Mobile Phone Insurance.

Archers_fan

I bought my Iphone from a high street mobile phone shop, 2 years ago and took out their insurance at the same time.
Now the contract is up and I have gone to a Sim card only deal. But the insurance policy also stopped so I am looking to renew.
One company said they will only insure a product if it is less than a year old. Is this the norm? Worried pensioner.

nomoneytoday

Is it worth spending £120 odd a year to insure a phone worth less?

InsideInsurance

Almost all phone policies are indemnity basis not new for old so if you claim you only get the secondhand value net of an excess (normally £50-£100 for an iPhone).

So, assuming it is a black iPhone 4 16gb then its currently worth about £200, if you have a £100 excess then you at most will get £100 settlement for which you are paying ~£120 a year. If its a 3GS then evidently its even worse economics.

Your Home insurance however will cover it New for Old and as long as you have Personal Possessions cover then its world wide cover for anything other than breakdown. (though evidently need to check your excess and what impact a claim would make on future premiums)