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Although insuring your house and your car are seen by most as essential, the opposite can be said for mobile phone insurance. Insuring a mobile phone is seen as a luxury and something that you can do without. However, insuring your phone can be worthwhile and can save you money. Here is some advice to help you decide whether mobile insurance is right for you. How much does it cost? Mobile phone insurance is relatively inexpensive, with cover starting at around £25 per year and going up to £100 depending on the level of cover that you want. Ways to get insured The two ways you can get hold of mobile insurance are to buy insurance from your airtime supplier or to go to an outside insurance source. The obvious advantage of using your airtime provider is that all your mobile phone costs are with one company. This means you can call to cancel your phone if it is lost or stolen and get a new phone sent straight away. Of course, the disadvantage is that the cost and level of cover you get may be different to what you need or are willing to pay. Your best bet is to shop around before you buy any mobile phone insurance. Features of mobile insurance When looking for phone insurance there are a number of features you should look for. The main feature of the insurance should be the replacement of your phone should anything happen to it. Most insurance policies offer this, although you have to pay an excess payment on some whilst others will only send you a second hand phone of a similar specification. Another feature you should look for is cover for unauthorised phone calls should your phone be stolen. Advantages of mobile insurance The advantages of mobile insurance are that you are covered should your phone be stolen, which is becoming an increasingly common occurrence. Losing or having your phone stolen can cost hundreds of pounds, because replacing the actual phone costs a lot more than getting a contract. Also, you run the risk of having huge phone bills run up on your stolen phone if you don't report it quickly. For a small amount of money each year it does make sense to get mobile phone insurance. Alternatives Although phone insurance is a good idea, if you are someone who has never lost his or her phone or simply doesn't take it out very much then you might not need insurance. If you keep a security lock on your phone then no one else can access it should it be stolen. Also, it is possible to insure your phone under your home contents insurance for around £30 a year. If you take out an 'all risks' policy your phone is insured against theft and loss in and outside the home. The problem with this type of insurance is that you are not fully covered for calls and payout may take a while. If you have an expensive phone and you think you might lose it, then mobile phone insurance is the quickest and cheapest way to make sure you are compensated.
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