Benifits of Cell Phone Insurance Coverage. Should I Take It?

Table of Content

  • Cell phone insurance coverage
  • Should I take out cell phone insurance?
  • Insurers, banking institutions, and mobile phone companies that offer cell phone insurance

WhAT IS CELL PHONE INSURANCE?


Cell phone insurance are policies that protect electronic devices against a possible loss, but is it really convenient to take out insurance of this type? In this article we are going to clear up your doubts about it, we will talk about:
  • Coverages that cover cell phone insurance.
  • The cost-benefit ratio of taking out insurance for your mobile device.
  • Insurers, banking institutions, and mobile phone companies offer this type of insurance because indeed, there are many options.
We remind you to leave us your experience in the comments if you have already been a user of this type of insurance, as well as share this information with other people who may need it.

Cell phone Insurance Coverage 

Obviously, there are a large number of plans, from basic to very complete, with different coverages that adapt to your needs and ability to pay, but in general, these are the coverages that cell phone insurance policies usually include:

Theft with violence: An insured sum will be paid in case the electronic device is stolen with physical or verbal violence, it does not apply in case of loss. To make this coverage valid, it is a requirement to file a claim with the Public Ministry.
Fraud from the insured cell phone: If unauthorized cell phone calls are made, for example, extortion, within the first 24 hours after the theft, and the insured sum will be paid.
Accidental Damage: This covers damage to your mobile device caused by accidents, such as drops or liquid spills. With some companies, this coverage applies only if the damage affects the functionality of the equipment.
Mechanical or electrical failure: Similarly, an insured sum is paid to repair mechanical or electrical failures that the equipment presents, as long as they are not factory defects covered in the warranty.

Should I take out cell phone insurance?

Definitely, this answer depends largely on the value of your cell phone, if you have acquired your equipment making an economic effort or if you are still paying it on credit, the ideal would be to protect it, considering that there are policies with basic coverage from $ 27 pesos per month.

It is important to say that according to the statistics of the National Telecommunications Association, this year, cell phone users in Mexico exceed 100 million and that only in Mexico City, around 450 cell phone thefts are reported every day.

Carrying out a quick analysis of the figures, we consider that it is convenient that you protect your equipment with insurance that covers at least theft with violence and, if possible, repair or replacement in case of damage; With this, you would also be protecting the valuable and confidential information of your mobile device.

Regarding the cost-benefit relationship, if we suppose that you would be paying approximately $ 500 pesos a year for your insurance and that in the event of an accident you would be receiving an average of $ 5,000 pesos to repair or replace your cell phone, then hiring cell phone insurance is no longer an expense and becomes an investment.

Insurers, banking institutions and mobile phone companies that offer cell phone insurance

As we mentioned at the beginning of this article, you have many options to contract cell phone insurance, starting with the fact that some mobile phone companies offer this service for a small additional charge charged to your postpaid monthly payments.

Other options are the banking institutions that charge the payment of your policy to your card or the insurers with which you can contract this type of insurance.

Next, we will make a comparison of each of the options to contract cell phone insurance.

1.Telcel 

Monthly premium     $ 219
Term                         18-24 months
Coverages                 Physical damages, Electronic failure, Theft of equipment
Sum assured                 $ 5,000
Deductible                 30%

2- Movistar

Monthly premium $ 184
Term         No forced deadline
Coverages         Stole, Material damage, Mechanical or electrical failure
Sum assured         $ 5,000
Deductible         30% for coverage of theft and material damage &
                20% in case of mechanical or electrical failure

3. AT & T

Monthly premium         $ 139
Term
Coverages                 Material damage, Stole
Sum assured             $ 5,000
Deductible                 35% for theft coverage  &
                                        30% in case of material damage

4. BBVA

Monthly premium     $ 49
Term                         12 months
Coverages                 Robbery with violence, Fraud from the insured cell phone
Sum assured                 $ 5,000 for robbery with violence  &
                                        $ 500 for fraud from the insured cell phone
Deductible                 10% for coverage of robbery with violence  &
                                        0% in case of fraud from the insured cell phone

5. HSBC

Monthly premium         $ 158
Term                         12 months
Coverages                 Loss of functionality due to accidental material damage, Robbery with                                                    violence
Sum assured                 $ 10,000
Deductible                 25%

6. Inbursa

Monthly premium         $ 59
Term                         12 months
Coverages                 Robbery with violence
Sum assured                 $ 5,000
Deductible                 twenty%


7. AXA

Monthly premium     $ 85
Term                         12 months
Coverages                 Robbery with violence
Sum assured                 $ 8,000
Deductible                 $ 800

8. Zurich

Monthly premium         $ 25
Term                         No forced deadline
Coverages                     Robbery with violence
Sum assured                 $ 1,000
Deductible                 No deductible

9. MAPFRE

Monthly premium          $ 138
Term                         12 months
Coverages                 Robbery with violence
Sum assured                 $ 5,000
Deductible                 30%

We hope that this information is useful and helps you select the cell phone insurance option that best suits your needs, we also recommend you consult our article on laptop insurance,


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