MOBILE PHONE INSURANCE – THE EXIGENCY

‘’MY CELL PHONE IS MY WORLD’’ this statement is definitely true for all of us who’ve become so much depended and addicted towards our cell phone that even missing a glimpse of it may affect us. As cell phones have become an inseparable part of our life it really hurts when you lose/damage out one of your favorite cell phone…..But now it’s the time to kick off all your worries over the Lost, Damaged or any kind of mysterious disappearance of your mobile phone. Here comes into spotlight a simple solution to all these issues ‘’MOBILE PHONE INSURANCE’’. Let’s have a quick look on what it is all about....

The Mobile phone boom has introduced the coming up of expensive and sleek mobile phone models that are somewhat more prone to accidents and losses. A survey reveals that more than 20 lakh mobile phones are stolen/ lost every month! Mobile phone insurance is a boon for all who are quiet often categorized as Serial phone losers. Losing out this small techno gadget through theft/accident/negligence etc means you tend to lose out your valuable contacts as well. Although mobile phone insurance may not bring back these connections but still it can cover up the unexpected loss and unanticipated risks up to a major extent. Latest statistics reveal that about 4,200 mobiles phones are lost on buses and trains, while some 1,245 of the mobiles get damaged by water per month. So it’s better to get a smart insurance plan for your handset and get stress free.

Unlike other insurance Mobile phone insurance are unaffected by any kind of standard demographics like age, sex, work, income etc. Generally the mobile phone insurance covers the following cases:

1. Accident

2. Theft: it covers a partial (parts) or complete theft of the mobile phone.

3. Fire damages

4. Fortuitous external damages

5. Riot, strike or terrorist activities

6. Fraudulent call use: some policies do cover to refund the cost of calls made from the mobile phone from the time it was lost or stolen.

Exclusions under Mobile phone Insurance:

Mobile phone insurance does have certain omissions like:

1. Damage by wear and tear, vermin, atmospheric or climatic condition or gradual deterioration, inherent defect or from any process of cleaning, repairing or maintenance, no assertion is entertained by the insurance company.

2. If you misplace your cell phone unattended inside your vehicle the assertion would be denied except from fully enclosed car that is securely locked

3. If you damage out the cell phone in overcharging, overloading, experimentation or id used in strange circumstances.

4. Intentional or willful act of the insured party.

5. Damage caused to the handset due to electrical and automatic collapses.

6. Loss or damage due to war or nuclear perils, loss by water or from any water borne craft.

7. Other mysterious disappearances

8. If you loan your mobile or a friend hires it for a while, the damage, loss or theft incurred during the process cannot be claimed.

9. Any loss of a SIM (subscriber identity module) card.

10. Loss of or damage to accessories of any kind.

11. Reconnection costs or subscription fees of any kind.

12. The cost of replacing any personalized ring tones or graphics, downloaded material or software.

The exclusions vary as per the plans and the firm providing them. You can avail the Mobile phone insurance even at the time when you purchase the cell phone but it’s equally important to consider the premium amount paid towards the insurance as well as the other salient features of the proposed insurance plan.

Started in the year 1990s mobile phone insurance was offered by mobile phone retailers basically in a reaction to the contracts that network operators demanded the customers to sign in to get heavily subsidized handsets. Although many retailers offer mobile phone insurance but it can be very expensive, that is the reason many people turn to the internet to find web based insurers who offer really competitive insurance for a fraction of the price.

THE PREMIUM PART:

With the gradual increase in the price of the handsets the premium for the mobile phone Insurance also have fell drastically. For instance, if a handset is worth Rs 8,500, the premium charged on it varies from Rs 150 - Rs 200. The current cost is Rs 20 per cost of Rs 1,000 of the amount indemnified. A surplus of Rs 2,500 is deducted for every assertion declared. DO consider the period covered by the insurance plan.

Some of the renowned companies offering mobile phone insurance in India are:

· National Insurance Company

· Oriental Insurance Company

· New India Assurance Company

· United India Insurance Company

There are some private mobile companies also offering free insurance cover but they declare under their plans that battery, charger, external aerials, handset are not included, leaving one to wonder what is really covered under such schemes.

Getting insurance on your phone can help in many ways –

· In case of a theft or misplacement you can get the entire thing replaced This means that if you lose your mobile the company will give you a brand new one in a matter of days

· No additional charges for mobile phone repairs .This also can be done in just 48 hours.

· You can get your data, contacts and SIM card backed up so that you can get it all back in case of an accident.

· Peace of mind: as you have it in your mind that your expensive handset is covered for loss, theft or malfunction.

So don’t wait up for these unwanted and unforeseen circumstances, be ready and get your precious mobile phone insured through a smart insurance plan and experience a stress free situation with your secured mobile phone. Do share your smart insurance policy tips to make the blog more informative.