Do Malaysians need mobile phone insurance?

I read the following article with interest…. Do we actually need any insurance to cover your mobile phone, since most values are below RM 2,000 each.

Cheap Premium for Mobile Phone
Whatever it is, if the premium is cheap for a reasonable wide coverage, I really would not mind buying. As you can see in the writeup on TecProtec’s mobile phone insurance offer; it is about RM 108 in annual premium – where to find if there is no catch! Buy it and enjoy piece of mind, moreover they provide backup storage for your mobile data, but not sure if this is gonna be paid stuff….

Can Insurer make money with such low premium?
For most malaysian especially those younger ones the need for an insurance may be the last thing on their mind. Then, for some enterprising ones this may be another options to make some quick bucks – filing a theft claim on their iPad seems sensible and may possible, lucrative…., ie., sell your newly purchased phone and then report to your insurer as being stolen; of course you need to be one braveheart to file a police report for that purpose! Or, 10 months down the road; crush your phone and file a claim, and even if you do not get a new one you should have no issue about that (as far as you get market value settlement) since the intention is on changing your phone to keep up with trend….and “why not if the insurer is prepared to indemnify you for whatever is deemed the fair price?”

Maybe you are a genuine (moral wise) guy, but since your phone is already damaged why not take this opportunity to dispose it to the insurer for some compensation – something like buying a cover after a loss…. Isn’t this a rampant thing back in the 1990s’? “I remembered those days we used to see much higher sum insureds because most of the phones in the early 90s were indeed within the range RM 2,500 to RM 12,000, considerably much higher than todays – and where Ericsson and Motorola brands also thrived then. In those days the rate was as high as 4% with minimum premium of RM 100, and excess range between RM 250 and RM 1,500 depending on the sum insured. The end results were as bad as you could imagine; most insurers gave up providing such cover and even if they did continue that would just be for their large corporate customers.

TecProtec mobile phone insurance….
The following is the writeup by Asia Insurance Review magazine; we reproduced it here for your convenience reading pleasure: “enjoy reading….”

Cell phone users will be able to buy insurance for their handsets for as little as MYR9 (US$3) per month following global phone insurer TecProtec’s launch of mobile device protection programmes in the Malaysian market, reported the Malay Mail. The insurance will cover theft, accidental damage, liquid damage and data protection – all of which will be provided with an extended warranty. The service will include automatic backing up of contact lists, documents, videos, photos onto a cloud computing service so that such data can be returned to a replacement device easily.
Managing Director Mark Simmons was quoted as saying: “The programme provides a holistic solution for cell phone users by protecting against theft, damage, device failure and GPS tracking of stolen devices.”
He added that once a cell phone is stolen, subscribers only need to make a police report and inform the company. Customers will be reimbursed within 24 hours or even sooner, and the company will arrange for the brand new replacement handset to be collected anywhere in Malaysia.
Mr George Hashim, Business Director at TecProtec, said the company also offers to collect, repair and return damaged cell phones within a week. He added that if the device is beyond repair, the customer will be entitled for a brand new like-for-like substitution.TecProtec currently has 350,000 customers in Malaysia and also has a presence in India, Indonesia and Russia. Within the next three years, it aims to provide protection for 30% of smartphone users in Malaysia.

In summary I must say, TecProtec’s offer is indeed irresistible. What do you think? Where to buy? Let us know if you are interested and we shall relay those info to you….

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