Mobile Insurance in India

Insurance is based on the philosophy of risk sharing. For example, collecting a nominal amount from a large number of people and compensating the ones who actually suffer a loss.

Many people do not believe in the philosophy of insurance since they consider it to be a waste of money. Modern-age smartphones have become complex computing devices and it has become equally expensive to repair them in case they’re broken. As per our analysis it costs almost 30% of the price of the phone to replace a broken screen. Then there’s always the chance of losing your phone or it getting stolen. Taking these points into consideration maybe it isn’t such a bad idea to spend a few thousand rupees to insure the many tens of thousands we spend on smartphones. Especially when some companies offer free pick up and drop services, which saves the insurer from the hassles of repairing the device.

But there are a few downsides as well to these insurance packages. There are many terms and conditions. The insurer has to follow a tedious process in case of claiming compensation for theft. A copy of FIR has to be submitted along with the original bill within a specified period of time. Apart from this, there is no guarantee that you will always be compensated for your losses, as there have been many instances when the insurance company has rejected claims for invalid reasons.

From the above table- Onsitego, AppsDaily and Pickme are three notable insurance providers. They have been in this field for quite sometime and the products they offer cater to a wide variety of use cases. AppsDaily seems to be an all in one package for it provides almost all features but lacks one of the most essential feature of pick and drop for repairing phones. Onsitego and Pickme offer pick up and drop facilities but they too lack some other features. OneAssist provides a phone for 7 days when your device is under repair. So one can opt for an insurance depending on their need and budget.  Also, there is a discount available if you buy these insurances online.