How to choose the best mobile phone insurance in India


Are you thinking of taking an insurance policy for your mobile phone? Read this article to know full details about insuring your mobile phone. The topic discusses what mobile phone insurance means. It tells the user why and how you should take mobile phone insurance policy for your newly bought phone. What is covered and what is not covered under mobile insurance policy is also described in this article.

Introduction


The information technology sector is one of the most progressive sectors in India. It has developed very fast over the last few years. We now find a mobile phone in almost every one's hands from a young student to an elderly professional or businessman. The use of mobiles is fast spreading to small towns and even villages wherever the telecom companies have provided networking facilities. The result is that the Indian mobile industry has become one of the largest industries not only in India but also across the globe. According to some reports, 15 percent of mobile users in the world are from India.

The technology of the mobile phones and their prices were not very high in the initial stages. So, the users never thought of insuring their mobile devices. Neither the insurance services were available for insuring mobiles. However, the situation has entirely changed now. We find that along with the low priced mobile phones, the quality and highly priced smartphones, laptops and tablets are available in the market. As a result, the incidence of theft, loss and damage of costly smartphones and other devices has increased. Consequently, some of the insurance companies have expanded their scope of insurance business to include mobile phones insurance. Some of the top manufacturers of smartphones are joining hands with one or the other insurance companies to insure their products. Very recently, Nokia India and the New India Assurance Company have tied up to provide handset insurance plans to the buyers of Nokia's new mobile phones. The service is to cover retail stores in 10 cities of India initially. Let us now discuss the various aspects of mobile phones insurance in India.

What is mobile phone insurance?


As we have read above, the mobile phones, especially the smartphones, phablets, laptops, Apple iPad and the likes have become very costly. These devices have become very vital in our day to day lives. They always keep us in touch with one another. It is also obvious that the cases of theft or loss of these costly devices are on the increase every day. You can imagine how the user feels when his / her costly smartphone is stolen or damaged. This is more so when the budget of the user does not allow him to replace the lost smartphone. His helplessness to buy another smartphone to keep him in touch with his near and dear ones makes the condition all the more pathetic.

This is the time when the insurance company, with which you have insured your smartphone comes to your help. So, mobile phone insurance is the insurance of your mobile phone provided by an insurance company to cover up the incidents like theft / loss / damage etc. to compensate the cost of the smartphone in accordance with the terms and conditions of insurance. Of course, the insurance companies cannot get back your data of contacts and other information stored in the smartphone. For this reason, the user of a smartphone should always take a back-up of the data from time to time and store it in some other device.

Why should you take an insurance cover for your mobile phone?


Have you heard of the term 'CRAVED' used for our mobile phones? If not let us know about it. This will make it clear to us as to why we should get an insurance cover for our mobile phone when we buy them. The term CRAVED is an acronym used for the words "Concealable, Removable, Available, Valuable, Enjoyable and Disposable". The thieves of mobile phones can easily conceal them. They can remove the original SIM and replace it with their own SIM. So, the phone becomes available to them and they can enjoy it without any fear of being caught. Even if they do not want to use it for themselves, they can easily dispose the smartphone in the secondhand mobile markets. The insurance for your mobile phone becomes all the more important, when you read the fact that over 20 lakh mobile phones are stolen or lost almost every month. The theft of smartphones is a lucrative source of income for thieves who can dispose them off very easily at good prices. You will be surprised to know that the secondhand mobile phones market in India is estimated at around Rs.400 crores. Most of the mobile phones involved in the secondhand mobile phones business are stolen phones. This is why it is necessary to insure your costly smartphones these days.

Mobile phone insurance cover available in India


Having introduced the subject of mobile phones insurance and learning about what and why of mobile phones insurance, let us now proceed with the topic covering the facilities for mobile phones insurance in India and how to go about it. Unlike in the UK, where the banking companies like Lloyds, Halifax and Barclays covers the mobile insurance as part of accounts operation of their customers, the services of mobile phone insurance is offered by a few general insurance companies in India in conjunction with some manufacturers of smartphones like Nokia and other service providers like BSNL and Reliance. Let us discuss these aspects in detail.

What does a mobile phone insurance cover under the insurance policy?


The insurance cover for mobile phones in India is flexible and is wide-ranging and can be tailored to meet the requirements of the customers. Usually, the following items are covered under a mobile phone insurance policy:
  1. Fire

  2. Theft

  3. Accident

  4. Riot, strike, malicious damages and terrorist activities

  5. Fortuitous circumstances

What is not covered by a mobile phones insurance policy which we call exclusions


  • The theft of a mobile phone from unattended vehicle is not covered unless the vehicle is fully enclosed and securely locked.

