Insuring mobile phones was not something we really had to worry about up until the smartphone era came into full swing. Instead of phones costing around £99, like they did a few years ago, they now end up costing £699, and beyond for an iPhone 5 or a Samsung Galaxy S4. As soon as the numbers exceed £500, it’s usually time to start talking insurance; you don’t want to purchase a device costing £699 or more and have nothing but hope covering it.
Mobile Provider Insurance
Almost every company that offers a mobile phone service will also provide some sort of protection plan that you can add on to your monthly bill, which will cover most of the damage that your phone might endure. The problem with service provider insurance is that it hardly ever covers all possible damage, and more often than not they only cover issues that are caused by malfunctioning hardware and nothing accidental.
Depending on your credit history, you may be able to find insurance elsewhere that covers more possible damages and even costs less. Typically the service provider has a flat rate for each phone’s protection, but third party companies are often a lot more lenient and will take more things into consideration before offering you a premium.
Third Party Phone Insurance
Your alternative option to the standard protection plan offered by your phone provider, is to go with an established insurance agency that offers full coverage on your mobile device. These companies almost always cover any possible damage including but not limited to: water damage, drops, lost or stolen devices, and malfunctioning hardware.
One of the biggest selling points of this route is the fact that most providers will allow you to cancel at any time, whereas a cellular provider may require you to lock into a 1 or 2 year contract. Pricing is another huge factor to consider; the average cost to have a phone insured by a cellular provider is roughly £10 – £12 per month, or roughly £110 annually. However, third party insurance can be found for as low as just £9 per month, with the option to cancel at any given time.
It isn’t necessary to go through a third party, sometimes it is easier to just bundle all of the mobile device bills together, and there’s nothing wrong with that.
Phone Specific Insurance
Beyond insurance companies that provide mobile phone insurance, you may also want to consider a company that specializes in insurance for one particular model of phone. There are numerous different iPhone insurance providers, as well as Android insurance providers. You can even find companies that offer strictly iPhone 5 insurance, which will often be the most affordable rate and the absolute best coverage since they specialize in just one model. One company that does this is ProtectYourBubble.com iPhone Insurance.
Pricing for insurance offered from a third party specialist can be found for as low as £8 per month, and will almost always cover literally any damage your phone receives, either accidental or from a malfunction.