Smartphone insurance gaining traction in Iran

Financial Tribune – With each passing week and month prices of mobile phones keep climbing in Iran and many other countries. The outrageous prices have forced many to consider getting an insurance policy for their cellphones.

High-end handsets from Apple and Samsung cost over and above $1,000 in global markets. With the value of the rial, long stuck on the downward trajectory and hampering imports, cellphone prices in Iran are much higher.

Due to the rising prices, many are taking out insurance on their smartphones. Local firms offer insurance services for cellphones with an aggregate limit of 60 million rials ($370). An insurance plan for this amount costs between five to 10 million rials ($30 to $61) and covers some repairs, ICTNA reported.