Know three ideas to insure your smartphone

Mobile insurance policies are the policies which at nominal prices, compensate for the loss incurred due to any accidental means such as theft, screen damage, water damage, etc. Read the article to know other policies that are of utmost importance for your cellphones.

Hyderabad: We are not only one of the biggest smartphone markets, but Indians are also richly investing towards accessorizing their phones with unique phone cases, headphones, power banks etc.

The protective screen guard is also a top choice since we all are aware of the costs associated with a damaged screen.

Further, the e-commerce sector has also introduced mobile insurance policies, which at nominal prices, compensate for the loss incurred due to any accidental means such as theft, screen damage, water damage, etc.

There are however other policies that are of utmost importance for your cellphones -

1. An Extended Warranty Policy – While most manufacturers offer a single year warranty, an extended warranty helps take this cover up to 3 years. Such policy is relevant even more so because of the several budget-friendly smartphones setting base in India. Customers buying this cover can be rest assured that any eventuality arising out of manufacturers defect can be covered. However, one must note, this does not cover theft, burglary or accidental physical damage since it is an extension of the manufacturer’s warranty.

An extended warranty helps take this cover up to 3 years.

2. Individual Cyber Insurance - In earlier times, pickpocketing of your wallet/purse was a concern. But today it’s been replaced with digital worries like criminals digitally breaching into social media accounts, spoofing identity, ruining social image, or stealing bank details whilst an online transaction is underway through your smartphone. A cyber-insurance policy covers you against all such modern-day evils such as loss of funds to online fraud, identity theft, cyberstalking, phishing, cyber extortion and malware attack.

A cyber-insurance policy covers you against all modern-day evils.

3. Listing of Cell Phones in Your Home Insurance Policy – Now with high-end electronic gadgetry, our contents are oftentimes more expensive than the home itself. A good home insurance cover will offer an all-risk cover for your mobile phone, with an option of covering it with a world-wide cover. By its definition itself, this all-risk cover will cover your phone for any eventuality including accidental physical damage, theft, burglary etc.

A good home insurance cover will offer an all-risk cover for your mobile phone.

(This is a guest post by - Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.)