The global mobile phone insurance policy market is expected to grow at a CAGR of 9.8% between 2020 and 2026.
This segment is expected to reach a valuation of $37 billion by 2027.
Individuals today are more concerned about the welfare of their handheld devices than ever before. Hence, insurance plans for mobile devices are becoming more popular for a number of reasons. Additionally, mobile phones have access to sensitive information today, making them worthy of protection from damage or loss.
A mobile insurance company in India provides policies that ensure speedy repairs or replacement of these devices in case of unforeseen issues. These policies do not directly protect your phone but limit financial repercussions when devices undergo damage or theft.
Features of mobile insurance plans
A mobile protection plan can either cover damages to a specific part of the device or to the overall phone. Some parts of such a device are extra fragile than others, making them more susceptible to damages. For instance, a phone’s display, which can break or crack on impact.
- 71% of all mobile repairs in India are related to displays.
The data also supports the fact that a mobile screen insurance policy is vital in minimising financial loss arising out of damages to a phone’s display. Listed below are some benefits of smartphone insurance policies.
- An economical approach to repairs
Today, if you own a phone from the best mobile company in India, it will likely come with cutting-edge technology and parts. A severe malfunction or damage to these parts can be expensive to replace or repair. In the absence of a quality insurance plan, you would have no choice but to pay for these repairs from your own pocket.
Fortunately, the yearly premiums for mobile insurance in India are significantly more affordable. Thus, these plans represent the logical choice for most smartphone owners. Such policies offer a safety net, preventing phone users from spending substantial sums to undertake repairs on the device.
- Financial assistance in the event of device theft or loss
Smartphone theft is a major problem in India, with thousands stolen every year. Due to the considerable price of these devices, such theft can lead to immense financial loss, which cannot be stressed enough.
Additionally, smartphones have become so crucial in daily life that one would need to replace their lost device almost immediately. Therefore, such thefts lead to immediate expense for a replacement model. Android and iPhone insurance policies can prevent such a sudden and unforeseen financial liability if you misplace or otherwise lose your mobile phone.
- Coverage for mobile screen repairs
An individual who opts for an insurance plan for his/her mobile screen can claim for financial aid to replace the same. Bajaj Finserv offers Mobile Screen Insurance plan under its Pocket Insurance & Subscriptions to manage expenses arising from such damages. Additionally, this policy also covers repair cost for screen damage arising from underlying mechanical or electrical failures.
Therefore, whether your mobile screen undergoes damage in a fire or from an accidental drop, you can avoid spending money from your pockets in repairing the said damage thanks to this insurance policy.
- Affordable premiums and high sum insured
The premium range for mobile insurance plans is comparatively low. Nonetheless, some of these plans can offer substantial financial assistance in your time of need.
Phone accessories that insurance policies can cover
Apart from coverage for external and internal phone damage, you can also avail insurance policies to deal with damage or loss of phone accessories, including headphones and chargers.
For instance, replacing wireless chargers for modern smartphones can be a costly affair. However, you would need to replace or repair damaged chargers instantaneously. With bajaj mobile charger insurance plans, undertaking such repairs should no longer pose a problem.
Similarly, if you are a frequent headphone user, ensuring quick repairs for any damage to the headset is essential. If you use a wireless headphone, such repairs can burn a hole in your pockets. A wireless headphones insurance plan can aid users in this regard, allowing hassle-free repairs without incurring any substantial financial liability from the same.
With the availability of mobile insurance online, choosing the correct policy today has become easier than ever before. Keep in mind that not all products offer the same extent of financial coverage against damage. Consider all relevant factors, such as premiums, inclusions, exclusions and more before deciding on a plan.
Furthermore, one should remember that mobile insurance plans are only available for purchase within the first few days of owning a new device. Second-hand mobile phones, though, do not qualify for such coverage.