Mobile Phone Insurance

mobile-phone-insuranceLet’s face it. Mobile phones are getting more and more expensive and we all can’t help ourselves whenever a new smartphone comes out. The growing cost of mobile phones is leading us to the fear of losing, breaking or nicking ours. Because of this fear, mobile phone insurance companies are offering expensive covers that may or may not be necessary, depending on the situation. To find out whether mobile phone insurance is right for you, read on.

Do You Think You Need It?

If you are the careful type and you treat your mobile phone like a very close friend, you’re not likely to claim insurance for losing or breaking it. But if you often find yourself looking for your phone at home, in your purse or your desk, then insurance might be a good idea. Those who are always on the go and often forget where they put their phones are likely to need cover one way or another.

Is Self-Insuring Possible?

Unlike life insurance, mobile phone insurance may not be long term and the cover you’d need is not as much either. If you can set aside some money every month and put it into a savings account that you can use to buy another phone in case you lose the current one, do that. It will save you the trouble of having to file for claims. However, if you don’t think you can save for a phone, then consider investing on mobile phone insurance.

Do You Have It Covered Elsewhere?

Most home insurance cover mobile phones but a successful claim is only possible if you lose it at home, which means it probably got stolen from inside your house. Some add on cover on home insurance could make it possible to get covered even if you lose your mobile phone somewhere else. It’s best to ask your insurance provider to make sure.

Do You Need Fast Replacement?

In case you lose or break your mobile phone, would you need a replacement as soon as possible or could you spare some time waiting for a new one? If you need fast replacement, you’d have to choose insurance from your network provider or use your savings to buy a new phone. If you have time to spare, consider what your bank account offers in terms of insurance or check to see whether your home insurance can and will replace it.

Check the Fine Print of Your Mobile Phone Insurance

If you do decide to get a specialist cover for your mobile phone, read and understand the fine print. You have to understand the policy carefully so that you know flat out whether or not you stand a good chance of making a claim. If the mobile phone insurance policy you have makes it too hard to make a claim, you’re better off saving the money and setting it aside to buy a new phone in case you lose or break the one you currently use.