The arrival of the new generation of smartphones, iPhones and tablets has also meant a big increase in the cost of replacing them. If you pay a small monthly premium of £11.95 for multi gadget insurance, it could save you a major headache should anything happen to your possessions. In reality, the higher the value of your gadget, the more important it is to make sure that you have some form of insurance against damage or loss.
If you’ve just invested heavily in a new smartphone or iPhone deal, or purchased yourself a fancy new tablet, you may be tempted by the retailer’s offer to take out their insurance at the same time. Before you buy, read their terms and conditions carefully. You should check the excesses and exclusions, and weigh up how likely you are to lose or damage your gadget against the cost of the insurance and the worst-case-scenario cost of replacing your handset.
You could also extend your home insurance policy to cover your gadgets. However, this will be limited in cover. It won’t provide the specialist cover that dedicated multi gadget insurance will automatically include. Plus, you’ll likely have a higher excess to pay in the event of a claim. It will also affect your home insurance premium if a claim is made.
It’s worth bearing in mind that if you don’t have mobile phone insurance, you’ll be liable for the cost of any calls made if the phone is stolen. Our multi gadget insurance policies will cover this. Please read the policy conditions carefully. A claim may be refused if you left your phone unattended in a public place, or failed to report the theft to your mobile company and the police within 24 hours.
If you have a few minutes, why not read the Which? report into phone insurance benefits here.