Is smartphone insurance worth it?

Unlike the older, regular mobile phone, smartphones come with a range of innovative features and are expensive to replace. The unfortunate downside of this is that smartphones are less resistance than older mobile phone models, partly due to their larger screens and thinner material protecting the compact internal components. Considering smartphones are more likely to break, but are often expensive to insure and are regularly made obsolete by newer models, would smartphone insurance be worth it?

Contract Insurance

When you take out a mobile contract you should check whether your mobile phone provider includes smartphone insurance, which might be worth it considering these are usually cheaper deals than buying standalone insurance. In some cases, insurance may be included free in your contract.

Insurance Cover Types

Smartphone insurance might be worth it if it provides a type of cover that is not normally included in your warranty. For example, accidental damage and theft are not covered by the warranty, and it is usually accidental damage that causes smartphone screens to break and require repair. If you're particularly prone to losing your phone or dropping it, you should consider buying additional insurance, especially if you buy a larger, heavier smartphone which are more likely to be dropped and break.

Bank Benefits

If you have a bank account, check whether they will offer you free smartphone insurance which would be especially worth it as they should cover most smartphones. For example, the Natwest Gold account offers free smartphone insurance as one of their benefits.

Cost of Repairs

Consider how much it would be to repair your smartphone should it break. Remember that issues that are not your fault are covered by the warranty, so you only need to consider damage that would affect your phones functionality and how much it would be to replace the handset should you lose it. Unless you know how to replace a phone screen and digitizer, you will also need to consider the cost of labour to repair a phone. If the cost of insurance is considerably higher per year than a repair would be, smartphone insurance might not be worth it.

Shopping Around

Considering the cost associated with replacing a handset purchasing smartphone insurance could be worth it if you find the right price, just to have that piece of mind. You could use price comparison websites to look for the best deals which might save you money, but it's usually worth buying insurance with another product you have (such as your bank or phone provider).

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