What is bank phone insurance?

Phone insurance can sometimes be offered by your bank as part of a packaged bank account. Usually there is a monthly fee that you would need to pay for accessing a range of additional benefits. Some of these packages may also include mobile phone and/or gadget insurance,  travel insurance and breakdown cover.

Depending on the level of cover, you can protect your phone against accidental damage, mechanical breakdown, theft and loss.

Is having phone insurance with the bank worth it?

If you're happy to stump up the fee for the additional features of these style of bank accounts, having phone insurance with your bank is certainly worth considering.

As you would be paying a fee for accessing the benefits, consider how many of them you would use. On phone or gadget cover specifically, look at whether the bank's phone insurance provides you with the right amount of cover, and make sure you compare it to what is on offer across the rest of the market. For example, you may find that there are limits on the amount of claims you can make, or lack of cover for accessories.

How much does bank phone insurance cost?

Each bank would have a fee which would cover the maintenance of the account as well as the benefits that come with it, including the phone insurance.  The prices will differ based on the type of account and the bank you choose. There would be no additional cost for the mobile element of the cover, but you would likely need to pay an excess each time you make a claim. 

We've summarised each of the policies that are offered by a number of different banks and compared them to our own cover.

How do I sign up for phone insurance with my bank?

With most banks, once you've signed up for the account which includes phone insurance, you're generally covered.

The insurance will continue whilst you have the account unless the benefit is withdrawn. This can happen at any time, although you would be given notice.