Best iPhone Insurance Providers of 2023
Mobile phone insurance is an essential consideration for iPhone owners due to the high cost and fragility of these devices. In this article, we’ll delve into the best iPhone insurance providers in 2023, offering coverage for accidental damage, theft, and loss. We’ll compare their monthly costs, excess range, and why we picked them as top choices.
How to Protect Your iPhone
iPhones are not only expensive but also highly sought after and relatively fragile. The risk of having to replace your iPhone due to theft, loss, damage, or irreparable breakage is real. Mobile phone insurance can offer financial protection in such situations. Let’s explore the best iPhone insurance providers for 2023.
Best iPhone Insurance Providers
In our search for the top iPhone insurance providers, we considered factors such as monthly cost, excess range, and the coverage provided. Here are the leading options:
| Provider | Forbes Advisor Rating | Monthly Cost (128GB iPhone 13) for Accidental Damage, Theft, and Loss | Monthly Cost for Cheapest Policy (128GB iPhone 13) | Excess Range |
|---|---|---|---|---|
| Switched On | 5.0 | £5.75 | £5 | £50 – £150 |
| Cover My | 4.5 | £6.11 | £5.34 | £50 – £150 |
| Mobile Phone Insurance Direct | 4.0 | £6.49 | £6 | £40-£75 |
| So-Sure | 4.0 | £6.09 | £6.09 | £50 – £150 |
| Cover Cloud | 4.0 | £7.26 | £6.56 | £50 – £150 |
| Trusted | 3.5 | £8 | £8 | £25 – £100 |
| SWIPE | 3.5 | £8 | £6.15 | £50 – £150 |
| Protect Your Bubble | 3.5 | £8.49 | £6.99 | £90 – £100 |
Methodology
To determine these rankings, we used data from Comparison Creator, our mobiles partner. We considered policies offering accidental damage, loss, and theft cover across various iPhone models. Additionally, we examined the excess amount required for claims, the extent of worldwide coverage, the maximum age of iPhones covered, and common exclusions. Based on these factors, our editorial judgment awarded star rankings focusing on price and value for money.
What is Mobile Phone Insurance?
Mobile phone insurance is a type of coverage that provides financial compensation for repairing or replacing your phone in case of damage, loss, or theft. To benefit from this coverage, you typically pay a monthly premium, along with an upfront excess fee when making a claim. The cost of your premium depends on your phone’s value and the level of coverage you need.
Why Do You Need Mobile Phone Insurance?
With the newest and high-end iPhones costing a significant amount, having to bear the full expense of replacing a damaged, stolen, or lost phone can be financially burdensome. Even if you’re paying for your iPhone through monthly installments, you’ll still be responsible for payments even if the phone is unusable or gone. Mobile phone insurance provides peace of mind by ensuring you won’t face a substantial bill if you encounter such unfortunate events.
What Does Mobile Phone Insurance Protect Against?
Mobile phone insurance can protect your iPhone against various scenarios, including:
- Accidental damage (e.g., dropping and breaking the screen)
- Liquid damage (e.g., exposure to water)
- Theft
- Loss
- Mechanical breakdown (when your phone malfunctions beyond the manufacturer’s warranty)
Not all policies cover all these scenarios, so the level of coverage may vary among insurers.
What Does Mobile Phone Insurance Not Protect Against?
Insurers typically expect policyholders to exercise reasonable care to prevent accidental damage, loss, or theft. Therefore, insurance may not cover situations where you have not taken such precautions. It’s essential to review each policy’s rules and exclusions to understand what is and isn’t covered.
Does My Home Insurance Cover My Phone?
Some home contents insurance policies may cover your iPhone. However, for similar coverage to what these top-ranked providers offer, your home contents policy should include accidental damage and personal possessions coverage. Additionally, your policy should have a single-item limit of at least £1,500. Keep in mind that making a claim on your home insurance policy may result in losing your no-claims bonus, potentially leading to higher premiums during renewal.
How Much Does Gadget Insurance Cost?
For those wondering about the cost of gadget insurance, here’s an overview of the average monthly and annual costs for various iPhone models:
| Most Commonly Insured Gadgets | Average Monthly Cost | Average Annual Cost |
|---|---|---|
| iPhone 15 128GB | £6.20 | £65.98 |
| iPhone 15 Plus 128GB | £7.52 | £79.43 |
| iPhone 15 Pro 128GB | £7.48 | £79.28 |
| iPhone 15 Pro Max 256GB | £7.99 | £84.82 |
| iPhone 14 128GB | £5.90 | £64.03 |
| iPhone 14 Pro 128GB | £7.98 | £86.01 |
| iPhone 14 Pro Max 128Gb | £8.35 | £89.64 |
| iPhone 14 Plus 128GB | £6.59 | £72.06 |
Source: Comparison Creator, October 2023
Best iPhone Insurance Provider Ratings
Our comprehensive analysis led to the following ratings for the best iPhone insurance providers:
- Switched On: Forbes Advisor Rating 5.0, Monthly Cost for Accidental Damage, Theft, and Loss: £5.75, Monthly Cost for Cheapest Policy: £5, Excess Range: £50 – £150.
- Cover My: Forbes Advisor Rating 4.5, Monthly Cost for Accidental Damage, Theft, and Loss: £6.11, Monthly Cost for Cheapest Policy: £5.34, Excess Range: £50 – £150.
- Mobile Phone Insurance Direct: Forbes Advisor Rating 4.0, Monthly Cost for Accidental Damage, Theft, and Loss: £6.49, Monthly Cost for Cheapest Policy: £6, Excess Range: £40-£75.
- So-Sure: Forbes Advisor Rating 4.0, Monthly Cost for Accidental Damage, Theft, and Loss: £6.09, Monthly Cost for Cheapest Policy: £6.09, Excess Range: £50 – £150.
- Cover Cloud: Forbes Advisor Rating 4.0, Monthly Cost for Accidental Damage, Theft, and Loss: £7.26, Monthly Cost for Cheapest Policy: £6.56, Excess Range: £50 – £150.
- Trusted: Forbes Advisor Rating 3.5, Monthly Cost for Accidental Damage, Theft, and Loss: £8, Monthly Cost for Cheapest Policy: £8, Excess Range: £25 – £100.
- SWIPE: Forbes Advisor Rating 3.5, Monthly Cost for Accidental Damage, Theft, and Loss: £8, Monthly Cost for Cheapest Policy: £6.15, Excess Range: £50 – £150.
- Protect Your Bubble: Forbes Advisor Rating 3.5, Monthly Cost for Accidental Damage, Theft, and Loss: £8.49, Monthly Cost for Cheapest Policy: £6.99, Excess Range: £90 – £100.
Frequently Asked Questions
Can I get mobile phone insurance for a second-hand iPhone?
You may be able to get mobile phone insurance for a used or refurbished iPhone. However, some insurers have restrictions on covering iPhones that are only a few months old, so it’s crucial to review the terms of each provider carefully.
Protecting your iPhone with the right insurance is a smart decision in today’s world. These top-rated insurance providers can offer peace of mind when it comes to safeguarding your valuable device.