Based on statistics up until Q1 of FY2020, Samsung is the 3rd-largest smartphone brand in India, with a market share of 16%. It’s evident that the company enjoys significant popularity in the Indian market, and has commanded a substantial hold in the smartphone segment over the past decade. Its prevalence can be particularly noted in the premium segment (>Rs.30,000), where the brand holds a market share of 34%.
Even then, expensive Samsung smartphones are sophisticated devices and damages to it can lead to substantial expenses. Therefore, several individuals opt for a bajaj Samsung mobile insurance plan alongside the basic warranty that the manufacturer provides to secure their finances.
On the other hand, multiple phone owners go for an extended warranty on their Samsung devices instead of an insurance plan.
Difference between Samsung extended warranty and phone insurance
It is essential to understand the differences between these two policies for you to make an informed decision regarding which one to avail for optimal financial protection against your smartphone.
- What is an extended warranty?
As the name suggests, it is simply an extension of the default warranty that the manufacturer provides. It is a guarantee over and above the default period of 6 months or 1 year that cost for repairs and replacement of phone parts and accessories will be free of charge, provided the damage to your phone is a manufacturing defect.
Therefore, an extended warranty does not essentially cover a Samsung screen protection plan, since damages caused due to reasons other than manufacturing defect does not fall under its ambit.
- What is a Samsung mobile protection plan?
It is an insurance policy that covers repairs and replacement costs on account of a wide range of causes, including manufacturing defects, for a specified period. Such policies also cover screen insurance.
Here are a few features of a plan for Samsung mobile insurance India –
- Coverage against accidental damage
A primary feature that distinguishes an insurance policy from an extended warranty is that it covers damages sustained due to an accident.
Bajaj Finserv offers Pocket Insurance & Subscriptions like Mobile Screen Insurance plan, which comes at a more affordable annual premium. It covers costs of repairs and replacement of your phone’s display due to accidental damage and a host of other causes.
- Protection against burglary and robbery
Another critical advantage of Samsung mobile protection plan is that you can avail reimbursement for the cost of repairs and replacement of your screen for damages caused due to robbery or burglary.
You can also avail similar financial protection for your Samsung mobile charger by availing a mobile charger insurance plan.
- Coverage against fire and other special perils
You will be able to claim settlement against your policy for Samsung phone insurance in India for costs that you incur on account of replacement of your smartphone’s display caused due to fire. A premium insurance policy also covers damages due to other perils, like natural calamities, strikes, riots, etc.
You can also avail financial coverage for your Samsung tablets against similar damages by purchasing a tablet device insurance plan.
Nevertheless, before you decide to purchase a plan for Samsung mobile insurance online, consider a couple of factors –
- Sum insured – It is the maximum amount of financial coverage you can avail under an insurance policy. Ensure to choose a sum insured amount that suits your smartphone model.
- Premium – Also check the premium amount charged by different financial service providers and vet whether it is reasonable vis-á-vis the sum insured.
You might go for an extended warranty on your smartphone if that suits your need. Or, choose an insurance policy to secure your finances against a host of causes other than manufacturing defects.