Comparing insurance solutions can save money on your phone insurance

At this time of year, we’re all about saving money – with Black Friday and Cyber Monday just around the corner, everyone’s looking to get the best deals on the gadgets they want. But what’s the point in saving money on gadgets if you then have to pay through the nose to insure them all?

To help you stretch your pennies a little bit more this Cyber Monday, we’ve put together a guide to saving money on phone insurance, from looking for discount codes to customising your policy.

Compare gadget insurance solutions for your mobile phone - based on insurance claim ratings

Do you really need mobile phone insurance?

Obviously, the best way to save money on phone insurance is not to get any at all. While this very risky strategy isn’t advisable, if you’re considering trying it you need to do a thorough self-assessment. Ask yourself:

• Have you ever dropped or lost a phone?
• Are you likely to break your phone? 
• Do you take it with you when cycling, riding, sailing...?
• Do you keep it in your back pocket often? 
• Does your job increase the risk that you’ll break your device? 
• Do you lend your phone to your kids a lot? 
• When was the last time you actually dented it or smashed the screen?
• Do you use a case with a front cover? 
• Do you commute at busy times using public transport?
• Do you take a lot of selfies on a night out with your mates...possibly after a few drinks?
• Do you use your phone as a torch when going camping?

These are all questions you need to ask yourself if you’re considering foregoing phone insurance. If you’re the kind of person that leaves your mobile on the bus or is prone to knocking it off tables, maybe taking the chance isn’t the best option. However, if you feel confident in your ability to keep your new gadget safe from theft, loss, and damage, then you can try going without insurance.

RELATED: How to keep your gadgets and personal possessions safe

Use a Discount Code

A great way to save money on your phone insurance policy is to use a discount code online. These offers can either take a percentage off your policy price or reduce the amount of excess you’ll have to pay should the worst happen – either way, you’ll end up making a saving.

There are literally hundreds of free discount sites online which either highlight the best deals or offer discount codes from insurers, like Groupon and Voucher Codes. 

It shouldn’t be too difficult to find one. The downside is that you may not be able to find a discount for the specific policy you want. You could end up spending money on insurance that isn’t satisfactory. Furthermore, while there are lots of discounts out there, finding ones that are valid can be a struggle – so you could end up spending hours hunting for the best deal and not find anything. But it's worth a quick search, definitely. 

Save on your phone insurance through a cashback offer

You can find cashback offers on sites like Quidco or TopCashBack. Don't forget to check your credit cards as well. A lot of them come with cashback offers on many purchases. Sometimes it's a quicker and easier solution than spending hours hunting down a discount code! On top of this, credit cards also come with additional refund protection on your purchases. A wise move when you see the average cost of a new phone. Just make sure you set up a direct debit or an alert (on your phone!) to pay off the balance before the due date. If not, the interest on your purchase could end up wiping off all your good cashback work. 

Self-insurance 

Self-insuring essentially means that you put some money away each month in case you need to repair or replace your phone. 

Is self-insuring a good strategy for saving money?

Let's see the pros and cons:

It allows you to dictate how much you’re ‘paying’ for insurance each month -  So rather than spending £9.99 a month on a policy, you could put away £5 instead. 

If you do actually have to repair your phone, you won’t have to pay an excess charge - All of your savings can go straight to cost of fixing the device.

It relies entirely on your self-control –A major downside of self-insurance is that if you’re choosing to put money away in case your phone breaks, you can’t touch it unless you need it for repairs. For many people, this can be incredibly difficult, as the stresses and costs of day-to-day life ramp up. 

There are some dangers that you can’t account for with money alone - While you can pay to fix damage or replace a lost or stolen device, it’s a lot harder to account for things like unauthorised calls if someone steals your phone and uses it to call, say, Dubai for hour upon hour each day. Some insurers, like loveitcoverit, offer up to £10,000 for unauthorised call. No matter how much you put away a month, you’re unlikely to be able to pay off that amount should the worst happen.

Alternative Insurance solutions for your gadgets

Using your home insurance - It is possible to have your mobile added to existing insurance policies, such as your home and contents insurance. While your device will be covered while you’re in the home regardless – for example, if you’re burgled, you’ll be able to claim – you can pay extra to ensure that you’re covered even outside of the home. You’ll have to do the maths and decide where the best deal lies.

Some new insurance policies even let you turn your insurance on and off on demand per gadget too!

Checking your bank account additional benefits - Depending on the level of your account, you may receive some form of phone insurance as standard. There may also be opportunities to add it to your account for a price. Again, you’ll need to make sure that it’s actually cheaper than getting specialist phone insurance.

Customise Your Policy 

Some insurance companies will offer a range of policies for you to choose from, with different price structures. Obviously, if you want the best insurance, you’ll need to pay the most money. But if you feel comfortable sacrificing certain elements of your policy – maybe you don’t need accessory cover – then you might get a better deal by going for a less expensive policy.

So , all in all there are many ways to insure your phone and your other gadgets. Spend a little time weighing the various options. If you plan on hunting for a new mobile this Cyber Monday, hopefully these tips will help you get the insurance you need for the right price, so you can continue the savings. Let us know in a comment if you can think of other ways, and the best deal you've found for your gadgets. 

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