Is it worth me getting mobile phone insurance for my phone?

midimanuser

Hi, I have just purchased a new phone and it's nice.

But I have a tendency to lose or damage my phones as we all do.

I got the phone for a really good price £150 and the cheapest insurance quote I have managed to get is £43 a year.

I am in two minds.

1. I could buy another phone from where I got it and keep that in reserve in case anything happens in the future. i.e (Loss, or accidental damage)

2. Take out the insurance at £43 p.a and take my chances if I have to make a claim. There is a £25 excess on any claim though.

NB. I have checked the household insurance and my bank account and neither cover phones.

What should I do?

Thanks

[Deleted User]

Like all insurance (excepting mandatory stuff like motor insurance) it's a gamble, and like all gambling no one can tell you what's right for you.

Personally £150 is my own limit for a phone and I'd not bother, I'd also not bother paying for a 2nd 'just in case phone' as it's no different to the insurance. Just try not to break or lose it.

mobilejunkie

midimanuser wrote: »

But I have a tendency to lose or damage my phones as we all do.


Thanks

Speak for yourself. It does also seem ridiculous to buy a phone as a spare - which would cost more than the insurance (including the excesss). I never take out phone insurance; but, then, I never damage or lose a phone.

JJ_Egan

£150 stand the risk yourself.
£43 is roughly the cost times three years for a new phone .
Dont forget conditions excess and how damage is covered .

AndyPK

1 is a silly idea!
2 not worth it.

Just keep the money in your bank

maybe buy a cheap case for the phone to protect it

grumbler

JJ_Egan wrote: »

£150 stand the risk yourself.
£43 is roughly the cost times three years for a new phone .
Dont forget conditions excess and how damage is covered .

And that it's unlikely to be "new for old" replacement.
A second hand phone costs much less than £150.

stragglebod

midimanuser wrote: »

But I have a tendency to lose or damage my phones as we all do.

That's odd. I don't remember you asking me about whether or not I have a tendency to lose or damage my phones. Have you been spying on me?

midimanuser

mobilejunkie wrote: »

Speak for yourself. It does also seem ridiculous to buy a phone as a spare - which would cost more than the insurance (including the excesss). I never take out phone insurance; but, then, I never damage or lose a phone.

Sorry but I had to laugh at the first part of your response.

Ok look at it this way.

Option (1) Phone Insurance
1. I would be paying around £129 in insurance over 3 years.
2. There is a also a probability that something may happen.
3. I will have to pay the insurance excess £25
4. I may not get a like for like replacement.
5. The phone could be grade A refurb.
6. The phone may come with limited 90 day warranty.
7. I am at their whim.

Option (2) Purchase second handset
1. I will pay £150 now.
2. The phone is brand new in box. with manufacturer 2yr warranty
3. I can store it safely at home.
4. It will be the exact same model.
5. No need to try and decide or learn anything new.
6. It will be brand new under warranty for first 2 years.
7. I don't have to worry about limited warranty.
8. I am in complete control and don't have to deal with insurers.

And it's only £150 to pay in order to avoid all that hassle. The phone will probably still retail for around £60-£100 new in three years time so I could even sell it as.

midimanuser

AndyPK wrote: »

1 is a silly idea!
2 not worth it.

Just keep the money in your bank

maybe buy a cheap case for the phone to protect it

I have purchased a protective case for it, but would you still take your car out on the road if you done the same and there was no legal requirement for insurance?

Option 2 is not a bad idea when you read my reply further down here.

£150 is small price to pay when you consider what you have to go through when these things happen to you.

And to the people that have responded on here saying that they don't lose their phones or require insurance. I have to :rotfl:

mobilejunkie

It seems you made up your mind before posting so I can only assume you're looking for validation.

As for your thinking, you must be expecting to damage or lose the phone quickly if you're happy with a two year warranty on the spare phone which you won't need until you do.

Crazy logic; you must be extremely careless.

[Deleted User]

midimanuser wrote: »

Sorry but I had to laugh at the first part of your response.

Ok look at it this way.

Option (1) Phone Insurance
1. I would be paying around £129 in insurance over 3 years.
2. There is a also a probability that something may happen.
3. I will have to pay the insurance excess £25
4. I may not get a like for like replacement.
5. The phone could be grade A refurb.
6. The phone may come with limited 90 day warranty.
7. I am at their whim.

Option (2) Purchase second handset
1. I will pay £150 now.
2. The phone is brand new in box. with manufacturer 2yr warranty
3. I can store it safely at home.
4. It will be the exact same model.
5. No need to try and decide or learn anything new.
6. It will be brand new under warranty for first 2 years.
7. I don't have to worry about limited warranty.
8. I am in complete control and don't have to deal with insurers.

And it's only £150 to pay in order to avoid all that hassle. The phone will probably still retail for around £60-£100 new in three years time so I could even sell it as.

Option (2)

1. You pay £150 now
2. You need it in 2 years time, no longer any warranty and you've now got a phone that's at least 2 years out of date.
3. You never actually need it - Waste of £100 or so.