Mobile Phone Insurance – The Necessity

By on July 9, 2013

Imagine spending a huge packet on the latest smartphone to hit the market. Picture your happiness when you are fiddling around with the updated applications, the glossy new features and the myriad specifications. Now, visualize losing that phone to a pickpocket on your daily commute to work on the local subway train. Earth-shattering situations such as these are quite common, especially since these kinds of phones have become more and more attractive as potential theft-magnets.

Mobile Phone Insurance - The Necessity

The fact of the matter is, these aren’t just ‘phones’ anymore. They form an integral part of our daily routine. We have our calendars in there to remind us of important events. Our checklists and grocery lists are saved in the notepad application. Our social and professional networks are now just a click away, nullifying the need for a laptop all the time.

But, with all this, there is always the danger of your information being compromised or misused in some way, especially by an unethical hacker or a plain, old thief. So, a potential loss of our phones is effectively, a partial loss of our identities as well. You can shell out close to $700 for a phone, only to have it stolen and pay an additional $1500 in bills run up by the thief. How, then, do we attempt to safeguard this?

Well, in the first place, it would be great if we didn’t lose our phones. Since that isn’t a foolproof solution, the next option is to ensure we have a remedial solution handy. Mobile phone insurance is ideal for these situations. In the event of theft of the phone, this will come to your rescue.

Many mobile phone companies now work the insurance angle into the cost of the phone, if the buyer decides to go for it. This would imply that you end up paying an additional $10 or so to the phone company every month, to insure against theft of your device. While this may seem like a small amount, as against the cost of the phone itself, bear in mind that all insurance covers are not as secure as they claim to be.

There are conditions under which the theft of the phone can be filed as an insurance claim. Many companies require details such as where it was lost, what you were doing at the time and so on. If the loss of a phone is reported 24 hours after it was stolen, chances are you forfeit the claim. Similarly, some claims will only work within the home. This means that if you lose your phone in a public place such as a school or a bus stop, the company won’t process the claim.

What then is the solution? It is best to stick to the insurance offered by your own network provider, since they will be concerned directly about customer retention. The packages will be far more amenable to a buyer within the network as opposed to what you get elsewhere.

Even better, now home insurance policies have a section for mobile phones, under ‘possessions outside home’. So, it may make sense to apply for insurance there.

All this is not a definite safeguard or even an assurance that your data will not be misused by unscrupulous individuals. But, at least, it is a step in the right direction. Click here to get a quote now.

About Sophie S.

About the Author: Sophie Samuel is blogger ,who loves sharing her knowledge. Follow her on Google+.