When you purchase your iPhone, you may be asked if you want insurance for it. However, it may be worth knowing that while you can buy insurance cover as the same time as you buy your phone, you can also purchase insurance to protect your iPhone independently with a specialist gadget insurance policy.
Save money on your insurance
In some cases, you may be able to save money on iPhone insurance when bought independently, as well as possibly get additional policy features and benefits. So it may make sense to see what is on offer and shop around for your cover (although if purchasing it independently, you will need to do this within a few weeks of buying your iPhone).
So, what can iPhone insurance (also known as gadget insurance) typically provide protection against? Policy benefits and features will undoubtedly vary among providers, but typically cover may provide protection against theft, accidental damage (some policies include liquid damage but not all do) and break down outside the manufacturer’s warranty period.
Cover against theft
Unfortunately, gadgets such as an iPhone are prime targets for thieves, they are typically easier to steal and hide, due to them being small and often very accessible.
You may be a victim of theft in the street, at home, or if your phone is taken from your car. If your phone is stolen the insurance provider typically pays for a brand new replacement, after you pay a policy excess, providing the conditions of the theft meet the terms set out in the gadget insurance policy (note the excess amount payable is agreed at the time of purchasing the insurance).
Breakdown after the warranty runs out
The manufacturer’s warranty on your iPhone may protect your phone against malfunction or break down for typically one year from purchasing it. This provides peace of mind that your phone may be replaced or repaired if it stops working. Once the warranty runs out, your iPhone breakdown insurance can take over and provide breakdown protection. However, there may be certain exclusions which are not covered, for example wear and tear, gradual deterioration, so do check the policy for these.
Protect against accidental damage
A typical iPhone insurance policy covers accidental damage to your iPhone. However, check the terms of the policy to find out what the policy exclusions and limitations are. For instance, you may not be able to claim for cosmetic damage to the phone following accidental damage. Typically if you damage your phone and you make a successful claim the insurance provider pays for a replacement or repairs (less any policy excess). The response time can be as little as 48 hours of making a successful claim with some gadget insurance providers.
What is the excess?
Any insurance policy taken out to protect your iPhone typically comes with an excess attached to it. This is the amount you pay out of your own pocket if you make a successful claim on the insurance policy, before the insurance company takes over and pays the rest of the claim. While the excess may seem like a lot of money to have to pay, you need to compare this against the fact that without insurance you may have to pay out a great deal more.
Finally, bear in mind that exclusions and limitations, terms and conditions as well as price and cover will vary from provider to provider. Therefore, it is important to always ensure that you are buying the cover that is most suitable for your needs.
