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Mobile Phone Insurance

With the advent of amazing technology innovations, more and more people own cellular phones. Considering the various telecommunication providers proliferating worldwide, more people have also taken to the practice of owning more than one unit of mobile phones, sometimes owning as much as the number corresponding to the providers existing in the area. Considering that high-tech phones of today like Smartphone and the iPhones are very expensive, losing one would definitely make a dent in your budget if you opt for another replacement. Sometimes, people save up just to be able to purchase such devices thus when it gets damage, lost or stolen, they get so depress since they don't have the spare savings to be able to buy another one.

What's a Mobile Phone Insurance?

Just like all the rest of insurances, a Mobile Phone Insurance is a policy specifically taken for the protection of the insured (mobile phone owner) in cases where his mobile phone gets damage, lost or stolen. You usually pay 10 to 20 dollars monthly for the premiums of such insurance in return for replacement or full insured value of the unit in case replacing it is impossible. Damaged units shall be repaired under such insurance at the companies' expense.

Why obtain insurance for your mobile phone?

Although mobile phones are included in the coverage for Home Contents Insurances, Car Insurance or Business Insurance; it would be advisable to obtain a separate insurance for your mobile phones under the following circumstances;

  • You own a very expensive, latest Smartphone or iPhone or some other equivalent;

  • You own more than one, very expensive mobile phones

  • You are exposed to risks of theft, loss or damage due to the nature of your profession or career

  • You are a loser you are considered a loser if you have already lost or damaged ten or more mobile phones for the last 5 years or so; or perhaps you are a frequent victim of mobile phone theft.

Phone companies like Verizon wireless, virgin Mobile, Apple, etc. are providing for some form of insurance for the mobile phones that are purchased from one of their plans. Most of these insurances however offer the lowest protection thus an alternative for most people is a must.

Who can apply?

Anyone who is eligible to apply for the Business Insurance, Home Content Insurance and Personal Insurance is also eligible to apply for the Mobile Phone Insurance. Usually taken as part of these aforementioned insurance policies, you can opt to include it with your other insurance or take it separately. Just confer with your insurance provider for more information on this.

What is the cost of the insurance?

The Mobile Phone Insurance will usually cost you around 10 to 20 dollars a month. However this will vary depending on the model and brand of your phone, the plan and the kind of coverage you will apply for. Some plans provide options such as warranty extensions for your unit.

Where can you obtain the insurance?

You can actually buy Mobile Phone Insurance just about anywhere for there are many companies providing such service. You can opt to browse online or call up companies through the yellow pages. You can find several companies online offering insurance solely for mobile phones.

However, you would do well if you will read through the Disclosure Statement of the Product, especially their exclusion list. It would be best if you know what is covered and what is not before buying the insurance to avoid regrets and misunderstandings during claims.

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