Mobile Insurance: Theft, Loss, Damage, and Screen Protection in USA and INDIA
Smartphone Insurance or mobile insurance has become an absolutely necessary need for having a smartphone these days as a mobile phone or a smartphone has already become an important part of our life today. No business or a professional or even an individual can run without a smartphone nowadays. We use smartphones for communication, business, entertainment, shopping, social networks and many other activities.
In such a scenario, loss, theft or damage to the smartphone can cause serious problems in your working life. Therefore, to obtain financial support in case of theft or accidental damage to the phone, we must opt for it.
In addition to use, the cost of smartphones is also skyrocketing. To protect your smartphone against theft or damage, you can buy a mobile insurance policy.
I recently bought a smartphone online (Redmi K20 pro) and came to know the mobile or smartphone insurance offer. It was a lucrative offer and I was wondering whether to opt for mobile insurance or not. In this post, I will share a complete guide about smartphone insurance, including the list and brief details of “Best Smartphone Insurance Company in USA and India 2020”
What is Smartphone Insurance or gadget insurance?
Smartphone insurance is a special type of insurance designed for mobile phone protection. It covers various risks associated with a mobile phone, such as theft of loss against damage.
On loss, theft, and damage of the smartphone there is a possibility that stored data on the device will be lost or stolen or tempered, which will create various serious problems of different levels, credential data loss, privacy breaches, including financial damage.
|Mobile Insurance||Extended Warranty|
|Loss and Theft are covered.||Loss and Theft are not covered.|
|you can opt for insurance through any insurance company online.||Most of the time, it is offered by the manufacturer of the smartphone only.|
|Accidental and Liquid damages are covered.||Accidental and Liquid damages are not covered.|
|Phone insurance is an additional cover availed by the owner from insurance companies.||It is included in the purchase price of the smartphone or gadget.|
In the era of the digital world, peoples are spending a lot on buying smartphones and any problem with them can create a hole in their pockets. To overcome these problems, companies now offer mobile insurance in India. These policies provide coverage against theft or accidental damage to all types of phones, including smartphones.
Smartphone insurance or gadget insurance is offered by insurance companies approved by IRDA in India and the National Association of Insurance Commissioners (NAIC) in U.S. As the cost of the mobile phone is growing, it is a good idea to buy mobile phone insurance and save money.
Who should you have Smartphone Phone Insurance?
Smartphone insurance or gadget insurance is not mandatory for everybody; however, getting one for your mobile phone or smartphone insurance will surely help you to avoid financial losses related to your theft or damage. Let us understand the need for smartphones or gadget insurance and how coverage can rescue you by addressing various situations.
Liquid or water damage coverage: Any accidental damage to the smartphone or gadgets due to water or other liquid is covered by smartphone insurance. A smartphone or electronic gadget can also be damaged due to humidity or moisture and this is also covered by the insurer.
Protection against theft: it is quite difficult to recover the phone if it is stolen. And with the stolen phone, you also lose all your data. Financial loss is another setback associated with theft. Therefore, it makes sense to obtain mobile insurance to deal with such situations, since it covers the cost of a new phone.
Protection against accidental damage: Premium Smartphones are very expensive nowadays and the repair of any type of physical damage can be an expensive matter. Obtaining mobile insurance can be a good decision, considering the fact that it provides coverage against breakages also.
Phone loss protection: In case the smartphone is lost, you will not get any compensation even under warranty from your OEM. However, if you lose your smartphone, you get certain compensation up to the insured amount of mobile insurance.
Covers a high repair cost: Any damage to expensive flagship-level smartphones such as Apple, Samsung, Motorola, OnePlus, etc. It would lead to a higher cost of refurbishment or repair. To avoid paying a large amount in smartphone repair, it is better to take advantage of smartphone insurance.
What is covered under Smartphone Insurance?
Smartphone insurance generally offers coverages for various types of damages or loss or theft of the smartphone or gadgets. Let’s have a look at the standard coverages below:
- In the case of theft or theft of the smartphone or smart gadgets.
- Replace or repair lost or damaged smartphone within 72 hours of reporting the incident.
- Protection against accidental damage.
- Coverage against damages of the smartphone by water or any other liquids.
- Pick-up and delivery service at the door of the mobile phone for repairs.
- Cashless process for coverage.
- Some companies also cover technical failures, such as problems with headphones, charging ports and touch screens.
- Some insurance companies also offer unclaimed bonds to the policyholder at the time the policy is renewed if no claims are reported during the previous term of the policy.
The insurance Claim process for Smartphone Insurance:
Below are some of the standard steps that must be followed by the insurance holder or insured of the smartphone insurance policy or the insurance company that has provided the coverage in case of a claims settlement. However, the process may vary from company to company.
Supporting Documents Required for Claim:
The client must present the required documents to the insurance company to start the claim process of the insured smartphone.
Some of these documents may include an original phone bill, along with the phone’s serial number and the insurance policy number. If you lost your phone or it is missing, you must submit an FIR and send your copy while filing a claim.
The standard insurance claim steps are:
- One should immediately report any loss or damage to the mobile phone to the insurance company that offers the coverage, either in a toll-free number or in any other suggested customer service channel mentioned by the company.
- Insured or Clients must also submit the Claim Form as prescribed and as requested by the insurance company. This can be done online or by visiting the nearest branch of the insurance company.
