The cost of replacing your mobile phone if it gets damaged or is stolen can run into hundreds if not thousands of pounds if you have one of the newest handsets, so it’s worth making sure you have financial protection in place should the worst happen.
All the mobile networks offer their own cover, and you can also buy policies through mobile phone stores and independent providers, so make sure you compare several different quotes before buying to ensure you end up with the best deal to suit your needs.
Always read the small print carefully too. For example, how much is the excess in the event of a claim? The excess is the portion of any insurance claim which you must pay yourself. You should also find out whether the policy covers any unauthorised calls made from your phone. If not, and it is stolen, you could find that the thief has racked up massive bills calling abroad which you might be liable for.
Some packaged current accounts, which offer a range of benefits in return for a monthly fee, include mobile phone insurance as part of the deal. That means you may not need any additional cover, but make sure you find out what you are and aren’t covered for. For example, the policy might pay out for the same model you have already, or it may only provide a replacement which might be an inferior model.
Your home contents policy is likely to cover your telephone if it is stolen by burglars or if it is destroyed by a house fire, but it usually won’t pay out if it’s taken why you’re out and about. Learn more in our article Should you insure your gadgets on your home insurance or buy standalone cover?.