  • Theft / loss / damage will not be covered if the mobile phone is lent on hire or loan to a third party including friends and relatives.

  • The mobile phone which disappears in mysterious circumstances without clear reason is not covered.
  • If the loss / theft / damage reported of a mobile phone is an intentional or wilful act of the insured, such a loss / theft / damage will not be covered.

  • The loss or damage during war, nuclear perils, and flood or from any waterborne craft will not be covered.

  • If the insured overcharges, overloads and does any sort of experimentation imposing any abnormal conditions for the mobile phone, it will not be covered under the policy.

  • The damage causes by mechanical or electronic breakdown of derangement will not be covered.

  • The cover will not be applicable for wear and tear, vermin, atmospheric or climatic condition or gradual deterioration, inherent defect or from any process of cleaning, repairing or maintenance.

  • Loss of mobile phone due to the negligence of the insured is also not covered.

  • Suppose the insurance cover is taken by a retailer and if he places his handset at the counter and it gets stolen the claim might be denied. However, if the handset is snatched from the grip of the retailer, and it can be asserted by the owner, it can be claimed. So, we can say that the negligence in handling of mobile phone is not included in the mobile phone coverage.

Some of the companies that offer Insurance Policy for Mobile Phones in India


The following is the list of the insurance companies which offer insurance covers for mobile phones in India:
  • New India Assurance Company

  • National Insurance Company

  • Oriental Insurance Company

  • United India Insurance Company

  • Royal Sundaram General Insurance Company

Some general rules regarding premium rates of mobile phone insurance policies


It is generally observed that the premium for mobile insurance policies will be about Rs.15-20 per Rs.1000 of the amount indemnified. Let us take an example. Say, you have bought an Apple iPhone 5 for Rs 45,000 and you declare the same amount to be covered while taking an insurance policy for your Apple iPhone 5. You need to pay Rs 675 to Rs 900 as a premium to insure your Apple iPhone 5 for Rs 45,000.

How to get a mobile phone insurance policy and validity period of insurance?


Certain dealers and distributors help you to enroll for a suitable insurance plan when you buy a new mobile from them. You can also contact the offices of an insurance company in your city and find out the details about the mobile insurance policy. You should keep the original receipt of the purchase safe to process the claim, if any. The insurance cover is normally valid for a period of 12 months from the date of purchase. The liability of the insurer is restricted to the sum assured or the replacement value of the new phone on the date of the claim, whichever is lower. The partial losses or damages will be paid, like the cost of repair charges without depreciation on parts replaced and for loss or damage.

General rules and procedure for preferring a claim for the insured mobile phone


In case of loss of the insured mobile phone, you have to follow the following steps to claim the insured amount:
  1. Lodge a complaint with the nearest police station of the area in which the phone is lost and register an FIR (First Information Report).

  2. Get your SIM locked by contacting your network service provider. Also get the SIM barring proof from the network service provider of your mobile phone.

  3. If in any case, you are not able to get the SIM barring proof, get the SIM change subscription bill to prove that you have changed the SIM.

  4. You should keep your mobile purchase invoice or bill ready as this is the proof of your ownership of the mobile phone.

  5. Complete the formalities required with the insurance company which has insured your mobile phone or contact your seller if he has taken the responsibility to prefer your compensation claim.

  6. The seller of the mobile phone can guide you how to prefer your claim.

  7. Remember that all the steps required to prefer the claim for the insured mobile phone have to be completed within 48 hours of the incident.

General information about depreciation of total loss claims


The following are the general guidelines for depreciation of total loss claims which must be confirmed from the insurer as these are just the general guidelines available which may be more or less the same with various insurance companies. The following slabs are usually applied when you prefer the claim as the claim will be subject to the depreciation of the insured mobile phone:
  • Within 90 days - 100% - Zero depreciation.

  • Within 91 days to 180 days - 75% :25% depreciation.

  • Within 181 days to 365 days - 50% :50% depreciation.


Read How to choose the best mobile phone insurance in India


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Comments

Guest Author: kiran22 Jun 2013

hii lost my xperia z worth 38200 applied for insurance at oriental insurance company.how much percentage of insurance will i getting?lost exactly from 34days of purchase

Guest Author: Sunil rathi03 May 2015

I think Times Global insurance is the best mobile insurance Company In india.I got my claim of lost mobile within few days of filing claim.Guys other insurance companies have lots of terms and conditions..

