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From a simple cost point of view, it makes perfect sense to invest into the small monthly fee to keep your mobile phone protected all year long. Your only other cost is the low excess fee each time you need to make a claim.
When comparing prices for mobile phone insurance, it is important to note that any advertised prices on gadget insurance websites will be for their cheapest phone insurance policy. This will be for their basic package with no extras included, for a mobile phone with retail value of below £150. In order to find out how much your mobile phone will cost to insure, you will need to get quotes from each provider to truly compare prices and the included benefits for your particular model of phone. Prices vary across different models.
When evaluating whether the cost of phone insurance is worth the investment, one must first consider how much was paid for the phone in the first place. It would have been purchased on either a contract, pay as you go or as sim free.
Replacing a phone which has been initially purchased without a mobile contract will show you the true value of the handset, referred to as the “sim free” or “handset only” price. The Apple iPhone 7 Plus 256 GB model is one of the most expensive phones in the world and also one of the most popular. Without gadget insurance, you would have to pay the full retail price to replace it should it be damaged, lost or stolen. Currently, this model is available to buy at a staggering £899.99.
If you plan to replace any smartphone which has the latest features, you can expect the replacement price to be in the hundreds of pounds.
Theft (Loss is optional)
Accessories (up to £150)
Low excess fee
If you purchased your phone as part of a pay as you go deal, then you have more freedom in replacing your phone, as you are not tied in to any contract. The cost of replacing your handset will be much cheaper compared to being on a contract, but you could still end up paying a few hundred pounds depending upon your choice of phone model. The cheapest pay as you go phone available from Carphone Warehouse is £24.99. If you have a basic phone model with minimum features, then it makes no sense to invest into mobile phone insurance. It will be cheaper for you to buy a new phone each time it is lost, stolen or damaged. On the other hand, if you have the latest Samsung Galaxy S7 Edge phone model on pay as you go, it will cost you £639.99 to buy it again from 02. In which case, buying gadget insurance will save you a few hundred pounds each time you need to make a claim.
Some models of mobiles are available for free when purchased with a mobile phone contract. This does not mean that the device has no value, rather the value of the device has been subsidised within the cost of the phone contract, as you the customer will still be paying monthly for the use of a mobile number with inclusive minutes, data and texts.
If your phone is damaged, lost or stolen and you have no insurance, you will still continue paying monthly for the use of the mobile number until the end of the contract, regardless of the working condition of your mobile phone. Contracts can range from between 12 months up to 24 months, which is a long time to be paying with no mobile phone and no use of services.
You could wait until your next upgrade, which is normally near the end of your phone contract. Upgrading will renew your contract for another 12-
If your upgrade is too far away, then starting a 2nd mobile phone contract will give you those options of purchasing a new handset for free, or for less than the retail value. However, this also means that you will now be paying for 2 mobile phone contracts and still only have one working mobile phone.
Once you have a better understanding of the replacement costs involved, you will be able to make a more informed decision into whether or not you need mobile phone insurance. You will be able to understand if it can save you money in the long run.
So how much does it cost to insure your mobile? Using the same example for the Samsung Galaxy S7 Edge 32GB model, with Gadget Cover you can be insured for the low monthly payments of £8.99. For additional loss cover included, it is only £1 extra each month. As they offer the first months free with every annual policy, the 1st year total cost of being covered against loss, damage or theft will be £109.89.
If you make just one claim on your policy in the 1st year, you only pay the excess fee, which will be £75 (as the gadget is valued at over £500). That brings the total cost of replacement with just one claim to be £109.89 + £75 = £184.89.
Disclaimer: The prices for mobile phones and mobile insurance policies quoted here on this page are for informational purposes only and were correct at the time of publishing. (15th March 2017) You should always check the source websites for the most current information and prices.
The cheapest way to buy the Samsung Galaxy S7 Edge 32GB model is on pay as you go at £639.99 from 02. Which means with just one single claim in the first year, you would have saved yourself a few hundred pounds on replacing a damaged, lost or stolen phone. Actual savings would be £639.99 -