Our phones and devices become more and more expensive each year, while we also depend on them more as each day passes. You know that heart sink feeling when you can’t find your phone? We imagine that’s what it feels like to lose a child (okay, maybe it’s not that bad … but you know what we mean!).
With the latest iPhone’s now costing around £800 – £1500, and replacement screens costing £250 – £400, considering whether you should take out a phone/gadget insurance policy to cover against loss, damage or theft is certainly a good idea!
We’ve scoured the market for the best deals and levels of service for gadget insurance to bring you our top three Gadget insurers for you to choose from along with a wealth of information to help you make the best choice.
First, consider do I need gadget insurance?
Here at the Money Plug, we’re always looking to spend frugally and save where possible. As such, as with any purchase or subscription we make, we should always be asking ourselves ‘Do I really need this?’.
Now, we can’t answer this question for you, but we can try and send you on the right path. If your phone/gadget is at the lower end of its value, or perhaps a few years old, consider whether you actually need insurance. It’s unlikely to be worth spending around £100 per year to protect a device that’s worth around £300, however for a device worth £600+ it may well be worth it.
Equally, no matter the cost of your device, if you’re someone who frequently loses, or damages their device, or perhaps you’re just looking for peace of mind and want to avoid facing a hefty bill you haven’t planned for, then gadget insurance may be a good idea for you.
What sort of cover do I need?
Before looking at the different options, consider what type of phone or gadget insurance cover you actually need, before being roped into a fully comprehensive policy.
Most of the policies cover theft, damage and breakdown as standard with things like accessory cover or insurance against loss as an extra. If you’re unlikely to lose your phone, or feel safe in being able to find it due to the use of a tracking app like Find My iPhone then look for cover where Loss is an optional extra, this could save you £20 over the year for a risk you’re not particularly worried about.
If you’re main concern is damaging your phone, or perhaps cracking your screen, look for the provider with the lowest price policy that covers screen replacements for the age of your device, and that has the lowest excess amount when it comes to making a claim.
We’ve set out the table below comparing the offerings and pricings of the three providers we reviewed, with quotes taken for an iPhone 11 Pro 256GB.
|Cover||LoveIt CoverIt||Protect My Bubble||Gadget Cover|
|Annual Cost||£126.39 (1 month free)||N/A||£120.89 (1 month free)|
|Excess||£100 – £125||£100 – £125||£100|
|Age of device||36 months||6 months||18 months|
|Loss||✅||✅ Extra (£1.50)||✅ Extra (£2)|
|Multi-device discount||2nd Item 10% off||2nd Item 10% off, 3rd item £16.49 per month bundle||None|
Loveit Coverit (Premium)
Loveit Coverit operates two levels of cover, Plus and Premium. Plus only covers you for theft or loss so we’ve reviewed the premium cover (which in our example was 50p more expensive) to include accidental damage, liquid damage, cracked screen and mechanical breakdown.
LoveitCoverit will cover accidental damage and liquid damage and loss and theft on the Premium cover anywhere in the world. Unauthorised use is included for up to £10,000 on the Premium policy.
One of the most attractive features of Loveit Coverit is that they will insure older devices purchased within the last three years, and what’s better, this includes a 12-month warranty on replacements.
Loveit Coverit will also insure your accessories (losing AirPods anyone?) against loss, theft and damage up to £175.
Compared to the other insurers, Loveit Coverit is likely to be the best option if you’re looking to insure an older device given the greater age limit for insuring devices.
The Premium policy also allows unlimited claims and repairs.
You can get a quote from Loveit Coverit here. They offer a 10% discount when you insure more than one device.
While cost is an important consideration, we also think it’s important to think about the service provided by the insurer. Loveit Coverit promise to provide you with your replacement device within 48 hours, and when you’re currently barely surviving on your friends old iPhone 5 you’ve borrowed every hour counts!
Loveit Covertit’s mobile phone insurance is underwritten by AXA, a world leading and household insurance brand so it’s unlikely you’re going to face any issue. Their phone and gadget insurance is rated 5 Stars by independent review site Defaqto, making it ‘an excellent product with a comprehensive range of features and benefits’.
On customer review site Trustpilot, Loveit Coverit currently has a 4.8/5 rating for its mobile phone insurance with over 1,400 reviews.
Protect Your Bubble
Protect Your Bubble gadget insurance offers cover for theft, accidental damage, breakdown and liquid damage, with loss cover as an additional extra (£1.50 on our quote).
Protect Your Bubble was the most expensive insurer for our iPhone 11 Pro, and if you’re only insuring one device it has to be under 6 months old.
Protect Your Bubble do however, extend the age of insurable devices to 12 months for a second device, and 36 months for a third device.
Protect Your Bubble also provide attractive multi-gadget policies which appear to be better value than their competitors.
If you’re looking to insure one gadget, Protect Your Bubble may not be the best option, but if you’re looking to insure multiple it could well be the best deal out there today!
At the time of writing, Protect your Bubble had a rating of 4.5/5 on Trustpilot based on over 15,000 customer reviews.
You can get a quote at the Protect Your Bubble website.
Gadget Cover is the second most comprehensive cover just below Loveit Coverit.
Loss cover is extra, but we included it in our quote for an extra £2. Gadget Cover will cover accidental damage and liquid damage and loss and theft in the world. Unauthorised use is included for up to £2,500.
Loveit Coverit will also insure your accessories (Losing AirPods anyone?) against loss, theft and damage up to £150.
If you’re looking for the cheapest cover for one device, Gadget Cover could be the best option. They were the cheapest of the three providers for the quote on our iPhone 11 Pro, and covered almost everything Loveit Coverit did, just with lower limits on Unauthorised use and accessories.
If you’re not particularly concerned about insuring against this risk, then Gadget Cover is likely to cover everything you need.
You can get a quote from Gadget Cover here.
Gadget Cover is rated 5 Star out of 5 by independent review site Defaqto.
At the time of writing, Gadget Cover currently has a 4/5 rating for its mobile phone insurance on customer review site Trustpilot, based on over 1,400 reviews.
Best deal all round
If you’re looking for a fully comprehensive gadget insurance policy, at a super competitive price and with fast claims for when things go wrong then Loveit Coverit have literally got you covered.
Best deal for multiple devices
If you’re looking to insure multiple devices, perhaps a phone, tablet and a laptop or smartwatch – Protect Your Bubble is likely to offer the best discounted package deal.
Best deal if don’t need loss cover
Gadget cover is the cheapest of the three, and loss cover is optional, so if it’s not something you think you need, grab a bargain!