Most individuals spend large sums of money on buying smart phones for self and for their family members, but, they fail to get it insured.

There is an increasing chance of theft for high-end smart phones. One can secure the safety of mobile phones, by paying small premiums. The premium of the insurance depends on the overall cost of the phone.

Individuals ignore it as the mobile phone company usually provides insurance and warranty for the first year and additional years if extra amount is paid.

Interesting point is that many companies do not entertain the warranty and insurance from the second year onwards. There are certain inclusions and exclusion which should be considered before buying a mobile phone insurance and it may vary with insurance provider.

Here are smart things to know before buying insurance for your mobile phone:

Generally, mobile phone policy covers insurance against:

• Theft
• Fire
• Riot, malicious damage, strike and terrorist activities
• Accidents
• Fortuitous circumstances

Exclusions under the mobile phone insurance policy are:

• Mysterious disappearance.
• Theft from unattended vehicles, except from fully enclosed car that is securely locked.
• Theft, loss or damage during loan to a third party.
• Mechanical and electronic breakdown or derangement.
• Overloading and experimentation involving imposition of any abnormal conditions.
• Damage by wear and tear, vermin, atmospheric or climatic condition or gradual deterioration, inherent defect or from any process of cleaning, repairing or maintenance.
• Loss or damage due to war or nuclear perils, loss by water or from any water borne craft.
• Intentional or willful act of the insured part

Important things to know

• To file a claim, retain the purchase invoice of the mobile phone.
• Know and save the serial number of the phone.
• First you need to file an FIR within the first 24 hours after the loss or theft.
• Immediately claim for insurance within 48 hours with the claim intimation and FIR.

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