Russians Tend to Insure Chinese, Korean Smartphones More Often This Year

Russians tend to insure their smartphones by Chinese and Korean producers more often this year, according to a study by Sberbank Insurance, a subsidiary of Sberbank, obtained by TASS. The price of most often insured phones varies from 12,000 ($164) to 14,000 rubles ($191), TASS noted.

This year, Honor became the “most insured” smartphone brand: 35% of the total amount of insurance purchased for this gadget. Most often users insured their Honor 9X model (6.7%).

Korea’s Samsung is the second most popular brand (22%) on the list. The Samsung A10 model is the most dear to their owners: it accounted for 6.6% of purchased insurance contracts.

One fifth (21%) of insurance contracts are concluded for Chinese smartphones under the Xiaomi brand. The most popular model is Xiaomi Redmi Note 8T (6% of purchased insurances), according to the study.

If in 2019, Russian phone owners insured mainly Apple and Samsung phones, this year iPhone insurance accounts for no more than 3% concluded contracts, Sberbank Insurance stresses.

Most often, mobile phone owners protect gadgets, which cost from 12,000 to 13,999 rubles, they account for 17% of all concluded contracts.

“Data on sales of insurance contracts for new equipment generally correlates with the dynamics of sales of various brands of smartphones from retailers. Most often buyers insure Android smartphones that are not most expensive ones, knowing that repairing such models will cost much more than the insurance itself. On the other hand, the low cost of devices also makes it easier for owners to return their money in case of a phone theft. On the other hand, insurance remains a popular protective tool for owners of premium smartphones,” Konstantin Filippov, head of the partner sales department of Sberbank Insurance, said as quoted by the Sberbank press service.

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