You've bought a new mobile or gadget and decided to get it insured. Here are some crucial tips you need to know when getting mobile phone or gadget insurance
The holiday season is just around the corner and that means it's time to start the Christmas shopping, and with online retailers entering the sales season early, there are some great deals to be had!
If you’re buying friends or loved one’s new gadgets, or even getting yourself the new iPhone 12, these are some important things to look out for when getting your gadgets or mobile phones insured.
When insuring a mobile or gadget, proof of ownership is vital as it helps insurers identify fraudulent claims. If you are buying a gift for someone, and the gadget is in your name, the person who you gifted it to won’t be able to make a claim as they don’t have proof of ownership. What you need to do is transfer the ownership once the gift is given, therefore the person using the gadget will have no problem making a claim. If you are buying something for yourself, it is vital to have proof of ownership as it shows your insurance company that the gadget is yours. Without proof you cannot make a claim. Proof of ownership can be a receipt, confirmation of your contract from your network provider or a gift receipt.
Keep an eye out for the age of the device when you’re purchasing mobile phone or gadget insurance, some insurance providers won’t offer insurance for devices that are over a year old, for example, some do, just check the detail.
Some mobile phone and gadget insurance providers only cover you for a certain number of claims or a certain total value in any policy year.
So, let’s look at an example. You’ve insured your iPhone 12, which you purchased for £750 with a provider who only offers claims up to a limit of £500 in any one year of insurance. If you make a claim for a lost or stolen gadget, you’ll only be able to claim for up to £500 and you’ll have to pay your claim excess too, so it won’t be as much as £500.
In another example, let’s say you still have your iPhone 12 and you make a loss claim followed by an accidental damage claim, looking to make third claim? You might not be able to claim as you have reached your claims limits.
First, false insurance claims are illegal. They can impact on your life and career, making it near-impossible to buy insurance in the future and can lead to a criminal record. When someone commits insurance fraud everyone Suffers - Committing fraud hurts everyone: yourself (if you're caught), your family and your friends. Insurers have to spend longer tackling fraud, premiums go up, and everyone loses out.
· Claiming for an already lost, stolen or damaged device
· Claiming for a device that doesn’t exist
· Claiming for a loss that hasn’t occurred
If you are found guilty of insurance fraud the punishment can be as severe as a prison sentence, it's really not worth the risk.
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17 May 2022
17 May 2022
07 March 2022
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