Home and contents insurance is a great way of blanketing all your belongings in protection, including your mobile phone. By taking out contents insurance you can ensure that, should the worst happen, and your phone is lost, stolen, or damaged, you will be able to replace it. Of course, the obvious downside to home and contents insurance, regardless of the insurer, is that it only applies if your device is damaged/ stolen inside your home. Considering that most accidents occur outside of the house, it’s a big risk to protect yourself solely with home insurance.
HSBC offer a comprehensive home and contents insurance package. Included in their basic cover is between £10,000 and £20,000 on valuables, or a single item limit of £1,500, which is easily enough to match the cost of most modern mobile devices and accessories. Furthermore, you can add personal belongings to your policy, which covers your valuables all over the world – although this will cost extra.
Unfortunately, as with other banks, in order to receive mobile phone insurance from HSBC, you’ll need to take out a full home insurance policy, rather than simply insuring your device as you would with MPID. Equally, if you do experience damage or theft to your mobile and you decide to make a claim on your home and contents insurance, your premiums will seriously suffer, which could prevent you from taking out other policies or put you out of pocket when you come to renew.
By choosing to go with a trusted third-party insurer like Mobile Phone Insurance Direct, you can save money by avoiding extras on your home insurance policy and avoid hikes on your premiums should you need to claim. If you took out a policy with us on an iPhone 8, for example, you would only be paying to protect that device, plus up to £150 on accessories. On top of that, you won’t need to pay extra for worldwide protection, as it comes as standard on all our insurance policies.
While home insurance may seem like a convenient option for households with a lot of devices, it can’t match the protection of a targeted mobile phone insurance policy.
As the name may suggest, taking out travel insurance is a great way of protecting your mobile phone while abroad, especially as some insurers do not extend their cover globally. Luckily, it’s relatively easy, and cheap, to secure decent travel insurance, with most banks, third-parties, and even supermarkets offering policies. And HSBC is no exception. Unfortunately, HSBC’s basic travel cover does not extend to mobile phones, though there is an optional extra to add cover to your personal belongings, at a price.
Despite having to pay more to insure your mobile, you do gain a reasonable level of cover. HSBC will cover personal belongings up to the value of £1,500 with an excess payment of just £50. The only downside is that this level of cover only lasts as long as you’re abroad, and the base price will increase depending on how long you’re away. Mobile Phone Insurance Direct offers worldwide cover for as long as your policy is active, protecting your mobile against theft, loss, or damage wherever you are. Plus, with an average excess price of £50 on most modern handsets, you’ll only have to pay back a fraction of the overall cost to have your phone replaced or repaired.
Bank Account Cover
Insuring your mobile through your bank account has a number of benefits; you can often get a good deal, a joint account can cover multiple people for less, and you receive some extras outside of the insurance itself. However, while it can be an attractive offer, there are a number of disadvantages.
As with other banks, if you want mobile phone insurance from HSBC, you’ll have to be an existing member of the bank. Furthermore, to benefit from phone insurance you’ll need to upgrade your account status to HSBC Insurance Aspect, which will set you back £9.95 a month if you’re under the age of 70. So, if you wanted HSBC mobile phone insurance on a brand new 256GB iPhone 8, you’d have to £9.95 a month to cover it. Alternatively, insuring the same phone with MPID would cost £8.74. If you don’t care about the other features of an Insurance Aspect account and simply want phone insurance, it’s clearly not the best deal around.
Furthermore, HSBC offer protection up to the value of £1,000 on your device, with a compulsory excess of £50. MPID don’t offer cash reimbursement – we know the importance of having a mobile on-hand. With our plans, you’ll receive a replacement as soon as possible if your phone is lost or stolen, taking the hassle out of finding a new handset. If it’s damaged, we’ll repair it in-house and get it back to you when it’s as good as new.
Finally, HSBC mobile phone insurance will only cover your device, battery, and charger. With a Premium policy from Mobile phone insurance direct, you’ll be entitled to £150 accessories cover, including the charger, cases, and much more.