Having an expensive gadget keeps someone in an unnecessary phobia of losing his/her precious electronic gadget. Usually, with new electronic gadgets, customers get one-year free warranty for manufacturing defects and software related issues. But, such warranties do not cover liquid/accidental damages so to insure an electronic gadget against theft, burglary, liquid/accidental damage people prefer to buy a separate gadget insurance policy. A majority of people buy gadget insurance without knowing the actual terms and conditions. In such scenarios, people waste their money on buying worthless insurance policies, which would have very sophisticated claiming procedures and would have very huge depreciations. It is indeed a smart decision to insure a gadget(usually for expensive gadgets) but if you buy an insurance policy without knowing the various types of deductions such as; claim fees, depreciation for repair or full claims, service charges etc then it could alter your decision.
Service Cover Starting Procedure
Insurance Validity & Maximum Claims
Exclusions
- If you do not inform your insurer about your lost property within the specified time.
- Time of loss not within the policy tenure for example; usually, your policy starts within 24-48 hours; if you lost your device before starting time of the policy then no claim will be given to you.
- Damage caused by war, riot, nuclear attack etc.
- No claim for covers, headsets, chargers.
- Damage caused by explosion of battery.
- Damaged caused by physical activities, where risk of damage is increased for example; swimming, skydiving, scuba diving etc.
- Any mysterious disappearance other than theft.
- Software problems or damage related to camera.
- Theft or Damage arising outside India.
Depreciations
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Age of Mobile as on date of Loss
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% of depreciation
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Up to 6 Months
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20%
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6month-1 year
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30%
|
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1yr- up to 2yrs
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40%
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|
2yrs to up to 3 yrs
|
60%
|
Service Charges
Claim Procedure and Time Limit
Usually, customers have to intimate insurer about the loss within the specified time; if you do not inform him within the time limit then your insurer may refuse your claim. Here are the steps of claim;
- Inform your insurer about the loss by email, SMS, call and ask him about claim procedure.
- Download claim form from your insurer website.
- Fill out a declaration form.
- Attach a copy of original purchase invoice.
- Copy of FIR (First Information Report) containing device detail and incident of loss or theft.
- A copy of your address proof.
- Claim processing fee proof (demand draft, online payment proof etc). (If any)
- Courier all documents on specified address.
Is this policy transferable?
Addons
To attract customers insurance companies give a bunch of free applications to new customers for example; Pocket Money, Your Movies, Ditto TV, Live TV, Movies, Videos, Hungama: Free Songs&Videos, Magzter- News and Magazines, Games and Complimentary Games etc. Therefore, it would be good for you; if your insurer is giving you such free applications.