile phone’s cost.

4. It helps you live a care-free life.

Ever wondered how it might feel like getting your touchscreen damaged? If not ever lost any of your phone? Such events don’t just cause loss of property, but it also stops you from doing your day to day tasks, Imagine a time when there is shortage of money in your hands and your phone’s touchscreen stops working? You might have to suffer a lot!

But by insuring your device you don’t have to worry much, you can simply enjoy the moment and in case of any damage, you can call the mobile insurance company right away and get your device in working condition at a very minimal fee or free of cost (Depending on the mobile insurance company & plan you’ve selected).

Image Source: UniversalInsurance