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There are potentially several ways you can do this:
A Contents insurance policy may cover mobile phones when a form of Portable Valuables Cover is included. In many cases this will need to be added on as an optional extra and list on the policy the phone you want to insure. Either way, this may be a cost-effective way of getting your mobile phone insured.
If you’re planning to take your phone on a trip overseas, you may be able to add it to your home contents insurance depending on where you’re travelling to or alternatively you may be able to get it covered under your travel insurance.
You may also find that your policy has specific exclusions so it won’t cover certain things. For example, water damage, or theft if your phone is stolen from an unlocked house or vehicle.
It’s important to review the Product Disclosure Statement (PDS) of your policy to understand policy inclusions, limitations and exclusions.
Some policies may also cover your mobile phone accessories such as earphones and case, but it’s important to check the PDS to get a better understanding of any limitations.
Your policy is likely to have an excess, a set amount that you’ll have to pay if you make a claim. So it’s always worth reading the fine print and checking exactly how much you’ll be up for if you do need to claim against your policy.
Some mobile phone providers offer insurance along with your contract. With some providers this may be taken in the form of an addition to your monthly cost when you first take out your plan. It’s worth always checking the limits and cost of these insurance policies. As with contents cover, many of these policies won’t cover you for water damage, or theft if your mobile is stolen while unattended.
As with any insurance, an approved claim will depend on you lodging it correctly and the circumstances which caused the loss. With theft, it will likely be necessary for you to have reported it to the police. And some policies may have a time limit to claim after the loss, damage, or theft occurred. So make certain you check your policy.
Costs vary between insurers and on the type of insurance you take out. Insurance through your mobile phone provider can usually be paid monthly with your contract. Fees for this vary depending on the level of cover.
If your mobile phone insurance is part of your home contents policy, then costs, levels of cover and excesses will vary between insurers.
As with a lot of electronic devices these days, mobile phones lose their value quickly. As newer technology becomes available, prices of the older models drop. That means your mobile phone insurance may be most valuable when your phone is brand new. So when you’re choosing insurance for your mobile phone you may want to consider what the annual cost is of your premium and any excess you’ll have to pay if you claim.
Finally, as with any insurance policy, check the details of your policy for exclusions and excesses. It’s important to consider your own circumstances and how and where you’ll be using your phone.
What we’ve covered should give you a good idea of some insurance options for your mobile phone. If you’d like to know more about Contents Insurance, just click here to compare from iSelect’s range of home & contents policies and providers.
Last updated: 21/06/2021