Smartphone insurance is gradually becoming popular in India. It is quite obvious considering that smartphones can sometimes cost as much as a bike. Being made of delicate but costly parts further, adds up to the importance of insurance. Just like other insurance policies smartphone insurance also comes with some hidden clauses, and terms and conditions. Here, we will let you know about the things you must verify before buying an insurance policy for your handset.
There are three main situations in which smartphone insurance acts as a lifesaver. They are:
- Broken Screen: This is one of the most vulnerable and costliest parts of a smartphone. Moreover, the OGS (One Glass Solution) panel used in contemporary smartphones makes the repair cost, even more, On an average, a broken screen can cost you between Rs. 5,000 to Rs. 15,000 depending on the model of the handset.
- Theft: Mobile theft is one of the most common crimes in India. This incurs an, even bigger loss than a broken screen as you lose your smartphone altogether. In the present day scenario, it is almost impossible to get back a stolen mobile in our country.
- Water Damage: Water is very harmful to any electronic device. Smartphones are not an exception unless you own a waterproof device. A majority of mobile phones are not water resistant and can get severely damaged if it gets in touch with water.
The first and the last point are covered only if your insurance policy has Accidental Damage Protection (ADP) inbuilt. The second point additionally needs a Theft Protection endorsement. Before buying an insurance policy for your smartphone, you must see that ADP and Theft Protection is covered in it.
There are numerous smartphone insurance policies available in the market costing as low as Rs. 500. Refrain from buying those as those are basically extended warranties or repair liabilities. They do not cover the things that you will actually need from an insurance.
After you select an insurance policy with both ADP and Theft Protection included, do not fall for it blindly. Read the terms and conditions, exclusions and inclusions and most importantly the depreciation rate. Additionally, you must know about the processing fees or any other hidden charges that you need to pay at a time of a claim.
Speaking of the terms and conditions, try to look out for situations under which your claim will be accepted or rejected. Take a note of the maximum number of days you need to register an application and submit the required documents like FIR copy.
Under exclusions, check if any part is excluded from being reimbursed. For example, a screen damage may not be entertained when water damage is also there. Scrutinize every point to find out any suspicious clauses.
Lastly, note down the rate of depreciation per month or quarter, amount of processing fee and any other charges you need to pay to register a claim. This will help you calculate the exact amount that the insurance company will pay you and the sum you need to bear on your own. Do not forget to check if the insurance policy is cashless or not.
Some insurance company also provide a replacement device if you need to wait for a long time for your damaged phone to get repaired. This is a pretty important point as it will save you from being mobile-less till your damaged smartphone gets fixed.
These are some of the major points that you must remember while buying an insurance policy from online as well as offline. Do note that ADP and Theft Protection is mostly provided to brand new smartphones. So, decide the best policy for your mobile beforehand.