Theft, loss or accessory cover: which is the best iPhone insurance to have?

May 26, 2017

iPhones are expensive devices to fix! I found this out the hard way. Their price is a function of the level of engineering complexity within the devices, the cost of the components and a healthy does of profit margin to Apple HQ.

In our household, we don’t tend to think too much about insuring our Apple kit, instead we tend to replace the each device with the newest version and pass the old tablets and handsets down through the family and onto the kids. However, that was before I SOMEHOW (and rather annoyingly) managed to drop both my iphone and ipad and cracked the screen on each. After the event (isn’t that always the way!!) I checked to see if I was covered on any to-hand insurance policy (namely our household insurance)….. bad news.

Anyway, moving forward… Since then, I’ve been looking into the insurance options available in protecting our collection (requiring a multi-gadget policy I believe) of iPads, iPhones, Macbook, and Samsung tablets. Turns out, the considerations for iphone insurance are the same as they would be for Samsung, Google, HTC or Sony, but, there are variantions in the fees to fix and replace devices depending on their brand and value.

Historically, I haven’t tended to plan for the worst, but, since my rather annoying breakage and ensuing fixing fees, I am seriously considering my insurance options. Helpfully, loveit coverit insurance (they insure a range of gadgets, including iphones and ipads) have put together a handy guide showing what you get for your cover across the four main types of insurance provider,

Read on …

So how do you choose which policy is best suited for your needs?

There are four main mobile insurance providers – you can take out a policy with your home insurance, with your bank, with your mobile network, or with a third-party provider. However, not all mobile phone insurance policies are created equal. Each insurance provider offers different terms and conditions for situations such as theft, loss, and damage to your device. Sometimes you want a policy that prioritises mechanical damage, or maybe you’re looking for cash compensation rather than a replacement device.

 

Loss

When it comes to losing your phone, various insurers offer different ways to compensate:

Standard contents and home insurance usually only replaces your phone if it was lost in a burglary, flood or fire. Unfortunately, it doesn’t cover any event that occurs outside your home, unless you have additional personal-belongings cover as an extension to your home insurance.

Mobile phone insurance with your bank can be handy if you wish to rely on one provider for many areas, but often comes with higher premiums compared to a pure play provider.

Mobile network providers do not often cover any unauthorised calls, texts or usage on a lost or stolen device.

When purchasing insurance from a pure play provider, loss cover can usually be purchased in one of the premium packages, so you can always trust that your phone will be replaced in a timely manner.

 

Theft

When your phone gets stolen it can be a nuisance to get everything sorted out, and receive a replacement handset.

Home insurance will cover your phone if it was stolen in a burglary or damaged by fire, floods, or extreme weather. But if your phone is stolen outside your home (which is usually the case), then you may not be able to make a claim.

If your phone is stolen and you hold mobile phone insurance through your bank, you are usually insured for standard cover such as damage and breakdown, but not usually for loss and theft.

Most mobile network providers offer standard levels of cover including loss, theft, damage, breakdown, unauthorised calls, and mobile phone accessories. However, some network providers do not offer any cover for theft or loss.

Through a pure play provider, in most cases a replacement device is issued with compensation provided for airtime abuse on the stolen device. At loveit coverit, replacements are usually dealt with quickly, and any claims resolved effectively.

Mechanical breakdown Unfortunately, almost all mobile phones will run less effectively over time. When your phone suddenly decides to stop working, it can be a huge inconvenience to your day-to-day life.

Home or contents insurance usually requires you to take out additional personal possessions cover to be insured for mechanical breakdown. It also comes with an excess of up to £500 on some home insurance policies, compared to £25-50 from a pure play provider.

Mobile insurance through your bank will cover you if there is a mechanical fault with your phone. However, there is often alimit on the number of claims permitted for each account. If you own a phone with a tendency to break down at any given moment, you could end up paying more to insure your mobile phone than necessary.

To be covered through a mobile network provider, often you need to have already purchased a phone from them, otherwise you cannot purchase their insurance. A pure play provider offers a more effective insurance package for any phone if it is less than 36 months old.

With a pure play provider such as loveit coverit, repairs are unlimited, so you can claim as many times as necessary within your insurance period.

 

Accessory cover

Accessories are often a necessary part of owning a mobile phone, and can be a pain to replace if they go missing or become damaged.

Home insurance companies often do not cover your phone for any accessories related to your device, which can be inconvenient if you find yourself spending extra on accessories.

Mobile insurance through a bank usually includes accessories cover but with a maximum value limit.

Through a mobile network provider, you often cannot make accessory-only claims. Any claim must be made along with a claim for the loss, theft, or damage of your mobile phone.

Through a pure play provider, you are sometimes covered for accessory cover as standard, included in the monthly cost to insure your mobile phone, or you can purchase it as an additional cost.

 


Verdict. Given our household insurance didn’t cover accidental breakage on my iPhone and iPad, I am going to try a specialist mobile insurer. Because they specialise in gadget insurance, you know where you stand when it comes to the costs, cover, claims process and excess when you do claim. My advice – check the “excess” to fix a device and the “number of times you can make a damage claim per device”, because you never know, you might well break the same gadgets again!

Theft, loss or accessory cover: which is the best insurance for my iPhone? 

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