Mobile phone insurance is the newest term in the insurance sector. This insurance plan cover the risks such as mobile theft, accidental damages of the handset due to fire or some other factors and excess calls without th users' consent.

Very few companies worldwide provide mobile phone insurance plan. The main characteristic features of the mobile insurance companies is that, they work on 24/7 hours basis. Therefore, the person can contact the insurance company any time for any query or in case of any problem.

The mobile phone insurance plans are generally for contract & pay as you go mobile phones. However, some companies also do have insurance plans for simfree handsets. The statistics worldwide suggests that ,there has been rise in the mobile theft cases during past 2-3 years. Therefore, owing an appropriate mobile insurance plan will certainly keep the handset owners relaxed.

The chances of damage of the mobile phones is also high, when people go outside of the home. The handset may get damaged if it accidentally fell on the water or fire from the user's hand. The handset may also get damaged if it fell on the water and crushed by the moving vehicles such as Bus, truck etc. Handset owners also be little bit disturbed due to unauthorized use of their handsets. The unauthorized use of the handset means making local, STD or ISD calls by other persons without taking permission from the handset owners. This increases the mobile bills of the handset owners and they have to unnecessarily bear this burden. Therefore, to makeup for any financial losses due to damage or unauthorized use of the handset, people should choose a mobile phone insurance plan.

People should always keep many factors in the mind while selecting a particular mobile insurance plan. The most important feature of a good mobile phone insurance is that it should cover all the risk factors relating to the handsets. The other noteworthy feature is that, the insurance premium should be less. Many of the mobile insurance companies provide online service. Thus the people can easily browse the websites of the leading mobile insurance companies on their computer and select the best among them for the purpose. The advantage of the online mobile insurance is also that insurance application is approved in a faster pace usually in 10 minutes to 24 hours. The insurance amount is sanctioned to the mobile insurers within 48 hours of the receipt of theft or damage reports of the handsets.

People having contract mobiles benefits the most. Many people purchase contract handsets which are also cheap and carries upto 24 months contract deals. However, if the handset is lost or damaged before the expiry of the contract period, the free offers is also lost.Thus the people will have to bear the costs of the new mobile as well as the costs of the mobile service provider. Many mobiles, which has high features like windows operating system, large inbuilt memory, High resolution camera, touch screen etc. are costly.

If the people will accidentally get their costly gadget damaged, lost or stolen, then certainly they will find difficult to purchase a new costly handset. Therefore, the mobile phone insurance is the need of modern days.

Samuel Herrick writes about mobile phone insurance and cheap mobile phone insurance .