Smartphone Insurance: Don’t Lose Your Money And Your Phone
In times gone by a telephone was just a device to make calls on. Now the way our phones work has advanced so much that we use them to run our lives and many people would be completely lost without their smartphone.
An increase in technology has also meant an increase in price, not only for the handset but also for any repairs or replacements we might need. With the new iPhone 5 retailing at a whopping £699/$1089 losing or breaking your handset could prove to be an expense you just can’t afford.
Keeping this in mind it isn’t surprising that insurance for mobile phones is big business. It’s also not surprising that your insurance could add hundreds of pounds to your annual bill depending on the policy you opt for.
Here are some tips and tricks to make sure you don’t lose your money and your phone.
Mobile network insurance
Every time you buy a new phone the mobile network or high street shop will also try and include an insurance policy in your bill. If you give into the hard sell it will save you time trying to find another insurance policy from a separate provider.
However, the easy option might not be the best. Many of the insurance policies have exclusions that could leave you out of pocket. For example you might not be covered for phone calls made if your phone is stolen. Always read the small print and be ready to shop around if the policy doesn’t seem right.
Home insurance
You might find that your home contents insurancecovers your mobile phone, even if it’s lost or stolen outside of your home. It’s always worth checking your policy before buying separate mobile phone insurance as you could save yourself some money.Also bear in mind that if you make a claim for your mobile phone on your house insurance it could mean a dramatic rise in your premiums when you come to renew your policy.
‘Packaged’ bank accounts
If you have a ‘packaged’, or paid for, bank account you could be paying twice for your phone insurance as it will already be covered by your bank. However, you’ll need to check the level of protection this offers before relying on the policy to cover you for everything.If you want complete protection you’ll need to look for a higher rated bank account and remember you’ll need to register your phone before the policy comes into effect.
Stand-alone insurance
You may find that you get the cheapest deal for your iPhone insurance by taking out a stand-alone policy. It also means that you really will get what you pay for. You can tailor your policy so you’ll get exactly what you need and you’ll pay a price you can afford.The cheapest policies tend to offer cover for theft and breakdown whilst the more expensive packages will replace your phone with the same, or equivalent, model.
