Most of us are dependent on our phones for many things: work, to keep in touch with friends and family, to read the news, to listen to music/ podcasts/ YouTube videos, and to keep in touch with our kids’ schools/ lift clubs. We also store a LOT of key contacts on our phones. So, what if I lost my phone…
The other day I was looking at my expenses and wondering whether I could stop my cell phone insurance. The answer depends on whether I would replace my phone if lost, stolen or damaged; whether I can afford to buy a new one cash; what contract I’m on; and my personal history.
Personally, I have claimed for stolen and lost phones a few times – and each time it happened it was great to have the insurance. So, I will keep this monthly expense as my history shows that cell phone insurance in my case is cost effective and gives me peace of mind.
The next question is who to insure with. There are many options so I looked at the price and the T&Cs of continuing with my household insurance or going with my cell phone provider’s insurance. My cell phone provider was a little cheaper, and if I claimed it would not affect my ‘no claims bonus’ on my general insurance. Sounds good!
I then looked at the process if I made a claim on my cell phone insurance. Imagine not having a phone for a week or two. Is it making you feel uncomfortable just thinking about it? Right, so I want cell phone insurance that replaces super-quick. It seems cell phone insurance with your provider often has a faster replacement record then the big household insurance companies.
Finally, I looked at what each cell phone insurance policy covered and I must say this was much of a muchness – so that didn’t drive me either way.
So, after this exercise, two weeks ago I changed by cell phone insurance to my cell phone provider. It was very simple to do, I save a small amount every month, and I have peace of mind that they will handle any claim quickly. I really advise reflecting on this question.
In my next column, I will talk about my process of finding a financial advisor. Yes, I know I should probably already have one!
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