If you’ve bought a phone secondhand from a friend, private seller or retailer you might struggle to get it insured. At Tinhat we can only cover phones that were purchased new, and most other standalone insurers have the same policy. This is because there’s a much higher risk of secondhand phones being faulty, and insuring them would mean putting our prices up for everyone. So what can you do to insure your used mobile?
Consider adding it to your home contents insurance
Home contents insurance will almost always cover used mobile phones, but you’ll need to specify it on the policy. This usually costs between £25 and £35 depending on the insurer, so give them a call and see what they can do.
It’s worth bearing in mind that your excess might be quite high on a home insurance policy (often over £200), so it could be quite expensive if you need to make a claim. You might also find that it affects your home contents premium the next time you renew, as you might lose any no claims bonus that you’ve accrued.
Get a packaged bank account
One alternative is to get a premium bank account that comes with mobile phone insurance included. Most of these will cover used phones, but it’s important to check the terms and conditions to be sure. Again, the excesses can be higher than a standalone policy, but they’re usually no more than £100, so could be a fair bit cheaper than claiming on your home insurance.
Claims also won’t affect your home contents no claims bonus.
Can you self-insure?
By buying a used phone you’ll have saved a fair bit compared to buying brand new, so you might decide that you can afford to simply replace the phone if it does get damaged beyond repair or lost. If you put £5 or £10 aside each month and something happens to your mobile, you’ll hopefully have saved enough to get it repaired or replaced.
This option is great if you’re a very careful user, and are unlikely to drop or lose your phone, but if you do have an accident within the first few months it might be a hard pill to swallow.