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Non Life Insurance - Have you insured your cell phone?

10 May 2006

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'In matters of style, swim with the current; in maters of principle, stand like a rock.' At least the first part of the saying is true as far as cell phones are concerned. Flashy mobiles with camera, mobile with flap are in vogue now. You pick the latest cell phone in the market without caring much for the money spent. The mobile manufacturers flood the market with the best cell phone models possible, which makes it difficult for the customers to make a choice.

Now, lets consider the unpleasant thought. What if your expensive cell phone gets stolen or damaged. In order to get back the bucks spent, get it insured. At least the amount that you have spent to buy the cell phone will be in your hand if not those special captured moments or special messages.

Here is becomes important to mention that private insurers are not very keen on offering insurance cover for mobile phones. So the obvious choice left is to get it insured from public sector insurance companies. The General Insurance Corporation of India (GIC) has four subsidiaries, which are National Insurance Company (NIC), the Oriental Insurance Company (OIC), the New India Assurance Company (NIAC) and United India Insurance Company (UIIC).

If you are wondering what risks is your cell phone insured against. Here is the list. The policy for mobile phones provides insurance against fire, riot, strike, malicious damage, terrorist activities, theft, accident and fortuitous circumstances. The insurance cover provides compensation equivalent to the cost of replacement of the instrument by a new instrument of the same specifications and same capacity, including all taxes and duties. The policy can also be extended to cover the misuse of the instrument. There are a few major exclusions, which are damage due to war and nuclear perils, wear and tear, overloading, detention or confiscation by customs or other Government authorities. It also does not cover the risk if the mobile has been mysteriously disappeared. The following are the other risks that a cell phone cannot be guarded against:

Theft from unattended vehicles, except from fully enclosed car that is securely locked.

Theft, loss or damage during the hire or 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 party.

Insuring your expensive cell phone is a sensible approach of protecting it from various kinds of risks. You obviously wouldn't want your latest handset to get stolen or damaged, so don't delay any more, get it insured now!!

Source: insuremagic.com BACK