Wired Release via COMTEX reported in April 2019 that the global mobile phone insurance ecosystem that estimated over $23 billion in 2017 is expected to grow at a CAGR (compounded annual growth rate) of 9.8% between the periods of 2017-2026.
Since mobile devices are now an integral part of everyone’s life, having it damaged can have drastic effects both financially and in terms of productivity. Therefore, availing a mobile screen insurance plan can help users acquire financial coverage should their mobile meet accidental damage. The financial assistance so availed can be utilised by the customers to cope up the suddenly faced financial setback.
Even though such insurance products are to benefit customers should they meet such an unwarranted situation, individuals should make sure they avail a policy that best caters to their needs.
How to choose the best mobile insurance?
Choosing amongst the best mobile insurance companies in India and the plan could be a difficult task for an individual if they aren’t aware of the features to look for. Below are some must-have features that every insurance product should have.
- High Sum insured
Considering the high cost of mobile phones these days, it is obvious that replacing or repairing the mobile screen isn’t very affordable for customers. Therefore, any damage to the mobile screen may cost up to a few thousand putting one in financial trouble. Therefore, choosing a policy that assures a high sum for the damage is a wise option.
- Convenient options to pay a premium
Users can pay the policy premiums using multiple ways such as debit card, credit card, net banking, UPI, etc. This makes the payment convenient by users, and they can save time while making easy payments.
- Easiness in claiming
It is a vital factor for consideration as individuals need to be able to claim the policy instantly to cope up with the financial loss. Therefore, choosing a mobile protection plan that let users claim the policy as easily by making a call or sending an email is preferable. Nonetheless, individuals may have to provide supporting documents to strengthen their claim.
- Coverage options
Individuals looking for the best mobile insurance policy should first check if their policy issuer covers the following perils.
- Coverage for accidental damage – It is more often that users drop their phone and cause damage to their mobile screen. Therefore, it is one of the most important factors that need to be present with every policy. Moreover, customers can acquire financial coverage for their mobile chargers too by availing a mobile charger insurance plan.
- Coverage for damage caused because of fire incidents or other – Fire incidents, riots and natural calamities like earthquake, cyclones, floods, etc. should be covered in the policy. Therefore, any damage caused to the mobile screen because of the above reasons can be claimed.
- Coverage for damage caused because of burglary and robbery – Any damage caused to the mobile display because of incidents of burglary and robbery should be covered by the policy.
- Coverage for unexpected breakdown – Unexpected mechanical or electrical breakdown of the mobile screen can be a case causing one to undergo financial loss. Therefore, users should avail a policy that provides coverage for such incidents.
Like mobile devices, several customers use tablet devices as well for various professional and personal needs and may have to carry it in places. Carrying it is convenient but one may have to face a financial setback in case the device meets an accident as mentioned above. For such cases, availing a handheld tablet devices insurance policy can be wise and feasible.
Subsequently, individuals should seek such features in a mobile screen insurance policy so that they can expect maximum financial benefit while experiencing a convenient and hassle-free process.