Brits could be wasting millions on mobile phone insurance

Around 20.5 million British households could be losing out on millions of pounds a year by forking out for mobile phone insurance when their phones could already be covered under their home and contents insurance policy.

The average mobile phone insurance policy from the five leading network providers costs around £83 a year, 50% more than the cost of the average handset. Age Concern Insurance Services is urging people to check their existing home and contents insurance policies before forking out up to £90 a year for specialist mobile phone cover. With everyone feeling the pinch in the current economic climate Age Concern is reminding everyone that being insurance savvy could save you hundreds of pounds.

Jeff Morris, Age Concern Insurance Services says: “Mobile phone insurance is big business in the UK but millions of people could actually be paying twice to insure their mobile phones.

“At Age Concern we are always mindful of explaining our policies very clearly and, where it is desired, offering additional cover to protect customers from loss or theft of their property outside the home – such as for mobile phones.”

Malcolm Tarling from the Association of British Insurers says: “It is essential that the 14 million people aged over 50 who own a mobile phone check their household insurance policy to see if that covers mobile phones. If they have separate mobile phone insurance, they should check the terms and conditions of that too - there's no point having two policies to cover the same thing."

For as little as 31 pence extra per week, depending on postcode or cover required, Age Concern offers optional ‘Special Possessions’ cover, available as part of the Age Concern home and contents insurance policy. This provides wide cover for personal property not only inside the home, but anywhere in the world. Personal possessions can be covered for their replacement cost, personal money up to £500 and credit cards up to a value of £1,000. All claims are also settled ‘new for old’ which means that lost items, or items damaged beyond repair, will be replaced with new, whatever their age.

Profits generated by Age Concern Insurance Services go directly to the Age Concern charity, raising additional funds for invaluable support services such as day centres, home visits and transportation as well as helping the charity campaign for the well-being and rights of older people.

Age Concern Insurance Services (ACIS) offers one of the few home insurance policies to allow a very low minimum sum insured, allowing older people with fewer possessions to pay only for the cover they need. ACIS also offers the flexibility to spread the cost of insurance by paying in instalments at no extra cost. For more information, visit ageconcern.org.uk/homeinsurance.