Jane Dotson
Mobile phones are expensive, and their high cost means they can be costly to replace. As a result, many people take out mobile phone insurance to protect their phones in the event of accidental damage or theft. Some banks offer mobile phone insurance as a benefit of their packaged bank accounts, while some credit card companies also offer this as a benefit. This insurance can be a great way to save money, as it is often cheaper than standalone mobile phone insurance. However, it's important to check the terms and conditions of these policies, as they may not cover the full cost of a repair or replacement, and there may be limitations on the number of claims you can make.
| Characteristics | Values |
|---|---|
| Cost | Mobile phone insurance costs vary by provider, but many plans cost between $4 and $18 per month per phone. |
| Coverage | Coverage depends on the bank and the type of account. Some banks offer worldwide coverage, while others cover only the phones used on a daily basis. |
| Claims | The number of claims that can be made depends on the type of account. Some banks allow one claim per year, while others allow up to four. |
| Excess | The excess amount for a claim varies by bank and type of account. For example, NatWest and Royal Bank have a £50 excess for repairs but a £100 excess for sending the phone by post for repairs. |
| Deductibles | Deductibles vary by provider and damage but can range from $29 to almost $500. |
| Devices Covered | Some banks cover all the devices on the plan, while others cover only up to four devices. |
| Additional Benefits | Some banks offer additional benefits such as roadside assistance, local discounts, health and prescription savings, and identity theft protection. |
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What You'll Learn
Banks that offer mobile phone insurance
Mobile phones are expensive, and their repairs can be costly. It is always a smart move to get your phone insured to protect your budget. Many banks and credit unions offer mobile phone insurance as an incentive for customers to use their cards for recurring charges.
ACNB Bank, for instance, offers cell phone protection and theft coverage with its Advantage Rewards Checking account. This account also includes roadside assistance, local discounts, health and prescription savings, identity theft protection, and more. Similarly, NatWest offers mobile phone insurance with its packaged bank accounts. The number of claims you can make depends on the type of cover you have, which is determined by the current account you hold with them. For example, with a Silver account, you can make one approved mobile phone insurance claim in a year, while a Black account lets you make up to four approved claims in a year.
Some credit cards also offer mobile phone insurance. For instance, the U.S. Bank Visa Platinum Card covers you if your phone is damaged, stolen, or unrecoverable due to involuntary and accidental parting. The Chase Freedom Flex and Sofi Credit Card also offer similar coverage. Credit cards like the Bilt Mastercard, One Key World Elite Mastercard, and the Wells Fargo Active Cash Card also offer mobile phone insurance.
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Monthly costs
The monthly costs of mobile phone insurance from your bank will depend on the bank and the type of account you have. For example, NatWest offers mobile phone insurance with its packaged bank accounts, with the number of claims you can make depending on the type of account. With a Silver account, you can make one approved claim in a 12-month period, while a Platinum account allows for two approved claims, and a Black account permits four approved claims. The excess amount for a NatWest mobile phone insurance claim is £50 for repairs, and £100 if you get your cover through a Silver account and need to send your phone for repairs by post. If your device needs to be replaced, the excess fee is £100.
Similarly, the Royal Bank of Scotland offers mobile phone insurance with its packaged accounts, with Silver and Platinum accounts available. The excess fees for the Royal Bank of Scotland are the same as for NatWest.
In the US, ACNB Bank offers cell phone protection with its Advantage Rewards Checking account for $7.95 per month, covering all the devices on your plan. This is significantly cheaper than service providers like AT&T and T-Mobile, which charge up to $40 per month per device. WaFd Bank also offers mobile phone insurance with its Rewards, Premium Rewards, or Interest Checking accounts, with no additional cost.
Some credit cards also offer cellphone insurance if you pay your cellphone bill with the card. This insurance typically covers theft, loss, defects, or damage, but it is important to review the terms and conditions as coverage can vary. For example, the US Bank Visa Platinum Card and the US Bank Altitude Connect Visa Signature Card offer cellphone protection.
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Excess fees
When it comes to mobile phone insurance from your bank, excess fees may vary depending on the bank and the specific insurance policy. For instance, NatWest charges an excess fee of £50 for repairs and £100 for replacements.
