By choosing the right mobile case and/or tempered glass screen protector one can definitely give their smartphone a good physical damage protection and to some extent even liquid damage protection (if they use a liquid proof pouch).
However, cases, pouches, tempered glass etc. cannot give 100% protection during catastrophic events, such as thefts, accidental damages, fire, hardware failures, etc. In order to protect one from such situations, many companies offer mobile phone insurance or an extended warranty. If a smartphone user with an insurance damages the phone, the insurance provider will just replace the damaged phone with a new one without asking them any question. Stress free isn’t it?
Also, if one needs protection for hardware failure beyond the 1-year warranty which the manufacturers offer, they should get an extended warranty or AMC (an another type of insurance).
In this article, we will be analysing the various choices the Indian consumers have in the market to protect their phones.
The need for mobile phone insurance is still in a very nascent state in India. Majority of the providers are intermediaries and they are not the actual insurers. In fact, mobile phone insurance is an unregulated market and they are not authorized or monitored by the IRDAI https://www.irdai.gov.in/ (Insurance Regulatory and Development Authority of India) unlike the Life Insurance, Health Insurance and other General Insurance. Importantly, the product offerings, terms and conditions, claim process are all at the discretion of the company.
Different types of insurance and what do they really cover?
The list below was compiled by comparing the product offerings of different companies. Majority of the them offer at least the top 3 items listed below.
- Physical/Accidental protection – This may include physical damages of the screen or the entire phone due to unintentional drops, accidents, natural disasters, etc.
- Liquid Damage protection – This may include damages due to water, coffee, beer etc.
- Theft protection – This may include damages due to Burglary, Riots, Terrorist activities, etc.
- Fire protection – Damages due to fire accidents
- Extended Warranty – Free repair service if the phone becomes unresponsive due to any hardware failure or software bugs
- Stand-by Phone –A temporary phone while be given when one is waiting for a replacement OR repairing of the damaged phone
- Pickup service – A kind of door step service where the damaged phone will be picked up, serviced/replaced and delivered back
- International coverage – Claims are accepted even outside India but only at specific locations
- Value Additions – Free apps for Virus protection, Data Backup, Mobile tracker, Cloud Storage, etc.
- Personal Accidental Death Coverage – Along with a mobile insurance, some companies add an accidental death cover up to 1 lakh rupee.
Important points to be noted before choosing the right provider
The following is the summary of important terms and conditions from different providers. It is best to go through their terms and conditions thoroughly before insuring the phone with any provider.
- Eligibility – One should insure their phone as soon as they buy it. Some expect to enrol within 3 days and some allows up to 15 days. In addition to this, only new phones can be insured. If one is buying a used or refurbished phone, that will not be eligible for insurance.
- Depreciation – Like motor insurance, the sum assured will be a depreciated value. Example, in the 1st year, only 90% of the phone value will be assured, the second year only 50%, third year only 30% and so on.
- Fixed number of claims – There are conditions like only one screen damage is allowed OR only certain number of free repairs are allowed, etc.
- Non Transferable – When the phone sold OR if the is gifted to someone, the insurance of the phone becomes invalid.
- Accessories are not covered – If the phone have accessories like earphone, charger, etc. such accessories are not covered under the insurance.
- Turnaround time – Read the terms about the claims process thoroughly. Some has conditions which says the replacement or repair might take up to 2 months.
- Documents required for a claim – In the case of theft, one have to report the incident within certain number of days, produce a police FIR copy, produce the original purchase bill, etc.
Mobile Insurance Providers List
As smartphones usage is growing rapidly, demand for the extra level of protection is also growing rapidly. At the moment there are over fifteen service providers offering various types of mobile protection products in India. Here is the full list -
- Apps Daily - http://appsdaily.in
- CloverBox - http://cloverbox.in
- Gadget Cops - http://www.gadgetcops.com
- Gizmo Help - https://gizmohelp.com
- HASHTAG - http://hashtag-serve.com
- MobiSecurity - http://www.mobisecurity.net
- New India Assurance - http://www.newindia.co.in
- OneAssist - https://www.oneassist.in
- Onsitego - https://onsitego.com
- Pickme india - http://www.pickmeindia.com
- Quick Heal Gadget Securance - http://www.quickhealgadgetsecurance.co.in
- SyncNscan - http://www.syncnscan.com
- Syska - http://www.syskagadgetsecure.com
- TIMES Global Insurance - http://www.mymobileinsurance.com
- Warranty Asia - http://www.warrantyasia.net
- Warranty Bazaar - http://www.warrantybazaar.com