AppleCare+ VS Gadget Insurance VS Bank Insurance

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Protecting our gadgets has now become a huge priority in life for most of us. A report from earlier in 2020 showed that the typical British adult spends about £40,000 on technology in their whole life, including over 20 mobile phones, 16 games consoles and the same number of computers or laptops. 

Given the importance of these gadgets and the amount they cost us, it is no surprise to see that insurance cover for them has become a hot subject. But what type of cover is right for you? The following are some of the main options.

What Does AppleCare+ Cover?

You will be offered this type of policy when you buy a new iPhone or other Apple device. It gives you technical support and also hardware coverage for up to two accidental damage incidents in the same 12-month period.

The excess is important in any type of insurance cover. In the case of AppleCare+ cover, it is £25 if the screen is damaged and £79 for anything else. In terms of getting hold of technical support, you get priority access to the Apple experts to help you resolve any issue on a 24/7 basis.

Since your battery is also something that can go wrong, it is good to see that the cover includes protection if the battery starts to retain less than 80% of the original capacity.

You need to take out this cover within 60 days of buying your new iPhone, and it costs £150 for 2 years at the time of writing. Crucially, it doesn´t cover you if your device is lost or stolen, though.

What About Gadget Insurance?

Our love affair with cool but fragile gadgets means that gadget insurance is now big business in the UK. This will typically give you wider cover than the Apple policy we just looked at, as it can cover loss and theft as well as accidental damage. Naturally, it isn´t just limited to Apple products either.

Some online figures suggest that 35% of Brits now have some form of gadget insurance in place. One of the best ways of getting started here is by looking at a comparison site, to see what kind of price you can expect to pay.

Among the best-known gadget insurers in the country is Protect Your Bubble. Their home page mentions unlimited repairs and worldwide coverage. They also point out that you can make up to two theft or loss claims in a year for each gadget.

The starting cost that they quote on their home page is £14.99 per month for 3 gadgets. Of course, the exact amount that you pay will depend upon the gadgets that you own and how comprehensively you want to cover them. The excess varies by claim, with the range running from £25 up to £150.

Bank Mobile Phone Insurance

You might never have thought about taking out some form of gadget insurance through your bank before now, but this is an interesting option if you want to set up some cover easily and with a company that you already deal with. 

In this case, we can take the example of NatWest to look at this part of the industry. They currently have an offer that lets you add this sort of cover to your current account as part of a package of extra benefits.

Their Reward accounts offer mobile phone insurance that is underwritten by AIG, as well as other extras such as travel insurance and car breakdown insurance from U.K Insurance Ltd. The Silver level costs £10 per month and the Platinum level is £20, with the same type of phone insurance cover on both of them. The basic Rewards account at just £2 per month doesn´t include mobile phone insurance, though.

With NatWest, each account holder can make just 1 claim each year. If your device can be repaired at a walk-in centre, the excess is £50. When you need to get it replaced or mail it to them for repair, the excess creeps up to £100. As well as accident damage, theft of the phone is also covered.

Barclays Bank also offer a tech pack insurance which may work for you.

Which One Should You Choose?

As we can see, it is impossible to directly compare these different types of insurance cover, so it all about considering which one is likely to be best for your needs right now.

For instance, if you have a few, fairly expensive gadgets then you might feel more comfortable getting a quote from a specialist gadget insurer for the most comprehensive type of policy that is available for all of them. This could end up fairly expensive but it will let you sleep more easily at night.

If you aren’t such a big gadget fan and just want a cheap, convenient option then your bank might be the best bet. Take a look to see if they offer some sort of package that gives you peace of mind at a good price, as well as some of other decent benefits.

What if you are an Apple fan and want the security of being able to sort out any technical issues as well as get protection for accident damage? Their cover isn´t perfect but it is also worthwhile and is certainly better than having your cherished iPhone unprotected.

Overall, it is definitely worth getting some sort of gadget insurance arranged. It is just a question of taking a few moments to see how best to go about it at a price that suits you and then sorting it out.

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