Cost of smart phone insurance cover rising

Over the past year or two a rising number of high tech smart phones have hit the shelves in the UK, and these days more and more people are sporting these expensive gadgets. Smart phones are also high on the list of things to steal amongst thieves, and many people find themselves victims of phone theft when taking their high tech phones out with them. Many others end up losing their smart phones or causing damage to them by accident.

The smart phones of today can do all sorts of things, and are packed with apps and features. However, these phones are also very expensive, and this can cause a problem when it comes to insuring them. Recent data has shown that some mobile network operators are now hiking up the excess charges on iPhone insurance, and some will only provide reconditioned second hand phones to replace the one that has been lost, damaged, or stolen.

Consumers are advised to shop around for insurance cover for their smart phones, as the cost can vary from one provider to another. Some people may have mobile phone insurance built into their benefits package if they have a packaged bank account, but should check to make sure that the cover also applied to high end smart phones. Officials have said that another option for consumers is to consider adding it to the home insurance policy. Consumers also need to check the details of any policy to see what the phone is covered against and what the excess charges are.

One industry official stated: ‘Insurers across the board are seeing claims rise, be it because of fraud or just because new phones are more attractive to thieves. Insurers that will cover older phones are the hardest hit.’

Tags: Technology Internet, high tech phones, expensive gadgets, Network, bank