Is it worth purchasing the mobile phone insurance? – Full Guide

Is it worth purchasing the mobile phone insurance? – Full Guide

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Your parents or mentors must already have told you a statement at least once in your life: “We must always make sure that all our valuables are insured.” Insurance is really a breakthrough phenomenon that has taken the modern world by storm.

Apart from all the benefits, insuring something could really take a toll on your wallet. For this reason, insuring high-value things like our home and car are the only ones that are considered worth the investment.

But that does not mean these are the only things that could be insured, there is a massive list of things that could be insured, and this is why we must always consider whether these are worth our money or not before actually buying those policies.

The same applies to mobile insurance. So, today we will be discussing if it is worth purchasing the mobile phone insurance.

The answer to this question is not as simple and straightforward as it depends on:

  • the type of mobile you are using, and
  • if there is a monthly contract.

The type of handset

You have to understand that you have to consider if your phone is even worth insurance while making this decision. Most policies end up costing way too much in the form of monthly premiums compared to the policy’s actual cost. On the other hand, if you have a very inexpensive smartphone and if you lose that phone, you may face losses worth thousands of pounds, then you can think about talking to an agent about this option.

Making an informed decision

If you decide to buy an insurance policy, you must pay attention to the small things present in your insurance policy before actually buying it. Items that require special attention are:

Excess payment: You must notice the amount of money you will have to pay before claiming any amount.

Exclusions: No matter how amazing it sounds, insurance policies do not cover all the losses. You must know all the cases in which your policy won’t pay you anything before making a decision whether a particular policy is actually worth it.