Orlando Harmon
Phone insurance is designed to cover the cost of repairing or replacing your phone if it is damaged, misplaced, or stolen. Some phone insurance is offered as an optional extra when you purchase a phone, but there are also standalone policies available. It's important to understand how your insurance cover works, as some policies may not cover loss that occurs over time, such as wear and tear. If you already have contents insurance, it's worth checking to see if your phone is covered under that policy. When choosing a phone insurance policy, it's important to consider the terms and conditions, as well as the reputation of the insurance provider, to ensure you don't get a nasty surprise when making a claim.
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What You'll Learn
Phone insurance as part of contents insurance
Mobile phones are expensive and, as they are designed to be carried around with you, they are prone to damage, loss, or theft. It is, therefore, a good idea to ensure that your phone is insured. One way to do this is to take out a specific mobile phone insurance policy. However, these policies are often sold as an add-on to the purchase of a new phone and may have limitations, such as only covering the device for a limited time or not covering accidental damage.
An alternative to a mobile phone-specific insurance policy is to include your phone in your home contents insurance policy. Contents insurance is designed to protect your personal belongings, both inside and outside of your house, and can be sold either on its own or as part of a combined policy along with buildings insurance. The level of cover will depend on the insurance provider and the policy you choose. Some contents insurance policies may include mobile phones as standard, but this is not always the case, and you may need to add your phone to the policy as a specified item or as part of a portable items extension.
If you want your phone to be covered for accidental damage, such as dropping it and breaking it, or putting it in the washing machine, you will need to ensure that your contents insurance policy includes accidental damage cover. This may be included as standard, but often comes at an additional cost. Without it, you will only be able to claim for damage caused by an insured event in the home, such as a fire or flood.
When taking out a contents insurance policy that covers your phone, it is important to understand how the cover works. For example, you may only be covered for the phone's value at the time of the claim, rather than the cost of a new replacement phone. You should also be aware of any excess that you would need to pay in the event of a claim, as well as any consequences of making a fraudulent claim.
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Phone insurance as an optional extra when purchasing a phone
When buying a new phone, you may be offered phone insurance as an optional extra. This is often available from the phone carrier or retailer, and sometimes directly from the phone manufacturer, such as Apple or Samsung.
Phone insurance can provide peace of mind and protect you financially if your phone is damaged, lost, or stolen. It is particularly worth considering if you have a high-value device, as many flagship phones now cost over $1,000 and are fragile.
Insurance plans vary, but they typically cover accidental damage, loss, and theft. Some plans also include mechanical breakdown cover, screen protector replacements, tech support, and security features. When choosing a plan, it's important to understand how it works, including any exclusions or limitations, so you don't get caught out if you need to make a claim. For example, some plans may not cover liquid damage or may only offer a limited number of claims per year.
In New Zealand, companies like Spark and One NZ used to offer phone insurance, but these services are no longer available. However, Spark customers can still purchase device insurance when buying an eligible device, which covers accidental damage, loss, and theft.
It's worth noting that some phones come with a warranty that includes some level of insurance. For example, all Apple products include one year of AppleCare, which can be extended and includes battery services and damage coverage. Samsung also offers Samsung Care Plus mobile insurance for its flagship phones, with tiers ranging from $8 to $16 per month.
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Phone insurance covering theft, loss, and accidental damage
When it comes to insuring your phone, there are a variety of options available to you. Many companies offer insurance plans that cover theft, loss, and accidental damage. It is important to understand how your insurance cover works to avoid any nasty surprises.
One option for phone insurance is Spark Device Insurance. This policy is available when you purchase an eligible device from Spark and is underwritten by Chubb Insurance New Zealand Limited. The policy covers accidental damage, loss, and theft, and will repair or replace your device with a refurbished one if needed. Spark Device Insurance is also available for phones purchased from Spark within 60 days.
Another option is T-Mobile's Protection 360™, which offers complete device protection, including repair or replacement for loss, theft, accidental damage, and mechanical and electrical failure. Protection 360™ also provides access to an insurance plan and a service contract plan. Device protection is not required to activate service with T-Mobile, but it can provide peace of mind and protect your device.
Samsung Care+ is also an option for phone insurance, offering 24/7 support through chat, email, or remote assistance. This plan includes loss and theft coverage, with the option of monthly payments or a one-time payment for two years of coverage. Samsung Care+ is a combination of an insurance plan and a service contract, with the insurance plan underwritten by Technology Insurance Company, Inc.
Additionally, Asurion offers phone insurance that covers accidental damage, defects, loss, and theft. They provide tech support via call, chat, and in-person help at 700+ uBreakiFix® by Asurion stores. Asurion has been trusted by over 300 million people worldwide and has received 300,000+ 5-star reviews.
