If you are thinking of buying a mobile phone that costs Rs 50,000 or more, you might as well consider buying an insurance cover for the mobile phone so that even if you lose it or if it gets stolen, you won’t lose your sleep over the loss.
Nowadays, some of the stores sell mobile phones bundled with insurance policy, so here you don’t have a choice but to buy the insurance cover with the mobile. However, some stores offer insurance cover as an option, in which case you have to buy the insurance cover separately.
Mobile phone insurance offers cover for loss or damage to mobile phone due to the following reasons:
· Accidental damage caused due to fall or seepage of fluid into the circuitry of the gadget, rendering the phone non-functional
· Loss to burglary or house breaking or theft from locked room or vehicle
· Damage or loss due to fire or explosion or acts of god such as lightning, flood, earthquake, etc.
· Damage or loss due to rioting, strike or malicious damage
The premium to be paid for the insurance depends on the sum assured, which will depend on the cost of the mobile phone. The amount of premium will also depend on type of coverage offered, that is, cover for loss due to accidental damage or theft or both.
To submit a claim for the loss or damage to your phone, it is imperative that the owner follows the required procedure to prevent the claim being rejected. For example, if the phone is stolen, the owner has to lodge a police complaint and obtain a copy of the complaint and submit it to the insurance company. In the case of accidental damage, the mobile phone owner has to give intimation to the insurance company about the damage, after which he will have to get the mobile phone repaired at an mobile phone company’s authorised service centre at his own cost. The insurance company will then reimburse the cost of repairs, minus the depreciation, to the mobile phone owner.
To sum up, it makes sense to buy insurance cover if the mobile costs a bomb and its loss can make you feel the pinch. If it is not a pricey thing, then you might just as well skip the insurance.