Mobile Phone Insurance from Natwest
Bank Account Cover
One of the main ways in which customers can get Natwest mobile phone insurance is through the Silver or Platinum current account. This is linked to the single account holder or, in cases of joint accounts, between two people, and is subject to monthly fee.
With both accounts your smartphone will be protected against theft, loss and accidental damage, including breakdown, ensuring that regardless what happens to your device, you’ll be able to make a claim. Furthermore, both account levels entitle you to worldwide cover, so no matter where you are, you’ll benefit from the policy protection. Finally, unlike other bank insurance policies, Natwest do include cover for accessories, up to the combined value of £250.
However, while both current accounts offer same level of cover, they do differ in significant ways. The Silver account, the cheaper of the two, only allows for one successful claim every 12 months. Alternatively, the Platinum account allows for two successful claims within a year. If either of these are joint accounts, the number of claims is doubled.
If you make a claim on either account, you’ll have to pay an excess fee of £100, regardless of how expensive your device is or the level of damage. With MPID, the most expensive excess you’ll be expected to pay is £90. Furthermore, with a Silver account, NatWest will attempt to repair your device and replace it if it cannot be fixed, while a Platinum account will ensure you get a like-new replacement.
Home and Contents Insurance
Another way to secure mobile phone insurance from Natwest is to claim it through your home and contents insurance policy. This means that if your mobile device is broken, stolen or lost inside your home, you’ll be able to get the money back through your home insurance provider.
The obvious downside of this strategy is that you are not automatically covered when you’re outside the home, which is where the majority of incidents will occur. Therefore, a home and contents policy is likely to have a higher excess than a standard mobile phone insurance policy, which could mean that you pay more than you have to if the worst happens. It also means that you’ll affect your entire premium rate if you claim on one item, which could see you paying more for insurance when you come to renew. Finally, home and contents insurance, whilst effective at protecting your goods, is far more expensive than a standard smartphone insurance policy.