Often money saving websites will tell you to get mobile phone insurance (mostly because they earn a commission from them) however as always we think a bit differently:
Self insure
Something people seem to forget/ignore about insurance companies is they’re not setup to help people out, they’re setup to make a profit from you.
If instead you stick two fingers up at them and put the money you would spend with them into a dedicated savings account instead then when you don’t break your phone that money you have saved is yours to keep!
If anything does go wrong just use that fund to pay for parts to fix or replace the phone. If you do end up breaking your phone beyond repair use discount secondhand phone replacement websites to get a ‘new’ phone at a heavily reduced price.
This image shows the offices of Hiscox insurance, who last year generated £216,200,000 in profit. Image source
HOWEVER: If you’re one of those people that constantly smashes your phone or never knows where they’ve left it then an insurance policy might be for you:
Does your bank already cover you?
Some bank accounts offer insurance on phones as part of your package, if you’re paying for your banking then most likely this is included.
Generally these bank accounts aren’t worth the money each month so don’t bother signing up to them.
Got home insurance?
See if you can put it on your home contents insurance, it will most likely be the cheapest option however watch your excess / think about how much it would be for future renewals etc
Most insurance policies will cover your device inside the house however you need to check for ‘accidental damage’ or ‘all risks’ or ‘personal possessions cover’ to cover you outside the house.
Remember most will pay ‘cash’ for the device so when comparing remember to see if they will pay the current market price or the new price.
Your home insurance might already cover your device, it might also be worth checking with your parents policy as well if you’re a student
Grab decent but cheap independent insurance
Go with an independent insurance company just for your phone, these guys are normally the cheapest http://10ws.co/18sZXVk or http://10ws.co/1eyeYaI or http://10ws.co/1HQixnZ
Stop being an idiot
The amount of people we see who leave their phone unoccupied in coffee shops or walk around with their phones sticking out of their backpockets or loose at the top of their handbags and then they wonder how a theif stole their phone! Grrrr
Setup ‘find my phone’ settings ready in case your phone does get stolen + REALLY IMPORTANT write down your IMEI number & serial number for your phone. Then if the phone does get nicked you can report it stolen and get the phone blocked.
To find your IMEI – Dial *#06# and the number will be displayed on your phones screen.
Need your phone back super quick?
Go with your phone operators insurance policy, often more expensive however you will get a replacement phone within a day or two.
O2 | Vodafone | EE
How to soften the blow of a broken phone?
- Keep your phone backed up
- Put your phone in a decent case
- Ensure the original price you paid for the phone is a good price
- Remember companies build devices designed to break
Those with a modern phone that is easily broken should hold their heads in shame for not getting a phone case. We use Spigen cases and they’re very good + pretty cheap
