Bank Accounts that include Mobile Phone Insurance
When considering mobile phone insurance options, it’s worth noting that some banks offer it as a complimentary benefit for their premium account customers. However, this might come with a higher monthly cost of approximately £15 compared to around £7 for stand-alone phone insurance. It’s important to be aware that bank insurance often entails larger excess fees, potentially up to £100 per claim, whereas specialist mobile phone insurance providers tend to have smaller excesses. Additionally, certain banks, like Barclays, Halifax, and Lloyds, may impose limits on the number of claims allowed, typically around 2 per 12-month period. We recommend carefully evaluating these factors before making your decision.
Pros of Bank Accounts that include Mobile Phone Insurance:
- Convenient: No need to shop around for a separate insurance policy.
- Simplified payments: The insurance cost is included in your bank account’s monthly fee.
Cons of Bank Accounts that include Mobile Phone Insurance:
- Limited coverage: Bank-based policies may have lower claim limits or exclude certain damages.
- Difficult cancellation: Some policies may have extended cancellation periods or fees.
- Limited coverage abroad: Some policies may only cover loss or theft within the UK.
Home Insurance that includes Mobile Phone Insurance
When it comes to insuring your mobile phones and gadgets, home insurance typically covers theft or damage that occurs within your property, such as in cases of fire, flood, or burglary. However, it may not cover incidents like dropping, loss, or theft outside of your house. Stand-alone mobile phone insurance plans offer comprehensive protection wherever you go. While home insurance allows you to add coverage for personal possessions outside your property, this option comes at an additional cost of £25-35 on top of your annual premium.
If you make a mobile phone claim on your home insurance, it can impact your no-claims bonus, result in a higher excess fee, and lead to an increased monthly premium. Additionally, claims through home insurance tend to take longer to process compared to specialized mobile phone insurance providers who often offer next-day replacements and, at most, within a couple of days. It’s important to weigh these factors when deciding on the best insurance option for your needs.
Pros of Home Insurance that include Mobile Phone Insurance:
- Convenient: No need to shop around for a separate insurance policy.
- Simplified payments: The home insurance premium includes the cost of the mobile phone insurance.
- Potential cost savings: Some insurers offer cheaper mobile phone insurance as part of home insurance policies.
Cons of Home Insurance that include Mobile Phone Insurance:
- Limited coverage: Some home insurance policies may only cover loss or theft of your phone in the home, excluding accidental damage.
- No coverage abroad: Some home insurance policies only cover loss or theft in the UK.
- Higher excess: Home insurance policies with mobile phone insurance often have higher excesses than standalone policies.