Mobile phone insurance compared

Phone News
Avator By Jonathan Owen
Marketing Manager
Published 6th July 2018
Last modified 4th July 2023
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Choosing the right mobile phone insurance can be challenging as there are multiple options available. You might be aware that you can insure your phone through different avenues such as home or contents insurance, banks ormobile networks. However, it’s important to note that these insurers offer different levels of coverage, with some exclusions like accessory cover or damage outside of your home.

To assist you in making an informed decision, we will compare mobile phone insurance from four types of providers and analyze the coverage they offer. This comparison will help you understand what you can expect from each provider and choose the insurance that suits your needs best.


Bank Insurance

If you choose to have mobile phone insurance through your bank, you’ll often receive it as a complimentary benefit for being a premium account customer, which is a great advantage. However, it’s important to note that this perk may come at a slightly higher cost, usually around £15 or more per month. In comparison, standalone phone insurance can be obtained for approximately £7 per month, providing a more affordable option. Additionally, it’s worth considering that bank phone insurance may involve significant excess fees, potentially reaching up to £100 per claim. On the other hand, many specialized mobile phone insurance providers offer lower excess fees, making it a more cost-effective choice.

Furthermore, it’s worth mentioning that certain banks, such as Barclays, Halifax, and Lloyds, have limitations on the number of claims you can make within a 12-month period. Typically, this limit is around 2 claims. It’s essential to be aware of these restrictions when considering bank phone insurance.

Negatives of taking out phone insurance with your bank account:

  • Large Excess Fee 
  • Limited Pay-Outs
  • High Monthly Premium


Home Insurance

Mobile phone and gadget coverage under home insurance is primarily focused on incidents that occur within your property, such as house fires, floods, or burglaries, which ensures comprehensive protection for your devices in those circumstances. However, it’s important to consider that if your device is dropped, lost, or stolen outside of your house, it may not be covered by your policy. Fortunately, stand-alone mobile phone insurance plans offer coverage for your gadgets regardless of your location, giving you peace of mind wherever you go.

While home insurance does provide an option to extend coverage for personal possessions outside of your property, it does come with an additional cost of approximately £25-35 on top of your annual premium. This additional coverage ensures that your mobile phone is protected even when you’re away from home.

It’s worth noting that making a claim for your mobile phone through your home insurance can have certain implications. Your no-claims bonus may be affected, and you may be required to pay a higher excess fee and experience increased monthly premiums.

Negatives of taking out phone insurance with your home insurance:

  • Not covered if an incident occurs outside of the house. 
  • Lengthy claim process 
  • High monthly premium and excess.


Why you should insure with loveitcoverit

Protect your smartphone investment with loveit coverit. Our tailored and affordable mobile phone insurance plans offer comprehensive coverage for accidental damage, theft, loss, and unexpected malfunctions. With worldwide coverage options, you can travel worry-free, knowing your device is protected wherever you go. Don’t risk expensive repairs or replacements – ensure your device with loveit coverit and enjoy a worry-free experience.

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  • UK based customer service team
  • Instant cover