Do you need mobile phone insurance?

Phone insurance can offer valuable financial protection if you lose or damage your phone, but it can also be expensive. Here’s how to work out whether you really need it and how to pick the right cover.

What does phone insurance cover?

Mobile phone insurance policies can offer financial protection against:

  • Accidental damage: The policy will pay for repairs or replace your phone if you accidentally damage it; for example dropping it on the floor.
  • Fraudulent call costs: The policy will pay for unauthorised calls, texts and other charges if it’s lost or stolen.
  • Damage to accessories: The policy will pay for damage to registered accessories for example Bluetooth headsets or headphones.
  • Loss: The policy will pay for a replacement handset if you lose your phone.
  • Theft: The policy will pay for a replacement handset if your phone is stolen.

Some policies also offer specific cover for water damage, cracked screens and when you take your phone abroad.

As with most insurance policies, you have to pay an excess before you can make a claim. For phone policies these range from €25 to over €100.

How much does it cost?

It depends on your handset and the level of cover you choose.

A basic mobile phone insurance policy could cost less than €5 per month, but a more comprehensive policy for an expensive phone could cost over double this.

If you’re looking to insure multiple handsets or gadgets for your business, you could save with a corporate policy

Who sells it?

Most Irish phone networks offer insurance alongside your phone contract, but this can be expensive.

You could save money by taking out an independent policy from an insurance broker. Some of the main mobile phone insurers in Ireland include:

Decide what level of cover you want upfront and get several quotes alongside what your network is offering to find the best price possible.

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Check if you’re already covered

Before you decide whether to pay for mobile phone insurance it’s worth understanding if you’ve already got cover in place, and what it actually protects you against.

Home insurance

You may have some cover on your home insurance policy, but the excess is likely to be much higher than on a phone insurance policy.

The cover you get with your home insurance will usually be less comprehensive than a dedicated phone insurance policy.

For example, most home insurance policies are unlikely to cover unauthorised calls made on your phone if it’s stolen.

If you’re not sure exactly what your home insurance offers, contact your insurer to check.

Warranty

If you’ve got a new phone contract then your handset may be protected by your manufacturer’s warranty if it breaks.

However, the warranty will only protect you if there is a fault with your handset.

This means you’ll be left out of pocket if your phone is:

  • Lost
  • Stolen
  • Damaged by accident

Choosing the right cover

If you do decide you need mobile phone insurance, find the right policy by:

  1. Deciding what cover you want and how much excess you are happy to pay
  2. Checking the cost of insurance from your network
  3. Ensuring the policy limit covers the cost of your phone
  4. Getting several quotes from other brokers

This should give you several options to choose from and help you find the cheapest possible price.

Get a SIM only deal with the calls, texts and data you need for less.

It only takes a few minutes to find a cheaper deal and start saving.