Protecting Your Smartphone With The Appropriate Insurance

Posted: Aug 22 2017, 3:25am CDT | by , in News | Technology News

 

Protecting your Smartphone with the Appropriate Insurance
Photo Credit: Getty Images
 

According to Nasdaq, a recent report states that the mobile phone industry is growing in value: “The [mobile phone insurance] market is further expected to grow at a CAGR of approximately 12% over the next four years, eventually accounting for over $30 billion in revenue by the end of 2020.” It seems that, as technology continually increases, the prevalence of smartphone ownership rises.

What’s more, they are expensive personal items, which need protection. Whether it’s theft, loss, or damage, there are plenty of threats to a brand new smartphone, and despite recent technological advancements – such as a unique material that could lead to unbreakable smartphones – there will always be some unforeseen circumstance around the corner. For this reason, insuring your smartphone is a wise move: with the appropriate insurance policy, and so long as you back up your data, you can save yourself a lot of grief.

Buying digitally or in-store

Finding the appropriate insurance for your smartphone is, without a doubt, a very difficult task. With so many options out there, it’s important to do your research first and inform yourself about all your options. The first decision to be made, is whether or not to buy online or in-store. The major difference here is the human element of persuasion. Although you may know exactly which kind of smartphone you’re opting for, you probably have no preference with regards to the different types of insurance. This is where persuasive sales assistants enter the picture; while sometimes it can be very helpful to talk over such issues in person, other times, it may cause further confusion and the customer may come out feeling even more overwhelmed than before. However, try to come prepared with at least a basic idea of what you’re looking for.

While some may deal better with receiving information face-to-face, others prefer to take their time online to make an informed decision. In addition to a range of insurers offering policies directly on their website, providers such as simplesurance offer a point-of-sale model for buying phone insurance. This means you are provided with insurance plan options during the process of purchasing a phone from an ecommerce site, which can be purchased with a single click. In this way you can take care of everything in one place, without even having to navigate to a separate website, let alone visit a physical store. Nevertheless, as always, it pays dividends to do some research on the insurance provider before committing.

Which features to look out for when purchasing smartphone insurance

Looking out for the right features in a smartphone insurance plan will certainly pay off in the future. There are few things as frustrating as investing in a seemingly great insurance, only to later discover that it doesn’t cover, for example, the mechanical failure of your smartphone. With this in mind, ensuring that almost all angles are covered is the only way to go.

  • Insurance vs warranty:
    The major difference here is that warranties do not usually cover loss or theft, whereas insurance does. What warranties do cover is any technical or mechanical failures the device may experience – for everything else, insurance is required.
  • Theft:
    It’s important to remember that not all plans cover smartphone theft, but the ones that do usually offer a replacement in the event of a claim. Make sure to read between the lines when it comes to the terms and conditions of coverage upon theft – this is probably the most important element of a plan.
  • Water damage:
    Liquid is one of the most common causes of damage to a smartphone. Judging by your smartphone habits, if you think you’re a person who is prone to their smartphone to water damage, this is a very important element for you.
  • Cracked screen:
    It’s rare to see a phone without a few cracks on its screen these days. The cost of repairing the screen can often be the same as purchasing an older model. Again, if you feel you have a propensity to drop your phone or you’ve had some experience with damaged screens in the past, keep an eye out for this clause in your insurance package.

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The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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