Mobile Phone Insurance in Singapore |Types of Mobile Phone Insurance

You may have even seen mobile insurance as an optional checkbox when signing up for a new phone line. As phones become more expensive, advanced, and indispensable, the concept of insuring your prized possession is no longer as absurd as it once was. In this blog, we’ll tell you about mobile phone insurance in Singapore.

What is Mobile Phone Insurance?

Few of us can imagine leaving the house (or even going to the bathroom) without our smartphones. Our phones are more vulnerable to accidental damage, theft, and device malfunctions as a result of their high usage. With iPhones and similar devices costing an arm and a leg, mobile phone insurance provides users with peace of mind. Phones are the pocket supercomputers on which we’ve come to rely so heavily. While the concept of mobile insurance sounds appealing in theory, the offerings that have emerged in the market leave much to be desired. Let’s take a look at what’s out there.

Mobile phone insurance is available from three main providers: telcos (such as Singtel or Starhub), hardware manufacturers (such as Apple), and insurance companies. When you buy a new phone, you can purchase phone insurance from any of these companies. However, because they all have different coverage and pricing structures, deciding which one is best can be difficult.

Mobile Phone Insurance in Singapore:

Mobile Phone Insurance by a Telecommunications Company

If you recently signed up for a new phone line or re-contracted your existing plan, you may have noticed a checkbox asking if you’d like to insure your phone for a small monthly fee. In general, telco-issued mobile phone insurance provides limited coverage. It typically covers cracked screens, water damage, and similar incidents, but not loss or theft. The telco typically bundles it with yearly handset upgrades and/or replaces it using a like-for-like system in which:

• Your phone is either the same model as the previous one or slightly different
• The phone is either new or refurbished.
• Mobile phones could be a different colour or brand.
• Instead of retail packaging, the phone could be packaged in plain packaging labelled “not for resale.”
• There are no device accessories included with the phone.

Mobile Phone Insurance by the Insurer

The coverage provided by insurance companies for mobile phones is far more comprehensive. And it usually extends to other electronics as well. They also cover loss, theft, and global coverage. However, you will have to pay a significant premium for the increased coverage. For instance, up to twice the price that telcos charge. Still, if you’re paranoid or prone to misplacing things, this one might be for you.

Mobile Phone Insurance by the Manufacturer

AppleCare+, for example, is a manufacturer-issued mobile phone insurance policy. While other mobile phone manufacturers provide mobile phone insurance in the form of extended warranties, none are as well-known as Apple’s AppleCare+. Apple has a reputation for being the leader in customer service. If you’ve ever been to an Apple repair centre, you’ll notice that they’d rather swap your device for a new one than repair it if it’s still under warranty. However, its coverage is limited to device faults or faulty software, and if you own multiple Apple devices, you must purchase separate AppleCare+ coverage. That means one AppleCare+ for your iPhone, another for your AirPods Pro, and yet another for your iMac! That adds up to a lot of money!

So, these were the three types of mobile phone insurance in Singapore. Next time you buy your desired mobile phone, make to insure it. In this way, you will safeguard the prized possession that you bought with your hard-earned money.