Mobile phone Insurance in Africa: an undervalued necessity
By Emmanuel Allottey
Africa has over half a billion unique mobile subscribers to date, making Africa the fastest growing mobile market. Mobile phones offer Africans a convenient and affordable way to get connected to this ever growing digital world. The insurance market in Africa is the least penetrated in the world and the opportunities for growth are tremendous. According to statistics, 1 in 5 people have their phone lost, stolen or damaged every year.
Mobile phone devices have become so valuable that they can be considered as assets. The value or cost of premium mobile devices has risen significantly over the years with premium models averaging over $1000 per device. The significance of the cost requires adequate protection and insurance cover in event of any disaster.
The cost of premium mobile devices is now beginning to overtake the price of some television sets. Getting insurance cover on a mobile device has become necessity looking at the hazards that are faced in society.
The immediate threat requiring insurance cover is theft. Africa is home to above average criminal activity in the world. In the event of theft insurance will replace the mobile phone device. Another potential risk requiring insurance cover is accidental damage of the device. Mobile phones are used in daily activities and may fall victim to unexpected falls and accidents that lead to significant damage.
The most prevalent damage mobile phones face is a cracked or damaged screen. The cost of repair for premium mobile phone devices may be expensive in comparison with the price of purchasing a new lower end mobile phone device. However, the investment in the mobile phone device will be wasted if not repairs are not made. With insurance cover the cost of repair is covered.
Before you take out insurance you need to know there are different types of mobile phone insurance available as well as different levels of cover offered. These cover options provide a choice that best suits your needs and environment. There are mainly two options, namely protection against theft alone, and a more comprehensive option that protects your mobile phone device from theft and accidental damage.
It is prudent to have insurance for mobile phone devices given the cost of mobile phone replacement or repair can be high. If your looking for mobile phone device insurance cover speak to your mobile network operator or insurance provider.