Today, smart watches are not mere timepieces; they are more than that. It helps you meet your fitness goals by tracking the steps taken, lets you listen to the music of your choice and even lets you read your text messages from your wrist. As much as it helps you to be productive and connected, it is also prone to damage just like any other gadget. This is where having smart watch insurance is important to ensure minimum disruption to your digital lifestyle.
What is Smart Watch Insurance?
Smart watches have become a popular gadget these days. And due to its design, it is prone to damage, loss or theft. A smart watch insurance policy covers many such eventualities usually not covered during the warranty period. It covers repairing costs incurred due to accidental, liquid damage, along with providing theft protection.
What all Smart Watch Insurance Covers?
An insurance company providing smart watch insurance offers comprehensive protection in case of the following situations:
- Accidental and liquid damage
How Smart Watch Insurance Functions?
Purchasing the smart watch insurance policy involves the following steps:
- Submit an application form with your contact number
- Provide the smart watch details like model number and brand name
- Submit a photocopy of the purchase receipt
- In case of an eventuality, the insured intimates the customer care of the insurance company about the damage
- A duly filled in claim form and other required documents will be submitted to initiate the claim process
- A representative from the insurance company will verify the details given in the claim form
- If the claim is found to be genuine, the sum insured is paid to the beneficiary bank account or else it will be rejected and same will be communicated to the policyholder
- If the insured is not satisfied with the amount of compensation or rejection of the claim, s/he can raise a dispute in the court of law
This insurance is for anyone who owns a smart watch and wants to protect it from external damage. The policy seeker must provide purchase receipt and other necessary documents to enroll for this insurance policy. It is only valid if the smartwatch is bought in India.
Used, refurbished device and smart watch purchased from outside India are not eligible for smartwatch protection policy.
Smartwatch Insurance Claim Process
In case you meet with an eventuality and you need to make a claim, you should follow the correct procedure for getting the claim approved. Let us get acquainted with the steps to apply for the claim:
- In case of any trouble with the smartwatch, analyse whether the problem is covered under the insurance
- If yes, inform the insurance provider immediately
- Get the required documents and proofs along with the duly filled in claim form
- A surveyor will assess whether you are eligible for the claim
- If yes, you will be informed and receive the compensation amount; however, it might happen that the case is rejected, about which you will be informed accordingly
- If you are not satisfied with the result, you can approach the court of law
Documents Required for Claim Process
In order to get the smart watch insurance claim approved, all the documents should be in place. Following are the documents needed to get a compensation:
- Duly filled in claim form
- FIR report, in case the watch gets stolen
- Details about the type of damage (like liquid damage/freeze) along with the images of the damaged device
How Long does it Take to Pay Out a Claim?
The insurance company takes 30 days to settle the claim. In case there is a legal dispute regarding the compensation amount or resolution offered by the insurer, it might take more time to settle the dispute.
Cases Where you Can’t Claim Smart Watch Insurance (Exclusions)
Though smart watch insurance covers several risks associated with this wearable gadget, the below-mentioned risks are not covered under this policy, also called exclusions:
- Damage caused due to nuclear explosions
- Breakage caused due to war and terrorist activities
- If the watch is lost from a vehicle which is not locked
- Damage caused due to dent on the watch
- If there is scratch on the watch but it is still functional
Companies Offering Smart Watch Insurance in India
Not many insurance providers are there to provide smart watch insurance policy in India. Some of the insurance companies offering smartwatch insurance in India are:
- OneAssist Consumer Solutions Private Ltd.
- The insurance company needs to be intimated about the damage/loss of the smart watch within 14 days of the incident
- If the smart watch gets lost or damaged while travelling (railways/airlines) or in a hotel room, then the respective authority needs to be informed about it
Advantages of Buying Smart watch Insurance
A smart watch insurance is an important requirement for people owning an expensive smart watch. Some of the benefits of buying a smart watch insurance are:
- Saves expenses of repairing a costly watch
- Offers customised policy to meet the requirements of the insured
- Some insurance companies even offer services like ‘transit supervision,’ in which they safeguard an expensive watch during its transit
Q1. What if there is only cosmetic damage and the smart watch is still functioning?
The compensation is provided only when the damage ruins the routine functionality of the smart watch.
Q2. Is smart watch insurance required when the watch is under warranty?
Yes, smartwatches usually have a warranty period of 12 months which only covers mechanical breakdowns.
Q3. What is the premium for a smart watch insurance?
The premium for smart watch insurance depends on the cost of the watch and the compensation amount expected by the policy seeker. It also depends on the tenure of the policy.
Q4. What is the sum insured for a smart watch insurance?
It depends on the actual value of the smart watch and also the premium the policy seeker is willing to pay.