Mobile Insurance is Very essential If you OWN EXPENSIVE SMARTPHONES.
Mobile phone in India has graduated from being an item of mere necessity to a new level as a STATUS SYMBOL.
Your mobile phone is now considered an indicator of personality, style and of course, WEALTH.
With discounts on the latest models of smartphones rife on the online as well as brick-and-mortar markets, most of us are tempted to buy the latest model.
The attraction of paying on Equated Monthly Instalments (EMIs) adds to this lure.
Buying an expensive mobile phone is great. But what if you happen to lose or damage one for any reason?
Would you be willing to bid adieu to a pricey smartphone that cost thousands of Rupees?
Opt for mobile insurance if you are prone to losing smartphones or fear they may get damaged due to usage.
Understandably, a mobile insurance does not cover all types of losses or damages caused to your smartphone. If the loss or damage is justifiable, the insurer will pay full or part of the price of your smartphone.
Choosing Mobile Insurance
Buying the best mobile insurance can prove rather confusing. There are countless offers in the market, each more attractive than other.
When confronted by such situations, it pays to know which companies offer the best coverage against the loss and theft of your expensive smartphone.
Here is a selection of India’s top mobile insurance companies you may consider.
List of Top 15 Mobile Insurance Companies in India
The main features of mobile insurance are prompt settlement of claims and low premiums.
In India, the premium for ordinary mobile insurance can cost between Rs.300 per set to Rs.4,000, depending upon the price of a smartphone.
Extended warranties cost higher since they insure your smartphone after a period of one year since purchase.
A. First Party Mobile Insurance
First Party Insurance involves comprehensive coverage of your mobile phone for circumstances covered in the policy.
Buying First Party Insurance means you are assured of complete coverage and enjoy peace of mind, should anything untoward happen to your smartphone.
1. New India Assurance
The best mobile insurance you can buy is from New India Assurance Co Ltd, a Gadget Insurance company with nearly 100 years of history.
Founded by Sir. Dorabjee Tata in 1919, New India Assurance offers excellent mobile insurance that can be bought at low premiums.
NIA operates in 28 countries and its Indian insurance unit generated business worth Rs.191 billion during the last financial year.
Also Read: Top 10 Health Insurance Companies in India
2. Bajaj Allianz
Bajaj Allianz does not offer a specific insurance for mobile phones and other portable equipment including laptops.
However, the company has a comprehensive home insurance policy that covers your latest smartphone as well as a laptop.
It can be bought while buying a mobile from an online or brick-and-mortar store. Worldwide coverage against theft and damage to your mobile are covered under the home insurance policy from this company.
The salient feature of their home insurance is you can cover smartphones owned by family members too.
3. Oriental Insurance Co Ltd
If you are looking for mobile insurance from a company owned by the Indian government, opt for Electronics Equipment Insurance (EEI) Policy offered by Oriental Insurance Co.
This policy covers your expensive smartphone as well as other electronics, including laptops, PC, household gadgets and other stuff.
The policy can be extended for international coverage too. This is one of India’s best mobile insurance policies for mobile phones.
It not only covers your smartphone but also those owned by all members of the household.
Also Read: Top 10 Auto Insurance Companies in India
4. National Insurance Co Ltd
Householder Policy issued by National Insurance Co Ltd provides complete coverage for your mobile phone.
This is a comprehensive insurance policy that covers your smartphone and those of your family and other electronic equipment, furniture, and household effects.
NIC is an insurer wholly owned by the Indian government. They have offices across India, which makes it easy to buy their insurance policies.
5. ICICI Lombard
You can buy excellent insurance for your mobile phone from ICICI Lombard, a Joint Venture between ICICI Bank and Canada’s insurance major, Fairfax Financial Holdings Ltd.
According to ICICI Lombard website, their mobile insurance policy was crafted keeping in mind buying patterns of Indian customers.
ICICI Lombard offers a very wide coverage for lost and damaged mobiles that can be customized for your specific requirements.
6. HDFC ERGO
HDFC ERGO is a JV between India’s largest private sector lender, HDFC Bank and Germany’s ERGO International AG, one of the largest insurance companies in Europe.
You can buy a comprehensive home insurance policy from HDFC ERGO. This covers all mobile phones owned by your household as well as other electronics, home appliances and other valuables.
HDFC ERGO coverage for mobiles and laptops owned by your household can be extended internationally too.
It is one of the best comprehensive policies to protect smartphones owned by your household against loss and damage.
Also Read: Top 10 Auto Insurance Companies in India
B. Third Party Mobile Insurance
If you are looking for a very cheap mobile insurance policy, opt for any third party providers.
Third party mobile insurance providers do not cover your smartphone themselves. Instead, they depend on first party providers such as the ones listed above.
1. Times Global
Times Global is acclaimed as the best mobile insurance Company in India: it covers your mobile as well as laptop, tablets and other portable devices.
You can avail customized coverage plans for your mobile phone from Times Global.
Among third party mobile insurance providers, OneAssist is the most popular.
They offer coverage against theft and damage to your mobile under clauses of your contract. Plans start from Rs.1,599 onwards.
3. OnSite Go
OnSite Go insurance for your mobile can be bought online after you have purchased a mobile.
Plans start from Rs.2,999 onwards. They, too cover your smartphone against theft and damages based on your contract.
This mobile insurance is operated by Syska, the manufacturer of electrical appliances and lighting devices.
SyskaGadgetSecure is also a good mobile insurance company to buy from if you are looking for third party coverage.
5. Warranty Bazaar
Warranty Bazaar offers third party insurance for your mobile.
It can be bought while buying a handset or later. Warranty Bazaar policies are available at stores and online too.
Other Third Party Mobile Insurers
- Servify OnePlus
- Warranty Asia
Mobile Insurance Guide
Before rushing to buy third party mobile insurance policy, it is advisable to verify if the company is licensed by the Insurance Regulatory and Development Authority of India (IRDAI).
Never buy mobile Phone insurance from a company that does not have licenses from IRDAI and other relevant agencies of the Indian government: other than mobile phone, you could lose the premium money too.
Usually, third party smartphone insurers will make very attractive offers during sales hosted by online retailers and through brick-and-mortar stores.
Find out ease of filing a claim. Read their fine print carefully: this will be found under an esoteric heading: ‘Exclusions’.
In simple terms, Exclusions means the circumstances for which the third party insurer will not pay you the claim.
And there are plenty of such Exclusions that make buying certain mobile insurance policies useless.
If you opt for a third party insurer for your mobile, ensure they provide a temporary handset for use till they settle your claim.
Another thing to look for is the coverage. Some third party insurers will cover only your handset and not the charger and headphone.
Others will offer 20 to 50 percent cost of the mobile only, depending upon how long it has been used.
Remember, while buying a first-party or third party gadget insurance, you have to provide mobile phone invoices. Some sellers will provide a huge discount but sell a smartphone without a receipt.
In such cases, you cannot avail mobile insurance. This receipt has to mention the date of purchase, brand explicitly, make and model number and cost. It should also contain details such as charger and headsets.
The most important feature of a receipt used for mobile insurance is the International Mobile Equipment Identity (IMEI) number.
This has to be mentioned in the First Information Report (FIR) you file with police in case your mobile is lost or stolen.
It is natural you would want to insure a mobile phone, especially if it is very expensive or even if it’s a mid-range smartphone. There are lots of debates on whether mobile insurance is useful or not.
Both sides have equally convincing arguments. Opting for a mobile insurance is your personal choice.
Look for insurance from these top companies and buy one only after you are convinced about policy features.