Smartphone or iPhone insurance has become a common aspect among millennials. However, finding the right cover that matches the requirements becomes very challenging. As a rule of thumb, most phone insurances cover three elements: theft, loss, and damage.
Besides this, many UK mobile insurance providers also include downloads, phone accessories, apps, music, games, unauthorized calls, etc. But the type of coverage would depend on the cost, service provider, tenure, etc.
To avail of the best cover for mobile phone insurance, a person should follow a few steps. Some of these include carefully reading the insurance policy, matching written contract details with verbal communication, comparing insurance providers, etc.
5 Steps to Find the Best Cover for Mobile Phone Insurance
● Find the Right Choice
The first step to avail the best cover for mobile phone insurance includes thorough research. Don’t panic and take the phone brand as the only and final option. Comparison websites would help find the best cover based on budget, requirements, age of the phone, current status, etc.
There are four significant cover forms, namely, packaged bank accounts, gadgets, manufacturer, and mobile network insurance. Packaged bank accounts also account for car breakdown, travel, and upper age travel insurances besides the mobile cover.
You might want to take a specific cover; however, a deficit of savings might not provide it as an option. Under such circumstances, go for easy loans in the UK or unsecured loans with minimum repayment tenure. It will help to meet all the current requirements.
● Read the Ownership Contract Thoroughly
As mentioned before, the gadget insurance contract differs from one service provider to another and includes variables based on the amount. However, taking the word of mouth of an insurer may land in jeopardy if a policy clause remains accounted.
Therefore, read the contract thoroughly and ask questions about different legal and insurer statements. If their answers match, there is no requirement of worrying. However, you can avoid such circumstances if the insurer provides unsatisfying solutions.
Moreover, most insurers offer cover for a mobile phone with an age of no more than thirty-six months. Also, the owner should have UK citizenship and age above eighteen.
● Avail a Need-Based Contract
Many people take need-based insurance contracts for their gadgets. It means avail insurance if they don’t have sufficient savings for a new phone, travel frequently, often face phone accidents, or rely on it.
Moreover, many network phone insurance providers replace worst-case scenarios a day after the claim. Therefore, you can manage your daily tasks without much gap.
They also become a viable option for people that require their phones immediately, don’t have a second phone, or have insufficient savings. So, it is necessary to decide the type of insurance based on the usefulness of the phone.
Besides comparison websites, contract owners can connect with the insurer to inform their mobile phone usage and travel frequency. It will help to find the best contracts that match their requirements.
● Compare Monthly Savings to Insurance Amount
Before finalizing a mobile insurance cover, decide the contract’s need by comparing it with monthly savings. It is unnecessary to take phone insurance cover if you can save a much higher amount in your savings and generate an additional interest on it.
The best savings methods include opening direct debit savings accounts, using budgeting apps, decreasing expenses, etc. Estimate the average yearly savings if the phone gets stolen, corrupted, or broken and compare the amount with the insurance costs.
The amount of savings and the generated interest will remain intact if neither of the worst-case scenarios persists. Moreover, if your daily life doesn’t incorporate a regular traveling life, there is a high chance of such a situation.
● Clarify Six Important Aspects
Mobile phone insurance providers often clarify and mention the circumstance under which the insured can’t make claims. These mostly include carelessness, unattended theft, water damage, stolen or lost report delay, cosmetic damage, and under eighteen age.
For instance, the insurer can reject the claim if the phone gets stolen while remaining unattended. These situations occur when you leave a phone with a known person at a gym, pub, disco, etc.
Besides this, create self-insurance by investing small denominations in a savings account. It can prove useful in buying a new mobile if the insurer rejects the claim. Also, check refurbished and second-hand handsets. They come at a much lower price than new ones.
● Other Takeaways
In addition to the five significant steps to avail best cover for your mobile phone, check the claim policy. Backup the data on your phone and secure bank, communication, email, etc., with encryption.
It will help safeguard accounts until you inform the concerned person if the phone gets stolen, hacked, etc. Moreover, it will help to block online transactions until the cards get dispatched from the bank.
Read the clauses for claiming insurance carefully. These often include circumstances that offer the best chances of getting a replacement or money for a phone. Moreover, make sure to avail a standalone mobile insurance policy instead of having it under home content insurance.
Separating the phone insurance would help to avoid loss of no-claims discount and come at a lower cost.
