Why gadget insurance makes sense
With gadgets now becoming an integral part of our everyday lives, it’s no surprise that 35% of Brits already have a standalone gadget insurance policy to protect their portable tech.
But the flipside is that 65% of Brits don’t have dedicated gadget insurance.
When asked about why they didn’t have gadget insurance, many people believed their contents insurance, packaged bank account or travel cover was sufficient. But that may not be the case.
Accidental damage cover isn’t always included with these other policies, so it’s important to check the policy detail to see what protection you’ve got.
And we certainly need protection: just over a quarter of those surveyed (26%) said they’d suffered an incident or accident with their phone over the past year, with 16% saying they’d cracked their phone screen and 8% having damaged their handsets in water.
The number of people having phone accidents jumps to nearly half (46%) for those between 18 and 24, with nearly a third of those (28%) reporting a cracked screen.
Brits also tend to underestimate how much it costs to repair the latest smartphones, as those surveyed believed it would cost around £70 to repair a cracked screen, when in reality it costs more than £100.*
*MoneySuperMarket survey data. Correct as of July 2017