Lost, Stolen, or Damaged: Why Smartphone Insurance Matters

Smartphones have now become a necessity rather than a luxury. And they're something that we have on our person at all times and use regularly. With the usage of smartphones increasing, the need to protect them also arises.

For instance, replacing a damaged or lost phone can lead to unnecessary and avoidable financial strain. Even in the case of an inexpensive smartphone model, repairing a damaged component such as the display screen can set you back by anywhere from 30% to 50% of the phone's total value.

Fortunately, with pocket insurance plans like mobile insurance, you can ensure your finances stay protected in the face of eventualities such as the ones mentioned above.

Why Should You Opt for Smartphone Insurance?

If you've recently bought a new smartphone and are contemplating whether you should get it insured or not, here are a few benefits that might just be able to convince you.

1. 100% Coverage

Mobile phone insurance plans offer 100% coverage that extends up to the total value of the smartphone. So, irrespective of whether your phone is partly damaged or fully unresponsive, you don't have to pay for any repairs out of your pocket.

2. Multiple Claims

With most insurance plans, you're only eligible for a single claim during their tenure. However, there are a few plans that offer up to 2 claims during the tenure with the maximum claim amount extending up to 100% of the invoice value. Thanks to the multiple-claim benefit, you don't have to wait to get your phone repaired.

3. Coverage Against Display Damage

One of the most important and vulnerable components of a smartphone is its display. Although most modern phones have some kind of display protection like Corning Gorilla Glass, they're not completely impervious to scratches or cracks.

And even if the display seems intact on the outside, it may get damaged in other ways. Because the display is often the most expensive component of a phone, replacing it can put a hole in your savings. With mobile insurance, however, you get complete coverage against accidental display damage irrespective of the nature of the damage.

4. Coverage Against Accidental Damage

No matter how careful you are with your smartphone, there may be a few instances where it might have accidentally slipped your hand. Dropping a phone on hard surfaces can lead to cracks or other damage to the body.

In the case of high-end smartphones, dropping them can even lead to the failure of sensitive internal components like the camera module, which can be very expensive to replace. Here's where mobile insurance plans can help. They're designed to provide coverage against all kinds of accidental phone damage, irrespective of whether it is internal or external.

5. Coverage Against Liquid Damage

Liquid ingress is another major cause of most smartphone failures. Most modern mid-range and high-end phones are now equipped with some form of protection against dust and liquids. However, it may not always work.

Liquids, when they enter your phone, usually short the highly sensitive internal circuit, damaging the phone irreparably. In fact, not just liquids, but also excessive moisture build-up within the phone can also damage the circuitry.

Thankfully, most mobile insurance plans offer protection against all kinds of damage due to accidental liquid or moisture ingress.

6. Coverage Against Loss and Theft

Although most of us keep our smartphones close to us at all times, there are many instances where we're simply unsure where we saw them last. Misplacing phones has now become more common than ever.

Theft is another thing that smartphone users need to be aware of. With the prices of phones skyrocketing, many owners of high-end and flagship phones have unwittingly become a soft target.

Even with sophisticated GPS tracking technologies like Find My Phone, it is becoming increasingly hard to locate stolen or misplaced phones. It is during eventualities such as these that mobile insurance plans become lifesavers. If your insured phone ever gets lost or stolen, all you need to do is simply file a claim and get 100% of the phone's invoice value back.

Protect Your Finances By Insuring Your Smartphone

As you can see, insuring your smartphone can take care of the financial repercussions that come with a damaged or lost device. Since you get 100% coverage for all accidental damages and theft, you won't have to pay anything out of pocket to repair or replace your device.

CPP Fonesafe Mobile Insurance available on Bajaj MARKETS offers a comprehensive insurance plan for most models of smartphones for a tenure of up to a year at highly competitive prices. In addition to this, you also get additional benefits. Take the case of Samsung mobile insurance, for instance. You can get complete coverage for your phone and access to a few of the most popular OTT platforms in India for free.