Cover Your Smartphone Friend with the Right Insurance Policy

March 30, 2016

Smartphones are extremely powerful computers and hence a smartphone is an expensive investment. Taking into account its value, the frequency with which you use it and how fragile it is, the modern generation smartphones can easily be damaged, lost or stolen and all these things can prove to be costly as well as stressful. Protection against your smartphone might include accidents, common malfunctioning, water/liquid damage, loss and theft.

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Statistics show that 12% of the 23 million Americans damage their phones during a sporting event. It is true that we are all addicted to our smartphone. Cracked, bent, dented and drowned – all kinds of bad stuff can happen to the smartphone. In the last two years, consumers have spent around 44 billion dollars on smartphone repairs and replacements. Studies have shown that an average iPhone was broken or damaged roughly 10 weeks from being purchased. Roughly 33% of the people either break or lose their smartphone. 3.1 million Smartphones are also stolen in a year. Anyone can have an accident with a smartphone.

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An insurance policy can provide you the cushion that you need to have the time to grieve over your loss. There are many factors that decide how much insurance coverage is required. For a business owner, the smartphone can be an important business tool. Smartphone can open up your business to serious risks including cyber liability risks.

Smartphones carry a two year manufacturer’s warranty but that only protects against equipment failure. Manufacturers provide an additional extended warranty available on purchase of the smartphone. The big carriers offer phone insurance as an add-on to your monthly plan cost when you sign up with them.

What does smartphone protection plan generally cover? It covers Mechanical and Electronic Malfunctioning. It covers Accidental Damages like drops, cracks and damage caused by accidents. It also covers the Loss and Theft of you smartphone. Lastly it covers the Water or Liquid Damage which might be liquid spills and liquid submersions. Finally it is up to the insurance provider as to whether or not the claim is approved.

What are the things one must keep in mind? Most carrier insurers will either repair or replace your smartphone or provide a ‘refurbished’ smartphone as they call it, which might be a new one. Some insurers also provide cash payment for the replacement value of your smartphone. Problems related to data, software or damage caused intentionally through misuse or wear and tear is not covered under the smartphone protection plan.

Working in a high risk environment or living in an area susceptible to break-ins, then insurance can be worth considering. When it comes to insurance, it is the actual policy that counts, not colorful brochure you see. You can think twice and take insurance through an independent third party provider unrelated to your cell network. Get complete protection for your smartphone with eGranary!