Home Contents Insurance
Taking out a home contents policy is an effective way of ensuring that your phone is protected against damage, theft, or loss inside of your home. The majority of insurers will offer some form of gadget cover, which will extend to most of your precious electrical devices, including your phone. One of the main benefits of choosing home contents cover is that it will automatically include every phone in your home, whereas with a third-party insurer you’ll probably have to take out multiple policies to cover everyone.
Lloyds Bank, as you’d expect, do offer home contents insurance, which will protect any valuables inside your home from theft, accidental damage, and fire or flood. However, they do not include cover for ‘high risk’ items in their basic policy – one of which is mobile phones. In order to get mobile phone insurance from Lloyds through their contents cover, you’ll need to pay extra. While this may be perfectly suitable for some customers, it simply will not be enough for others – especially as the phone is not covered outside, where most accidents are likely to take place. On top of this, if you claim for your phone on contents insurance, your premiums will go up across the entire policy, whereas if you have your mobile insured with a third-party, you don’t have to worry about that.
One of the main advantages of insuring your device with Mobile Phone Insurance Direct is that we understand how much your mobile means to you. Should you make a claim with us, whether it’s for a theft or damage, we’ll fix your device or find you a near-identical replacement as soon as possible, so you never have to go too long without your mobile. However, contents insurance with Lloyds only refunds the cost of the phone, which leaves you with the hassle of having to find a replacement yourself. Furthermore, extra cover will only be a small part of your larger policy, so the process of making a claim, having it checked, and receiving reimbursement could take a while.
Bank Account Cover
One of the main ways that customers secure mobile phone insurance, outside of their provider or a third-party, is through their bank. The majority of banks will offer some form of mobile phone insurance in their higher-tier accounts, which usually charge a monthly rate to access. Like with home contents insurance, you cannot simply take out mobile phone insurance – you have to purchase a whole package which happens to include phone insurance in it.
Lloyds is no exception. In order to receive Lloyds mobile phone insurance, you need to have one of five non-standard current accounts, all of which differ in price. The lowest of these is the Select Account, which costs £8.95 per month, and the most expensive is the Premier Account, which will set you back £25 each month. Despite the differences in cost, every account offers the same level of mobile phone cover, so if you simply want insurance for your device, the cheapest option is the best value for money.
Despite it being slightly convoluted to get, mobile phone insurance from Lloyds does offer quite a lot in its cover. If you take out a policy with Lloyds and make a successful claim, you will receive a replacement or repair of up to £2000 in case of theft, loss, damage, or breakdown. The best part is that, regardless of your account level, the policy covers you all over the world. So, when compared to MPID’s cover, you could theoretically get a cheaper deal with Lloyds. For example, if you took out a Select Account with Lloyds for £8.95 a month, you could get basic, worldwide cover on an iPhone 8 for that price, whereas it’d cost £9.99 for Essential Cover with Mobile Phone Insurance Direct. However, you wouldn’t have the additional choice of MPID’s Premium cover, which gives you up to £150 of accessory cover as well as unlimited claims per year.
Furthermore, Lloyds excess contributions fluctuate depending on the make and model of your device. If you make a claim on an iPhone, you’ll have to pay an excess of £100, regardless of the age of the device. However, if you have any other device, you’ll only have to pay an excess of £50 on the claim. In contrast, Mobile Phone Insurance Direct has an average excess cost of £50 on successful claims, which only increases if the claim is made on a brand-new, highly-expensive model, such as the iPhone X.
While getting phone insurance through a premium bank account may be the cheapest and easiest option of some people, the reality is that, when you claim, you’ll always be dealing with a bank that sometimes does mobile phone insurance. However, if you opt to cover your device with MPID you know you’ll be dealing with experts in mobile insurance from start to finish.