Guest Author: aditi04 May 2015

Yes, even I have purchased Samsung Galaxy note 3 and my friend told me that the company does not give insurance but a warranty or extended warranty. So then I purchased insurance for my Samsung Galaxy note 3 from Times global insurance. It was quick and easy and after three months company also sent me a gift voucher. The Times global insurance is surely the best insurance company of phones in India.

Guest Author: akash27 May 2015

Can I buy an insurance for my mobile which is not very high priced? Its only of 6000.

Guest Author: puneet23 Jun 2015

I would like to know whether a mobile can be insured after 3 months of purchase. If yes, let me know.

Guest Author: puja04 Aug 2015

Best tip to protect your mobile is to take insurance from Times Global Insurance, India's Largest Mobile & Laptop Insurance Company. At least this company covers everything. You don't have to pay a single penny if any damage minor or major happens. Just Google its name and you will get to know everything about this company.

Guest Author: Hitesh Joshi24 Sep 2015

I have just booked One plus 2 and should get the delivery in two days. I just wanted to know which is the best insurance company I should go for as I am looking for one year plan. In Times global insurance I have done the enquiry, they are charging 2800 for a one year plan. Has any one got referral code or coupon code for Times global insurance?

Guest Author: Abinav17 Oct 2015

Generally I don't post any review or feedback for any company or services. But this time I was so impressed and glad, which took me to scroll down this page today. Around two Months back I bought a iPhone 6plus from Flipkart and once delivered I took insurance from a mobile insurance company Times Global Insurance through their website mymobileinsurance to secure my handset. Soon after I went to Singapore for some official work, and while I was having my dinner I got a call and during that My iPhone slipped from hand towards the floor and got a side crack. When I came back to India, I called customer care mail and informed them about my mobile's condition. Within few minutes I got a call from their Claim management Team and one of the executives Mr. Pankaj guided me for further process. As a cashless plan, I was told to go to Apple care center and Times Global Insurance paid the entire payment for replacement charges, whicht was around Rs.25000. I can just say that everyone should insure their expensive gadgets and now a days companies are giving old mobile insurance as well. But before insurance I will suggest you do your own research, and please stay away from fake companies.

Guest Author: Ankur17 Oct 2015

I just bought iPhone 6 and they are charging me 5800 for two year plan. Can any one tell me that it's a reliable company or not?

Guest Author: Harinder Singh04 Nov 2015

Anybody know about a South based gadget security company which is "completesecuresolution". If yes, then please share your experience of it.

Guest Author: Vaasu15 Nov 2015

My favourite company for mobile insurance is TIMES Global Insurance.

Guest Author: David23 Nov 2015

I am David from Kerala, working in USA and as per my experience I will suggest Times Global Insurance for mobile insurance. I got 2 successful claims despite my iPhone breaking in NY. It was fast service, great customer support and has transparent plans.

Guest Author: sreekant25 Nov 2015

What if you buy a phone in USA and then apply for insurance here - is that possible?

Guest Author: Vasisht Pradhan29 Nov 2015

As per TechGuru Survey 2015 for Top 3 Mobile Insurance companies are:-
1. Times Global Insurance
2.Syska Gadget Secure
3.AppsDaily

As per Besttechguru.com, Top 3 Mobile Insurance Companies are :-
1.Times Global Insurance
2.Syska Gadget Secure
3.Quickheal Gadget

As per Google Blog:
1.Times Global Insurance
2.AppsDaily
3.Syska Gadget Secure
4.Quickheal

As per TechGyan India:
1.Times Global Insurance
2.Gadgetcops
3.Syska Gadget Secure

Guest Author: Ishu01 Dec 2015

I am in Germany and I came to know that Times Global is also giving coverage in Europe and trying to get insurance of my new iPhone 6s plus from Times Global Insurance but somehow unable to make payment to company website mymobileinsurance.com as this company is not accepting payment from overseas. Any other alternative, please share.

Guest Author: Manju01 Dec 2015

I cannot trust any other company other then Times Global.

Guest Author: Naveen soni08 Dec 2015

I just brought 3 iphones 6s from USA. Can I get any coupon code that I can use in Times Global Insurance website for buying insurance?

Guest Author: suman09 Dec 2015

Never ever buy Insurance from APPSDAILY as it is the most irritating company.



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