Got an iPhone, Why Should I Have Insurance?

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Well I think we all agree, life without our mobile phones is almost impossible to imagine.  For me anyway, it feels as if a great portion of my daily life is wrapped up and connected to my iPhone.  To think about not being contactable, not being able to access the net whilst I am going about my daily routine, not being able listen to some tunes on the train or not even play my favorite app when I’m bored….well, just the mere thought of it is enough to make me shudder.

And shudder I did recently when I witnessed the demise of my colleague’s iPhone following an unfortunate meeting with the contents of a full wine glass.  Who knew…wine and iPhones don’t mix too well.  All I could do was let out a huge sigh of relief when she advised us all to calm down and not to worry, she had iPhone insurance and would have quick replacement.  It got me thinking, maybe I should look into it, I know for sure if that accident had happened to me, my bank balance would strain under the blow, so I’d better see what I could do about it.

best-iphone-insurance_89266The first thing I noticed after doing some research was there seems to be an abundance of insurance providers out there offering various insurance plans for iPhones.  At first a little bit bewildered, once I got a grasp of the basics it was easy for me to discount the less suitable ones and short list the better, more affordable comprehensive plans that I thought suited what I was looking for.

I’ve just outlined here some of the basics that I found useful when selecting my plan, so visit Protect Your Bubble.

Full accidental cover – I noticed a lot of policies exclude water damage and since it was this type of accident that had me seeking out insurance in the first place, I immediately discounted any policy that did not include ALL accidental damage, including water damage.

Theft/Loss – surprising not all policies included cover for all types of loss/theft.  I’ve been careless enough to lose two previous mobile phones so finding out I could include insurance for loss/theft was an attractive prospect.  Obviously the more cover you include in your plan, the higher the premium tends to be, but in the long run, I personally felt that full cover at the most affordable price was the best option for me.

Replacement time –I opted for a plan that offered quick replacement.

Low excess/deductible – I found that the higher the excess amount I was prepared to accept, the lower the premium would be.   However, since I want to minimise my personal outlay in the event of loss/damage of my iPhone, I chose a slightly more expensive, yet still affordable plan with a low excess amount.

Worldwide cover – though I’m not what you’d call a globetrotter, I do get to travel overseas occasionally and so the inclusion of worldwide cover was an added incentive in selecting my chosen policy.

Data back-up – some providers also offer this service to provide peace of mind that your data is backed up and stored if your device meets an unfortunate incident.

Policy period and claim limits – your iPhone insurance policy will detail the limit on the number of claims you can make within the policy period.  This is obviously a factor if you are opting for a long policy period.  There is nothing wrong with policies that only allow 1 claim, but if you have opted for a long policy period and made a claim early in the policy, you would effectively not be covered for the remaining period of the policy.

Payment options – if you wish to avoid paying an annual premium in one large lump sum, check to see which providers offer the option of spreading the payment over 12 easy pay monthly instalments.  Some even offer a free month as an incentive, which all reduces the overall cost, so keep an eye out for this offer.

Hope you find these tips useful and good luck with finding the policy that is right for you.  I am now not only the proud owner of an iPhone, but I have the peace of mind that I’m covered if, like my colleague’s, my iPhone decides to go for a swim in a wine bar!

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James is a financial expert who has contributed several business and finance related articles. His expertise and first-hand knowledge of economics makes his blogs and articles informative and helpful for those looking out for guidance and assistance in matters related to finance. He has an active schedule of TV and radio interviews He is co-host of the popular VT Radio show Jim and Gordie Show. latest-articles-buttonJim comes from an old military family dating back to the American Revolution. Dozens of Confederate ancestors fought for the South in the War Between the States. Uncles fought in WWII and Korea. His father was a WWII P-40 and later P-51 Mustang fighter pilot. Vietnam found several uncles serving, a cousin, and brother Wendell as a young Ranger officer. His mother was a WWII widow at 16, her first husband killed with all 580 aboard when the SS Paul Hamilton, an ammunition ship with 7000 tons of explosives aboard, was torpedoed off the coast of Algiers. He has been writing, speaking and doing public relations, television, consulting and now multimedia work for a variety of American heritage, historical, military, veterans and Intel platforms. Jim’s only film appearance was in the PBS Looking for Lincoln documentary with Prof. Henry Lewis Gates, and he has guest lectured at the Army Command and General Staff School at Fort Gordon. Currently he is working to take his extensive historical video archives on line to assist his affiliated organizations with their website multimedia efforts, such as the Military Order of World Wars, Atlanta, Sons of the American Revolution, Sons of Confederate Veterans , Assoc. for Intelligence Officers, the Navy League, Georgia Heritage Council, National Memorial Assoc.of Georgia.

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