- In case of loss or theft, the client must lodge an FIR at the nearest police station or file the complaint and obtain a certified copy of it. In case of loss or damage to the mobile phone due to a home fire, some insurance companies also require a report from the fire station.
- Some insurance companies may require that pictures of the damaged mobile phone be sent to the claims advisor.
- According to the policy document issued by the insurance company to the person for their mobile insurance and the internal investigation process of the insurance company, the claims would be resolved in any way, that is, replacement or repair of the insured smartphone.
- Some private insurance companies settle claims invoices by directly making a payment to third-party mobile repair centers authorized by the repair insurance company.
- Some insurance companies only allow one claim settlement per policy term, while some offer more than one claim in the year of the policy term. However, one should always check the terms of the mobile insurance policy that he has purchased.
- The insured may contact the representatives on helpline of the insurance company during the claim process for any support, by contacting or either by visiting the branch through the online channels provided by the insurance company.
Exclusions Cases in Mobile Insurance:
Certain cases are not covered by smartphone insurance or gadget insurance. These come under exclusions cases or scenarios. These exclusions generally vary from one insurance company to another. Let’s review some:
- Any damage to the gadget or smartphone due to changes in environmental conditions.
- Mysterious loss of the mobile phone that the insured cannot convincingly explain under the insurance coverage.
- If the mobile device is experienced or overloaded in abnormal conditions, which may cause damage
- It also does not include any deliberate attempt to harm the smartphone or malicious intentions, which leads to a loss or damage to the smartphone.
- Any malfunction or pre-existing defect before the start of the policy.
Best Smartphone Insurance Company in USA and India 2020:
The best smartphone insurance provider in the USA:
#1 SquareTrade: SquareTrade is one of the best phone insurance providers in the US, has a comprehensive coverage plan for your smartphone. SquareTrade is promoting its offer to be a viable replacement for operator offers, which is partly true depending on the type of coverage SquareTrade offers.
The key features of SquareTrade:
- it covers accidental spills as well as water damage.
- Continuous coverage when you upgrade phones.
- covers any smartphone, old or new.
- Subscription Plan: $8.99/monthly.
#2 Asurion: Asurion provides insurance service in a slightly different way than other insurance providers since it does not offer insurance directly. Still, it lists some best plans of the main US operators. Supported operators include Verizon, Clear Wire, Sprint, Boost Mobile, AT&T,Clear, Metro PCS, T-Mobile, nTelos, Virgin Mobile and Time Warner Cable.
- Cracked Screen & Physical Damage.
- From spills to full submersion, all liquid damage is covered.
- Theft & Loss Protection.
- Next-Day Phone Replacement.
- Subscription Plan: Bundled with the carrier.
#3 Geek Squad: Geek Squad is one of the best and attractive third-party mobile insurance provider company. What distinguishes it from the rest of the insurance that it comes with an internal service, which means that the company will pick up your phone directly from the door.
- covers all the necessary claims like spills, mechanical issues, cracks, and even battery replacements.
- theft and loss coverage.
- It also covers the accessories.
- Subscription Plan: $7.99/ month.
The best smartphone insurance provider in India:
#1. OneAssist– One Assist is next on the list of the best mobile insurance company in India. One Assist provides insurance for mobile phones, laptops, tablets, wallets, and appliances.
The key features of One Assist Mobile insurance:
- Device liquid and accidental damage with a full protection cover.
- Cashless repair service.
- Temporary courtesy handset.
- Repairs at authorized centers only.
- Coverage offered up to 6 months old mobile phones.
- Subscription Plan – Rs.167/ month.
#2. Syska Gadget Secure – Syska is one of the best mobile insurance companies in India. Syska offers the Syska Gadget Secure plan for mobile phone insurance. The security of Syska Gadget must be purchased within 15 days from the date of purchase of the device as mentioned on the invoice.
Key features :
- Complete protection against accidental damage, water damage, theft, and fire damage.
- Free antivirus software for real-time antivirus protection.
- Claims resolution without problems.
- Track and block your stolen phone.
- Subscription Plan – Rs.1199 to Rs.2199/ year.
#3. Times Global Assurance– Times Global is the best and largest mobile and portable insurance company in India. Buying smartphone insurance through Times Global is very easy.
Key features :
- 50% and 25% reimbursement of the amount of the 2nd and 3-year premium.
- Coverage in India, Australia, United States, United Kingdom, Europe.
- Free extended warranty with a smartphone protection plan.
- Subscription Plan: Rs.2460 to Rs.6720 / year.
#4.Onsite Go – Onsite Go is also one of the best device protection companies in India. Onsite Go offers insurance for smartphones, tablets, laptops and other gadgets.
- Replacement or Repair warranty.
- Physical accidental damage coverage.
- Free delivery and pick up service.
- Extended manufacturer warranty.
- Subscription Plan: Rs.1231 to Rs.7250/ year.
It is our recommendation that someones should buy at least smartphone insurance if –
- You are the owner of a premium and expensive smartphone or gadget.
- You have a history of stolen or lost or damaged phones or gadgets.
- You don’t want to compromise on a low-cost model or outdated model in case of loss/damage of smartphones/ or gadgets.
- You don’t want to waste the time required for repair.
- You cannot have enough resources to replace your mobile phone or gadgets.