Buying pricey smartphone? Why you must get this ASAP!

Smartphones have become an integral part of our lives. There is hardly a time of the day when your phone is not in your pocket or in your hands. Despite such dependency, smartphone users are often ignorant about certain things regarding their devices and how to safeguard them from potential loss. In this regard, the most blatant non-action is regarding insurance - most smartphone users are not even aware of mobile insurance, leave alone being willing to purchase it. 

However, if you are planning to buy an expensive smartphone, you should get mobile insurance and that too, immediately. Underlining the importance of this, Certified Financial Planner Poonam Rungta told Zee Business TV that there are certain things that are not covered under warranty, but insurance covers it comprehensively. 

"For most part of the day, smartphone remains in our hands. This increases the risk and chances of damage. The phone could fall, break, and the repair cost is more if the phone is expensive. There are certain things that are covered under insurance. For example, if the phone falls and is damaged. But, if there is a problem due to overuse, it is covered under warranty," Rungta explained. 

What is covered under mobile insurance?

Mobile insurance policies provide protection against various damages to the phone. This includes both internal as well as physical damage to the device. Here are a few things that are covered in mobile insurance policy -

- Hardware damage like screen malfunction or faulty earphone jack

- Damage to internal parts due to water or other liquid spillage

- Damage due to fire

- Loss of device due to theft, house break-in, burglary

- Damage to the interior or exterior components of the device

Rungta explained that there is also an added advantage of mobile insurance. "The insurance companies provide you with a replacement phone while they fix the damaged device. This ensures that your day-to-day or professional engagements are not affected," she said. 

What is not covered?

While purchasing mobile insurance, you need to keep in mind that most insurance companies in India work on third-party basis. This is why their plans and features are different. So, there is a chance that some plans might have exclusions. It is important to read and understand everything before buying the insurance. 

"First of all, it should be a genuine cases. Insurance companies have a lot of ways to find out if you are trying to fraud them. Then, the damage should have not happened because of your negligence. For example, the phone gets stolen when you left the car open. Or, while you were trying to repair the phone at home," Rungta explained.

She added that another case where your claim could be rejected is if the phone was being used by someone else when the damage happened.