The mobile phone industry is undergoing a major revolution both on the technical part and on the cost. The cost of getting a smart phone and other mobile devices has risen. With this increasing value there is need to have them covered for certain risks that come with it. If you have ever had your phone stolen immediately you bought it then you can understand the feeling that comes out of it. This is also the same for those phones that are lost through other means that can be insured. Mobile phone insurance is the perfect solution that can give you the certainty of getting another phone should you lose one.
Do You Need The Cover?
This type of cover has raised a lot of debates on whether everybody needs to take. This is a policy that is optional. No one can force you to insure your mobile phone. This is because not everybody is good at losing their phone and not everybody owns an expensive one as well. This clearly elaborates that this type of cover is a personal one. You need to decide on whether you need it or not depending on your character, you past experiences with the mobile devices and its monetary value.
How Often Do You Lose The Phone?
Before deciding on whether to take the mobile phone insurance or not, there are several factors that should help you when making such a decision. These are factors that are either personal or environmental conditions together with the surrounding alternatives. One of the factors is the probability that you will lose the phone. If you are the type of person that loses easily by forgetting your mobile phone almost everywhere you stay then it may be good for you to cover your mobile phone. This also goes out to those who have high chances of dropping them around.
Can Self Insurance Work For You?
Self-insurance simply means that you as an individual commit yourself to put a little money aside that will safeguard you in case you lose your mobile phone. In the event that such a loss occurs, then you can use the money to buy a new one. This can be done by simply increasing the amount of savings that you put in to include this need. This method can simply work for those who have a good experience with taking proper care of their mobile phones. However, this has the following setbacks:
- You may not have enough savings when you suffer the loss.
- Fraudulent calls are not covered.
Is Your Phone Covered By Other Insurances?
Some insurance policies cover for such losses. For instance, if you your home burns down or a burglar succeeds at stealing at your home, then the home insurance cover could pay for the losses including the loss of the mobile phone. Therefore, you will not need to take such a cover. Some banks also offer the same under premiums accounts.
The mobile phone insurance is not mandatory but it is necessary and advantageous if you own an expensive cell phone. You are guaranteed of having another one in the event that some loss occurs.