Mobile Phone Insurance

How do I insure my mobile phone? 

There are a few different ways you can protect your mobile phone. Let’s take a look at some of the options. 

Phone provider insurance 

Some Mobile Phone Providers offer insurance. When you buy a new phone, you often have the option to select it as an add-on to your monthly contract. Too easy – but is it? It depends exactly what you want to be covered for. These policies might cover you for water damage, and for theft, but they won’t necessarily. So as always, it’s a good idea to check the limits and costs of these insurance policies. 

Contents Insurance with Portable Effects Cover 

Contents Insurance covers your belongings while they’re inside your home. Which is all well and good for, say, your couch, which you’re probably not taking to the shops with you. But obviously, that’s not exactly going to work for your phone. 

If you already have a Contents Insurance Policy, you should have the option of adding on something called Portable Effects Cover, which can insure your phone wherever you take it. This can be a simple and cost-effective way of keeping your phone safe. 

What will Portable Effects Insurance cover me for?

Portable Effects Cover, also sometimes referred to as Portable Contents Cover, helps you make sure your treasured possessions are insured against accidental loss or damage, even while they’re outside your home. This includes your phone, but it doesn’t end there. You can also use it to cover things like clothes, bikes and jewellery. 

Always make sure you review the Product Disclosure Statement (PDS) of your policy so you have a clear understanding of its inclusions, limitations and exclusions. For example, a policy might not cover your phone for scratches or chemical damage.  

What’s the difference between specified and unspecified cover? 

Think of unspecified cover as a general blanket insurance. It will cover you, up to a set limit, for things you haven’t listed on your insurance certificate. Unspecified cover will often cover items worth up to $1,000. A policy’s Product Disclosure Statement (PDS) will list the specific items that you can use unspecified cover for.  

For specific items worth more than $1,000 that you want protected, you can look into getting specified cover. Specified cover involves you giving your insurance provider the details of the item and how much it’s worth, and usually paying an additional premium. 

What kind of repairs might my phone need? 

Battery replacement 

If you have an iPhone and don’t have an AppleCare+ plan, a battery replacement from the Apple Store will cost you between $114.90 (for an iPhone SE) up to $169 (for an iPhone 15 Pro Max).¹Apple – iPhone Battery Servicing (price checked 5 January 2024). 

Water damage 

If you’re reading this and you’ve never dropped your phone down the toilet, you deserve some kind of prize. Okay, maybe the prize is not having to get your phone repaired. Unfortunately, there’s no set price for water damage repair as it will depend on what exactly is damaged and whether that part can be replaced. At the very least, water damage will likely require a technician to take apart your phone and examine the components. 

Cracked screen 

If you need to get your screen replaced, prices vary. If you have an iPhone and you don’t have AppleCare+ plan, you could be looking at anything from $235 (for an iPhone SE) up to $619 (for an iPhone 15 Pro Max).²Apple – iPhone Screen Repair (price checked 5 January 2024). For a Samsung, on the other hand, you’re looking at between $210 (for a Galaxy A05) and $955 (for a Galaxy Z Fold5 5G).³Samsung – Galaxy Phone: Front Screen Replacement Pricing List (price checked 5 January 2024).

What about accessories? 

While some policies might explicitly cover phone accessories that were purchased with the phone, it’s more likely that you could cover your phone accessories with unspecified cover under Portable Effects Insurance. When insuring your phone, make sure your insured sum is enough to replace anything that needs to be replaced, including accessories. 

How do I claim for my mobile phone on a Contents Insurance Policy? 

Just like any other insurance policy, the way you make a claim will depend on your provider’s process. Whether you lodge a claim online, on the phone or some other way, you’ll likely have to describe the circumstances that caused the loss or breakage. If you’re claiming for a theft, they’ll likely require you to have reported it to the police and ask to see a copy of the police report. 

Your policy will also likely have an excess, which is a set amount you have to pay if you make a claim. Make sure you read the fine print so you know exactly how much you’ll be out of pocket if you do end up claiming against your policy. 

How much does insurance for a mobile phone cost? 

The actual cost to insure your mobile phone will depend on which provider you decide to go with, how you’ve decided to insure your phone, and what level of cover you choose. If you go with insurance from your Phone Provider, you’re looking at around $10–20 per month. If you’re leaning more towards insuring your phone as part of your Contents Insurance, you can compare prices using our nifty comparison tool. 

What else should I consider when insuring my mobile phone? 

Like many electronics these days, mobile phones lose their value quickly. As soon as a newer model is released, the prices of the older models drop. And given that new models are released every year, it’s safe to say that your Mobile Phone Insurance will be most valuable when your phone is brand new.  

When you’re choosing insurance for your phone, look at the annual cost of your premiums and excesses. And as always, check the details of your policy for exclusions and excesses and consider your own lifestyle and circumstances, including how you’ll be using your phone.  

Where can I compare insurance options for my mobile phone? 

Thinking about getting your phone insured under Portable Effects Cover? We can help with that. Here at iSelect, we’ve gathered Home and Contents Insurance Policies for you to compare.* Give it a go!