Is Mobile Insurance Really Worth It?
Mobile insurance can save you money. Buy a plan based on the cost of the phone, your ability to pay for repairs, and the likelihood of accidental damage. (158)
Smartphones are essential devices today, serving both work and entertainment purposes. Flagship phones offer high-end features, but if damaged, repair costs are also high. Usually, the cost of damage to the phone is 20-30% of its price.
So, if your phone costs Rs 25,000 and the repair costs are around 20% of its price, you will have to shell out Rs 5,000 from your pocket.
To avoid such expenses, you can buy a mobile insurance plan and carry your device wherever you go without worry. Is Mobile Insurance Really Worth It? Read on to find out.
Know the benefits of having a mobile insurance plan
Main advantages
Here are the main features you get with a mobile insurance policy:
- Damage due to accidents
- Phone screen damage
- Damage due to water spills
Electrical and mechanical breakdowns are normally part of your phone’s regular warranty. Whether
you want coverage for this, it is advisable to take out an extended warranty plan.
Repair possibilities
If your phone is damaged, you usually have the benefit of having the repairs carried out at an authorized service center. Alternatively, you may be able to have your phone repaired at your preferred service center if your insurer allows it.
Some mobile insurers offer pick-up and drop-off services, saving you time and avoiding queues. Here, the device is picked up at your doorstep and returned within the agreed time frame.
Additional benefits
Here are some features that can be bundled into your mobile insurance or can be offered as add-ons.
- Free Entertainment Subscription Packs
- Virus and malware protection
- Temporary smartphone replacement
- Worldwide coverage
Find out about the costs involved in purchasing a policy
An important part of buying a mobile insurance policy is choosing the right insurer. It’s because you want to get the maximum coverage at the most affordable price.
It is essential that you do not look for the cheapest policy. Judge the price of the policy in relation to the sum insured. Insurance companies reimburse repair costs only up to the sum insured. Some insurers offer 100% of the invoice value as reimbursement.
Similarly, when evaluating the cost of your mobile insurance, note how many times you can make claims during the year. With some insurers, there is a limit.
Here are some figures that indicate the cost of mobile phone insurance policies, in November 2022.
- Sum insured of Rs.16,000 – Rs.1,200 + GST for 6 months
- Sum insured of Rs.6,600 – Rs.479 + GST for 6 months
- Handset price from Rs.6,000 to Rs.10,000 – Rs.1,212 + GST for 12 months
- Handset price from Rs.12,001 to Rs.20,000 – Rs.2,137 + GST for 12 months
You should also research applicable deductibles, i.e. if you want to pay a percentage of the cost of repairs.
Assess your risks and make a decision
Whether or not you need mobile insurance depends on the cost of your phone and where and how you use it.
Do you have a very expensive phone that meets your business or personal needs? Does your work increase the possibility of accidental harm? Do you tend to drop your phone often or do you have a toddler at home who does?
If you identify with any of these scenarios, it might be a good idea to get mobile insurance. It can save you a fortune! However, if you have a budget phone, don’t frequent risky environments, and can afford the repair costs, you might want to skip the insurance.
Now that you know what to consider when securing your phone, make the right decision. Shop with the best brands to enjoy top-notch mobile insurance services!