Just over one in five British people currently have an insurance policy for their mobile phone, a report for YouGov SixthSense has discovered. Three in five people revealed that they do not have a policy, and never have had.
The most popular reason for not having a policy is that people do not consider their phone to be expensive enough to justify insurance, with almost half of those without insurance selecting this explanation.
Nearly a third said that policies available are not worth the money.
22% of British people currently own a mobile phone insurance policy. While 60% say they don’t have a policy now, and never have had.
10% of people revealed that they do not currently have a policy, but used to have one, while 3% plan to get insurance for their mobile phone soon.
The reasons behind not having insurance vary, but the most common is people thinking that their phone is not expensive enough to justify insurance (49%).
29% of those without insurance say that policies available are not worth the money, while 18% say that they are unable to afford a policy.
16% of those without mobile insurance say their mobile phone is covered under a home insurance policy and 15% reveal that they do not think they will ever lose their phone or have it stolen or damaged.
According to the YouGov SixthSense Mobile Insurance report, just over one in five mobile owners have an insurance policy, leaving almost eight in ten uncovered for loss, damage or theft. Mobile phone owners aged between 25 and 39 are by far the most involved with insurance, either as holders of policies or as those planning to take out a policy. They are also the most likely to have had a policy in the past.
YouGov’s research shows that younger adults tend by nature to be the innovators in society, the consumers most likely to want to try new gadgets and gizmos, so it is these adults who are the most likely to own the most expensive new smartphones.
The report also shows that the type of handset owned plays a key role in determining whether or not the owner has taken out insurance. People will tend to replace handsets themselves if the cost is low, but seek cover if the handset value is high. It was the low value of the handset currently owned that was the main factor limiting the uptake of mobile phone insurance. The average value of mobile phones owned by adults agreeing with the statement ‘My phone is not expensive enough to justify insurance’ was £53.
At Insure My Smartphone we know that smartphone insurance is obviously something not to be overlooked due to the cost of having to replace your smartphone in the event of a claim. Should you suffer from loss, damage or theft a low-cost having a smartphone mobile phone insurance policy that covers the value of your smartphone will be invaluable.