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:
What is not covered by a mobile phones insurance policy which we call exclusions
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:
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:
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:
Read How to choose the best mobile phone insurance in India
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
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..
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.
Can I buy an insurance for my mobile which is not very high priced? Its only of 6000.
I would like to know whether a mobile can be insured after 3 months of purchase. If yes, let me know.
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.
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?
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.
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?
Anybody know about a South based gadget security company which is "completesecuresolution". If yes, then please share your experience of it.
My favourite company for mobile insurance is TIMES Global Insurance.
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.
What if you buy a phone in USA and then apply for insurance here - is that possible?
As per TechGuru Survey 2015 for Top 3 Mobile Insurance companies are:-
1. Times Global Insurance
2.Syska Gadget Secure
As per Besttechguru.com, Top 3 Mobile Insurance Companies are :-
1.Times Global Insurance
2.Syska Gadget Secure
As per Google Blog:
1.Times Global Insurance
3.Syska Gadget Secure
As per TechGyan India:
1.Times Global Insurance
3.Syska Gadget Secure
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.
I cannot trust any other company other then Times Global.
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?
Never ever buy Insurance from APPSDAILY as it is the most irritating company.