The burgeoning smartphone market in India has seen the rise of large sums of money being spent for purchasing expensive mobile handsets. While people are willing to spend on buying the handsets, there are not many who are willing to insure their mobile phones. However, with thefts of these high-end phones on the rise, it is important for people to insure their phones. Mobile phone insurance is suitable or cell phone owners who want to secure their phone against loss or damage.
Awareness about mobile insurance is low. This is because many private insurance players are unwilling to sell mobile handset insurance to individuals and there are exclusions under the policy that a customer getting insurance does not know of. For example, while theft is covered, theft from an unattended vehicle is not covered. In this article we cover the scope and the exclusions of mobile phone insurance.
Scope of Mobile Phone Insurance
The premium of the policy is based on the overall cost of the phone. A mobile phone policy covers against:
- Riot, malicious damage, strike and terrorist activities
- Unexpected circumstances
What Does a Mobile Phone Policy NOT Cover?
Exclusions under the mobile phone insurance policy are
- Mysterious disappearance of the phone.
- Theft of the mobile phone from vehicles that are left unattended. An exception to this is if the theft happens from a fully enclosed car that is securely locked.
- If you have hired or loaned the phone to a third party, and the theft, damage or loss happens during the period.
- In case of an electronic or mechanical breakdown of the phone.
- Overloading and experimentation involving imposition of any abnormal conditions.
- The policy does not cover damage caused by wear and tear to the phone or due to atmospheric or climatic condition. Gradual deterioration, inherent defect or from any process of cleaning, repairing or maintenance are also excluded from the policy.
- Loss or damage due to war or nuclear perils, loss by water or from any water-borne activity.
- Intentional or willful act of the insured party.
Steps to File a Claim
To file a claim, you need to retain the purchase invoice of the mobile phone and know the serial number of the phone. In event where you want to file a claim, you would fist need to file an FIR within the first 24 hours after the loss or theft. File for the claim within 48 hours with the claim intimation and FIR. You will also need to attach the original price invoice and other details.
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