Just like to share my experience. I had the exact same issue like you, where my phone was damaged when i accidentally drop the dumbbell on the phone when i was doing gym.

Called up maxis to claim the insurance, they asked me to pay 25% of the market value of the phone, which is galaxy note 5. Then i asked maxis how much is the 25%, they replied its RM670++. I further questioned how much is your so called "retail price"? They responded RM2500+.

I was like wtf? Note 7 is coming out and your retail price now is still RM2500++? I have been paying the insurance for about 9 months which is about RM135 and now i have to fork out another RM670++ for the insurance. It is such a rip off!! Before i purchase they persuaded me to to get this insurance saying its 1 to 1 exchange and now i have to pay so much to get it replaced.

maxis' reputation is sinking down the drain, i'm gonna change telco once the contract ends!