Mobiles have become integral and inseparable part of our lives today. New and advanced models of mobile phones and their accessories are launched almost every day. Some of these are really expensive gadgets. One such category of expensive and widely used phone are smart phones such as iPhone. Nowadays, smart phones are used like computers, day planners, address books and photo albums. Mobile users understand the importance of mobile phones and they need to keep it away from the unidentifiable hazards.
Thus a lost or damaged mobile phone is the last thing a mobile phone user would want. If it is your personal mobile you would like to make sure that if it is lost or broken due to an accident your financial investment in the mobile should be recoverable. This is where mobile insurance comes in play. Mobile insurance benefits include coverage for mobile phone along with its other accessories like Bluetooth earpiece, protective cover and gadgets such as plug-ins and credit card scanners.
Many organizations provide their work force with smart phones to increase their productivity and connectivity. Such organizations also need mobile phone insurance to protect their business investment if mobiles are lost, stolen or broken.
Mobile Insurance Benefits
Replacement Mobile Insurance Benefits
Replacement policy is one of the latest offering in mobile insurance. In this an insurance company can provide the replacement mobile phone from 24 to 48 hours if insurance holder files the claim before stipulated time. Insurance holders can file the claim by making a simple call or registering online and they can receive the replacement mobile phone on the very next day.
Most of the mobile phone buyers think that their mobile phone manufacturing company provides coverage against all the negative aspects. They should know that manufacturers offer insurance for malfunction or defect, not against theft, loss or damage.
Other Mobile Insurance Benefits
Apart from replacement benefits, mobile insurance provides coverage for other aspects also. Other benefits of mobile insurance include:-
- Repairing of the mobile phone without paying any additional charges
- No responsibility for cost if other person makes certain calls from the lost mobile phone
- Overseas coverage for the native citizens
- Coverage against fake calls, water damage and theft
- Affordable and low premium amounts
Types of Mobile Insurance
There are various types of mobile phone insurances. These insurances are:-
Theft Insurance : Theft insurance comes into existence if the mobile phone is stolen and there is a need for replacement.
Accidental Damage Insurance : Accidental damage insurance comes into play when mobile phone accidently gets damaged and falls under the category of reimbursement for repair or replacement. This insurance does not cover cosmetic or neglect damage.
Malicious Damage Coverage : Malicious damage coverage covers all types of aspects as mentioned in accidental damage coverage. The only difference is that instead of accidental damage, coverage would be provided for the malicious damage done by someone else.
Loss Coverage : Loss coverage provides protection in the form of a replacement phone if insurance holder’s phone gets lost. There would be no supplementary coverage for mobile accessories or electrical equipment attached with the phone. Moreover, there would be no coverage for loss in public place.
Fire and/or Water Damage Coverage : This type of coverage protects phone from water or fire damages. Damages from other liquids will also be included in the insurance policy.
Unauthorized or Fraudulent Calls Coverage : This type of coverage is activated if there are any calls made from the lost or stolen phone. Insurance holder is supposed to report about the theft or loss within 24 hours after the theft or loss.
Overseas Coverage : Overseas coverage provides protection for the insurance policy options which are chosen during policy holder’s visit overseas. Insurance holder should mention the days of vacation to the insurance company.
Mechanical Breakdown Coverage : If there is any mechanical breakdown in the mobile phone during its warranty period, then it will be covered under mechanical breakdown policy.
Coverage for Accessories : This policy covers mobile phone accessories like software, chargers, hands free, headsets, memory cards and batteries. The insurance coverage ranges from $40 to $450.
Multi-Phone Coverage : Premium amounts can be reduced under this policy and insurance holder can insure maximum 4 numbers of mobile phones under this policy.
Specified Users Coverage
Specified users coverage protects more than one user in a single policy. However, there can be age limitation in some companies and policy holder should go through the important guidelines.
Major Mobile Insurance Providers
There are various mobile insurance providers and some of the mobile phone companies also provide insurance for their customers. Some of the top major mobile insurance companies are:-
Ensquared is popular for providing tablet and mobile phone insurance through internet. They cover various types of mobile phones in their policies. Underwritten by Fortegra Financial, Ensquared possesses B++ rating via A.M. Best Company. Ensquared covers all the smart phones including HTC, Nokia, Samsung and Motorola with 1 year coverage, lost plus stolen cell protection and $1000 value per incident.
T-Mobile USA Inc.
Headquartered in Bellevue, Washington; T-Mobile USA Inc. has around 36,000 employees. Apart from providing wireless voice, data services and messaging services ; T-Mobile USA Inc. is also known for providing premium handset protection insurance. Their policy features include comprehensive protection where policy holder’s handset is protected against lost, stolen or damaged status. They offer quick delivery within 24 hours with lower monthly rate.
T-Mobile USA Inc. provides four types of insurances namely PHP Bundle, PHP Insurance, PHP Warranty and Mobile Security. There is variation in their monthly charges where PHP Bundle, PHP Insurance, PHP Warranty and Mobile Security operate under a monthly charge of $7.99, $4.79, $3.99 and $3.99 respectively. There are certain eligibility criteria for enrollment in PHP schemes where mobile phone owners should get themselves insured within 14 days of purchase.
Square Trade is in mobile phone insurance business since 1999 and they provide their services with 40% discount rates in comparison to the other mobile insurance providers. They offer two types of warranty terms based upon the time duration. On annual basis, Square Trade offers its services in $69.99 whereas on biannual basis, premium amount goes up to $124.99. in their policy, they offer services like protection against drops, spills, immersion, mechanical failure and electrical failure.