Many cannot be apart from their mobile phone, even when on holiday abroad, but if you take your phone away, is it covered by your travel insurance or home insurance or would it be better to have mobile phone insurance?If you are heading off on holiday, you may think your mobile phone or smartphone is protected by your travel insurance or home insurance. This may be so but do be aware that there may be restrictions on what you can claim for and the amount.For example, there may be a single item limit on your policy and there may be a policy excess. The policy may not provide cover for unauthorised calls or loss of credit.It is vital that as you buy travel insurance or indeed any insurance, you understand exactly what cover you are buying. There is no point opting for the cheapest policy, only to find when you need to make a claim that you haven’t got the cover you thought you had.The same applies to mobile phone insurance. According to independent financial research company Defaqto, while all of the 95 mobile phone insurance policies on the market provide overseas cover as standard, there are significant differences in the level of cover offered.For example, some policies restrict the duration of their cover for overseas trips, perhaps to 30 or 60 days, during the policy year.Others require you to report the loss or theft of your phone within a defined period, for example some define the requirement as ’48 hours of discovery’, others as ’48 hours of return’ or ’48 hours of return but must be within 30 days of discovery’.Mike Powell, Defaqto’s Insight Analyst for General Insurance, commented: “While the insurance premium is always an important factor, people need to pay more attention to the actual cover offered by a mobile phone insurance policy to ensure that they arrange cover that meets their needs.”MoneyHighStreet comments: “Whether you use your mobile phone in bed, on holiday or indeed anywhere else, it is sensible to consider whether you want it covered by insurance.”Clearly there is a cost to doing this and you may decide you want to take a risk and be prepared to replace it or fix it out of your own pocket should the need arise. If you choose this option you may want to save money each month into a savings account so at least you have a fund to call upon.”After all, this is effectively what insurance is, albeit a lot of people are paying a premium into a ‘pot of money’ from which claim amounts are drawn from.”The choice is yours, and you need to make your own decisions based on your own specific requirements.”If you opt for insurance cover, do carefully consider the best route to go down – buy cover as part of your home insurance, your travel insurance or have a specific mobile phone insurance policy.”If you need to get professional advice about your insurance, perhaps you have an unusual set of requirements or high value items to insure, you may be best to get advice from an insurance broker.”Defaqto’s Star Ratings for mobile phone insurance aim to help people understand how policies compare in terms of the level of features and benefits that they offer. Taking a wide range of elements into account, Defaqto has given each mobile phone insurance policy on the market a Star Rating from 1 to 5 depending on how comprehensive it is.You can visit star-ratings.defaqto.com/mobile-phone-insurance to access Defaqto’s Star Ratings for mobile phone insurance.
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