Bank accounts with mobile insurance

Hi

Thinking of switching to a bank account with included benefits (Nationwide the current most likely) such as travel and mobile insurance.

All the accounts I've looked at have a clause which says they may replace a lost/stolen/damaged phone with a reconditioned one, possibly not even the same colour. Are there any accounts which have a genuine new for old policy?

The only other option I can see is using my home insurance then being prepared for increased premiums (and a delay in replacing the handset) should I ever need to claim.

Martin's page recommends Insurance2Go but the feedback I've read is pretty awful.

Thanks for any advice.

Comments

  • eskbanker
    eskbanker Posts: 30,430
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    Why would any insurer offer new for old when this would open them up to all sorts of abuse? Willingly replacing, say, a two-year old phone worth perhaps £50 with a brand new one that might cost £800 would make no business sense at all, even if it was possible to source the same model....
  • stuartm
    stuartm Posts: 75
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    My home policy offers new for old- surely it a case of working out the risk and then charging a market premium? Not saying there's a policy out there (research suggests not) but was interested to find out.
  • noh
    noh Posts: 5,794
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    stuartm wrote: »
    My home policy offers new for old- surely it a case of working out the risk and then charging a market premium? Not saying there's a policy out there (research suggests not) but was interested to find out.

    Does your home contents policy cover mobile phones?
    I know ours does but I do still have a Nationwide Flex Plus account primarily for the travel insurance.
  • stuartm
    stuartm Posts: 75
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    Hi - it does but I'm led to believe that any claim would increase the premium for a number of years take a number of days to pay out (and get a new phone) and eventually lead to the insurer adding an endorsement to remove the phone cover.

    I'm therefore wondering about other options- Nationwide seems the best so far (even though it's refurb cover)
  • OceanSound
    OceanSound Posts: 1,482
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    stuartm wrote: »
    Hi
    Thinking of switching to a bank account with included benefits (Nationwide the current most likely) such as travel and mobile insurance.
    Yeah, but I saw that nationwide recently increased the monthly fee for this account. (Read it in a post on this site)

    RBS also has an account with mobile phone insurance (RBS rewards silver). £10 fee per month for account. Of course, if you switch to RBS from another bank, there is a £125 incentive. (conditions apply - pay in to account each month, + direct debits?)

    If you do decide to go with nationwide, have a look in the MSE refferals forums (the latest posts). Private Message (PM) one of the folks on there, get referral code, apply, and you both get £100.
  • stuartm
    stuartm Posts: 75
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    Thanks for the tip re: referrals - didn't know that!
  • Wheres_My_Cashback
    Wheres_My_Cashback Posts: 4,291
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    edited 15 October 2018 at 10:17AM
    stuartm wrote: »
    Hi

    Thinking of switching to a bank account with included benefits (Nationwide the current most likely) such as travel and mobile insurance.

    All the accounts I've looked at have a clause which says they may replace a lost/stolen/damaged phone with a reconditioned one, possibly not even the same colour. Are there any accounts which have a genuine new for old policy?

    The only other option I can see is using my home insurance then being prepared for increased premiums (and a delay in replacing the handset) should I ever need to claim.

    Martin's page recommends Insurance2Go but the feedback I've read is pretty awful.

    Thanks for any advice.

    Most recon phones are as good as new from insurance companies If you weren't told you'd never know the difference. The 2 I've had though claims have been brand new even though the poilicy states 'may get reconditioned'. Maybe mine were recons? but who cares, they do exactly the same job and look exactly the same !!
    One thing is for sure and that is that they're not going to send you a phone that's damaged or in any way not working.
  • stuartm
    stuartm Posts: 75
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    Thanks - good to know !
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