It is worth noting that some companies, such as One NZ, are no longer offering phone insurance. Their PhoneInsure policy will be discontinued as of June 21, 2024. Therefore, it is important to regularly review your insurance options to ensure you have the coverage you need.
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Phone insurance for iPhones
If you're looking to insure your iPhone, there are a few options available to you. It's important to understand how your insurance cover works to avoid any nasty surprises. Here are some options for insuring your iPhone:
Device Insurance from Spark NZ
Spark NZ offers device insurance for eligible devices purchased from them. This insurance is underwritten by Chubb Insurance New Zealand Limited. To be eligible for Spark's Device Insurance, you must be aged 16 or over, have a Spark Pay Monthly account, and subscribe to the policy within 60 days of purchasing your iPhone. The insurance covers accidental damage, loss, or theft and will repair or replace your device with a refurbished one if needed.
AppleCare+ with Theft and Loss
AppleCare+ is Apple's own insurance service for iPhones. It provides 24/7 priority access to Apple experts and same-day service in most major metropolitan areas. AppleCare+ offers express replacement, mail-in repair, and carry-in repair services. It also includes theft and loss coverage, shipping a replacement iPhone to you in any country where this coverage is available. Additionally, it provides unlimited incidents of accidental damage protection.
Asurion iPhone Insurance
Asurion offers iPhone insurance that covers loss, theft, damage (including water damage and broken screens), and malfunctions. They provide next-day phone replacement, so you can receive a replacement iPhone in as little as 24 hours, saving you from paying a high cost for a replacement iPhone out of pocket.
Progressive Cell Phone Insurance
Progressive offers cell phone insurance that covers drops, spills, cracked screens, theft, vandalism, and more. With Progressive, you pay your plan's deductible (minimum $50), and the insurance company covers the rest. This is particularly useful if your iPhone is damaged in a way that isn't covered by the standard warranty, such as water damage or a cracked screen.
Remember to always read the policy terms and conditions carefully and consider seeking advice from a financial adviser to ensure you understand the coverage and limitations of your chosen insurance plan.
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Phone insurance for when travelling
When it comes to phone insurance for travelling, there are a few options to consider. Firstly, it is important to understand how your insurance cover works to avoid any surprises. While travelling, your phone is more vulnerable to theft, hacking, and damage. Here are some ways to ensure your phone is insured while travelling:
Device Insurance
Some companies offer device insurance for phones purchased from them. For example, Spark NZ provides device insurance for eligible devices bought from Spark, which covers accidental damage, loss, or theft. This includes coverage while travelling outside of New Zealand. However, it is important to note that Spark Device Insurance is only available to Spark Pay Monthly account holders who subscribe to the policy within 60 days of purchasing the device.
Travel Insurance
Another option is to consider travel insurance plans that specifically cover personal items and electronic devices. Allianz Global Assistance, for instance, offers the AllTrips Executive Plan, a business travel insurance plan that includes coverage for renting or repairing equipment if it is damaged, lost, or stolen during your trip. WorldTrips Travel Insurance also offers device protection for smartphones, tablets, and laptops at a budget-friendly price. Their Atlas Travel Series, including Atlas Journey, Atlas Cruiser, and Atlas On-The-Go, provides trip protection insurance for U.S. residents.
PhoneInsure
PhoneInsure, offered by One NZ, used to be an option for mobile insurance, covering damage, theft, or loss of your phone in New Zealand and while travelling overseas. However, it is no longer available as of June 21, 2024.
Precautions
In addition to insurance, taking some precautions can help keep your phone safe while travelling. Consider using anti-theft backpacks, backing up your data, and being aware of your phone's location at all times.
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Frequently asked questions
There are several options for insuring your phone. You can either insure it as part of a contents insurance policy or take out a specific phone insurance policy. Companies that offer contents insurance policies that can cover your phone include Vero, AA Insurance and Tower. Companies that offer specific phone insurance policies include Spark and Apple (for iPhones only).
Phone insurance covers the cost of repairing or replacing your phone if it is damaged, misplaced, lost or stolen. It also covers potential faults after the manufacturer’s warranty has expired and can provide reimbursement for unauthorised usage charges.
The process for making a claim on your phone insurance will depend on your insurance provider. For example, if you have Spark Device Insurance, you will need to submit a claim via the Spark app, MySpark or by calling their customer service line. If you have travel insurance with 1Cover and your phone is lost or stolen, you will need to provide the make, model, proof of purchase and IMEI number of the phone, as well as evidence of loss, such as a written report from the police.
