American Express 'My Essentials' price hike.

Sponge

Yesterday I received a letter from 'My Essentials', American Express's gadget insurance, informing me of a 30% rise in premiums. On top of that, they're removing cover for unauthorised mobile phone calls. So, I'm on the lookout for alternative cover. Anybody got any suggestions? :money:

I already have basic contents insurance, but want something separate to that; something like 'My Essentials' really. :doh:

InsideInsurance

Personal Possessions with gadgets you can inc on your Home insurance at a fraction of the cost of their policy - my old basic home insurance used to be less than their charges and that included £60k of cover for the home on top of what AmEx offers.

Assistance/ Support can be got from many financial institutes with their higher current accounts or credit cards

Key Insurance is available as a standalone policy for under £30 a year or sometimes can be an add on to Home.

Sponge

The trouble with that approach is there are excesses to pay and, after every claim, premium hikes for several years afterwards.

InsideInsurance

You can set your excess at whatever level you want.

Claims do drive up premiums but how often are you having your bag stolen? Ultimately, looks like claims have also driven up the price of My Essentials, at least this will be more personalised.

Depending on the exact question asked by your home insurers then claims on My Essentials may also need to be declared to the home insurer anyway and thus have the same impact on premium.

Insurance is really there to deal with exceptional situations and not the attritional minor losses we all suffer. If you really do lose your phone every month then buy one you can afford to replace. I likewise dont think of claiming on insurance every time I drop lunch down my shirt/tie and stain it despite having a £0 xs policy.