Mobile Insurance: Coverage, Exclusions, Claim Process, T&C

According to report, mobile phone market in India will reach 250 million units in the year 2016. With new launches every month with varying prices, one feature is often overlooked by the buyer is mobile phone insurance. Not many of us are aware of the importance of buying insurance for their cell phones.

Individuals are ready to shell out good amount of money on buying expensive phones but neglect paying premium, may be due to lack of awareness or confidence on nothing will happen to their phone or simply they don’t want to pay additional money. So let’s get into the basic details and terms and conditions and commonly asked queries for cell phone insurance:

Is mobile phone insured under warranty period?

Yes but is for 1 year only. But not everyone offers this. And from second year onwards, you will have to shell out extra money from your pocket in order to renew the policy.

Is mobile insurance mandatory?

No. Unlike motor insurance, cell phone users are not required to buy insurance.

What is covered under the policy?


Depending on the insurance companies, claims are settled when cell phone is stolen. Or when damage is caused due to fire, riot, accident, strike, malicious damage, and terrorism.

What are the various exclusions?

Most of the claims made are because of theft and damages. However there are various terms and conditions under both. Your claim will be rejected when theft takes place in an unattended or unlocked vehicles or during loan to any third party. Damages caused due to mechanical or electrical breakdown, self attempted repair, wear and tear, weather abnormalities, unauthorized software download, cleaning, repairing, or servicing. Damages due to nuclear peril or due to water borne vehicles are also excluded.


Before buying, individual should check the terms and conditions in detail as it will vary for each insurer.

What is claim settlement process?

  • Most important is to have a purchase invoice/bill.
  • Also keep serial number and IMEI number handy. To get these numbers, remove the battery. IMEI number is above the bar code and serial number below it.
  • If phone is stolen, then you will have to file a first information report (FIR) at the police station. And remember to file this within 24 hours of theft or loss.
  • Insurance claim should be made withing 2 days along with the claim intimation. You would be asked to produce FIR by the insurer.
  • Upon intimation, company will ask you to fill claim form.

What is the claim settlement period?

If all the terms and conditions are met and correct documentation is submitted, your claim will be settled within a month.

I want to buy insurance for my existing smartphone. Can I buy it?

Yes. But insurers haves various conditions such as OS versions etc.

Is there any depreciation value associated similar to motor insurance?

Yes. Similar to motor insurance, there is a depreciation value associated and is calculated on the basis of the market value of the device on the day it gets lost.

Who offers mobile phone insurance in India?

There are select companies which offer smartphone insurance and this includes:

  1. New India Assurance Co. Ltd.
  2. Syska Gadget Secure
  3. AppsDaily
  4. MobileAssist
  5. Times Global

So as you can above, buying a mobile phone insurance is recommended especially when the device is expensive because of the benefits offered.

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