It is important to carefully review the terms and conditions of your insurance policy, including the excess fees, coverage limits, and exclusions, to ensure you understand your potential costs in the event of a claim.
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Limitations of insurance
The limitations of mobile phone insurance provided by banks vary depending on the bank and the type of account held. For example, the number of claims allowed within a given period depends on the type of account held with the bank. A Silver account holder may be allowed to make one approved claim in a year, while a Black account holder may be allowed up to four approved claims within the same period. Additionally, there may be limitations on the amount of coverage provided, with some banks offering a maximum coverage amount per claim and per year. This can vary from \$600 per claim and \$1,200 per year to £2,000 for the phone's value, including VAT.
Some banks may also impose restrictions on the type of phones covered, such as limiting coverage to phones with screen sizes below seven inches, or to specific manufacturers or models. Certain banks may also require that the phone is owned by the account holder and that the phone's details, such as the IMEI number, are registered with the bank. In some cases, the bank may not provide standalone mobile phone insurance, instead offering it as part of a package that includes other benefits such as travel insurance and roadside assistance.
It is important to note that cosmetic damage, such as scratches and dents, may not be covered by the insurance provided by banks. There may also be limitations on accessory coverage, with some banks offering a maximum coverage amount for accessories lost, stolen, or damaged alongside the phone. Furthermore, some banks may require the payment of an excess fee for each claim, which can vary depending on whether the phone is repaired or replaced, and whether it is sent by post.
When considering mobile phone insurance from a bank, it is essential to carefully review the terms and conditions, as well as compare the coverage offered by different banks and alternative insurance providers to ensure that the limitations of the insurance align with your needs and expectations.
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Making a claim
If you have mobile phone insurance with your bank, the process of making a claim will depend on the bank and the type of account you have. Here is a step-by-step guide to making a claim on your mobile phone insurance provided by your bank:
Step 1: Notify Your Network Provider and the Police (if relevant)
If your phone has been lost or stolen, notify your network provider as soon as possible. They will be able to block your device and SIM card to prevent any unauthorised use or charges. Additionally, report the incident to the police and obtain a crime reference number, which will be necessary when filing your insurance claim.
Step 2: Gather Necessary Documentation
Before filing your claim, gather all the necessary documentation. This may include proof of ownership, purchase receipts, repair estimates, and police reports. It is also recommended to register your phone and its IMEI number with your bank or insurance provider beforehand to speed up the claims process.
Step 3: Contact Your Bank or Insurance Provider
Contact your bank or insurance provider to initiate the claims process. They will guide you through the specific steps and requirements for your particular policy. Be prepared to provide detailed information about the incident and your mobile phone, including the make, model, memory size, and purchase date.
Step 4: Pay Any Excess or Deductible Fees
In most cases, you will be required to pay an excess or deductible fee before your claim can be approved. The amount of this fee will depend on your specific policy and the type of account you have with your bank.
Step 5: Await Repair or Replacement
Once your claim has been approved and the necessary fees have been paid, your bank or insurance provider will arrange for the repair or replacement of your mobile phone. The time it takes to receive your repaired or replacement phone may vary, so be sure to ask for an estimated timeframe.
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Frequently asked questions
You can get mobile phone insurance by upgrading your current account with your bank. For example, NatWest offers mobile phone insurance with its Reward Black packaged account.
The cost of mobile phone insurance with your bank will depend on the bank and the type of account you have. For example, WaFd Bank offers free mobile phone insurance when you have a Rewards, Premium Rewards, or Interest Checking account.
Mobile phone insurance with your bank typically covers theft, loss, defects, or damage to your phone. For example, Royal Bank's mobile phone insurance covers damage, loss, or theft.
The process for making a claim on your mobile phone insurance with your bank will vary depending on the bank. For example, to make a claim on Royal Bank's mobile phone insurance, you can log in to register a claim online or call an agent.
Yes, there are several alternatives to getting mobile phone insurance with your bank. You can get mobile phone insurance through your credit card, your mobile phone carrier, or a third-party provider. You may also be covered by your home insurance or travel insurance policy.
