A phone insurance plan provides a variety of coverages to your handset against various types of damages as well as theft. But before knowing its claim process, you should know the benefits of a mobile insurance plan and how to purchase it.
How to buy a mobile insurance plan?
You can purchase a mobile insurance plan from an insurer or its manufacturer, such as AppleCare+. Apple Care+ is the iPhone insurance from its manufacturer. You can purchase mobile insurance plans offered by manufacturers either online or from authorised stores. At the same time, you can purchase a mobile insurance plan online from an insurer. It’s advisable to buy a mobile insurance plan when you purchase the device, as most insurers provide coverage only for new devices. For instance, Mobile Device Protection Plan is available only for devices less than 60 days old.
What are the benefits of a mobile insurance plan?
Unlike vehicle insurance, mobile insurance plans are not mandatory. You can use a device without insurance coverage. However, people’s dependency on mobile devices is enormous as they store almost all their information in them. Hence, losing it may cause huge losses, and beyond that, there is the risk of an unauthorised person accessing your personal and confidential data. Therefore, a mobile insurance plan is highly recommended for all types of smartphones in the current era. The most striking benefits of mobile insurance plans are:
Accidental damage to the device and screen
A mobile insurance plan covers damages to the display of the device and accidental damage to the entire handset. But to avail of this benefit, you should prove that the phone was in your custody at the time of damage.
Coverage for liquid damage
A mobile insurance plan covers damage due to the spillage of water or any other fluid.
Smartphone theft is increasing at a fast pace in India, and once stolen, it’s nearly impossible to trace and recover the device, as thieves these days dismantle devices immediately after they steal them. Theft causes financial losses and the risk of unwanted people accessing your sensitive and confidential data. If your device gets stolen, Mobile Device Protection plan provides you with a temporary smartphone that you can use for the next 7 days. With this mobile insurance plan, you’ll get access to the F-Secure device security app with ample security features. Some of the features of this app are remote data wipe and locking, SIM blocking, scream alarm, theft cover, antivirus and anti-malware protection, fraudulent website protection, etc.
Coverage for repair cost
Repairing and maintenance costs of smartphones go up with the device’s price. But, with a mobile insurance plan in place, you don’t need to worry about these expenses as your insurer will pay for them. Mobile Device Protection Plan covers repair and replacement costs of parts of the device up to 100% of the base value of the device. And during a plan period, you can make up to 2 claims.
No claim bonus
Suppose one of your plan periods went without any claim. While renewing for the next period, several insurers offer discounts on premium or other rewards to the members.
The claim process of mobile insurance
The claim process of insurance plans differs with the nature of the claim as well as from insurer to insurer. However, below are the overall steps that most insurers follow for their mobile insurance plans.
- You should inform the loss or theft of your mobile to the insurer immediately after you come to know about it. You can do it either by calling the insurer’s toll-free number or by sending an email.
- Filing an FIR at the nearby police station is mandatory if you lose your device due to theft or robbery. Don’t forget to get a copy of the FIR.
- Upon receiving your request, the insurer will send you the claim form.
- Fill up the form and return it to the insurer with all supporting documents asked by the insurer. Failing to submit any supporting document will delay the claim process.
- Usually, all insurers ask for the following documents for a mobile insurance claim:
- Original invoice or bill of the device
- Valuation report
- A copy of FIR (in case of a theft claim)
- Several insurers ask for pictures of the damaged device along with the claim form.
- Depending upon the nature of the claim, you may need to produce additional documents to establish the amount of loss.
Normally, insurers settle mobile insurance claims within 30 days of reporting the loss or theft. However, it may take a little more time, depending upon the nature of the loss.