Cell phone insurance: how has it evolved?

Cell phone insurance: how has it evolved?

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14.Nov.2022

Cell phones are now part of our daily lives. Although at the beginning the possibility of talking on the move was their main attraction, over time these devices have become veritable computers, so that talking on them is almost the least important option for their users. Now they use them for taking photos, videos, using apps, documents, as a calendar, and so much more. As a result, insurance policies have also been adapted to the complexity of these devices to cover the possible incidents that we may encounter.

Warranty Law

All smartphones are already covered by the Warranty Law which, as of January 1, 2022, extended the deadline for claims for manufacturing faults or malfunctions from two to three years, meaning that the seller must bear the repair costs in such cases. To find out the start date of the warranty you should look at the information on your receipt. The speed with which the industry launches new versions of these devices is dizzying, but the 2022 law obliges manufacturers to guarantee spare parts for 10 years, even if the phone’s software has become obsolete: fully original spare parts must be available to replace any hardware element required.

However, damage to the device due to theft or an accident is not covered under this warranty. For these eventualities, it is possible to take out cell phone insurance.  The various cell phone insurance options on the market include protection against being dropped, fraudulent calls, theft or robbery. Who offers this type of insurance? Manufacturers, operators and insurance companies.

On-demand

In the field of insurance, the evolution of cell phone insurance is evident. The most innovative option is on-off insurance, also known as on-demand, which allows you to activate your cover whenever you want, paying only for the part proportional to the number of days during which you your policy is activated: this option would work, for example, if you were only interested in insuring your cell phone when you go on a trip. You would then “turn on” the insurance and “turn it off” again when you get back. Of course, using your own cell phone through the apps of the companies that offer this service.

Beyond the phone itself

For the insurance industry, cell phone protection now goes beyond the physical repair of the device and has expanded to the data itself. This is why cover that include protection against the multiple cyber risks to which we are exposed through cell phones is another of the main developments in this field.

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