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“The rise in people owning smartphones has led to an increase in take-up rates for mobile phone insurance cover globally. The expensive handsets mean people are more likely to purchase insurance or extended warranty cover” remarked Lee Butler, Managing Director at Town & Country.
According to the Finaccord study, consumers who acquire a subsidised smartphone from a mobile network operator are usually tied into contracts of up to two years with a particular handset which would be expensive to replace. This therefore makes the addition of a mobile phone insurance or an extended warranty policy a more attractive proposition to market.
“Although the global market for mobile phone insurance cover is not huge when you compare it to consumer insurance for personal motor or home insurance, it has now overtaken travel insurance, which in 2015 had a market value of approximately $15.8 billion and it’s likely to be increasing at an annual rate that is significantly ahead of both motor and home insurance.”
The research undertaken by Finaccord covered close to 1,700 distributors of mobile phone cover across 40 countries, comprising retailers – including mobile network operators – and manufacturers.
Town & Country has just launched a new mobile phone insurance policy to provide businesses and individuals complete cover should their mobile device be stolen or damaged. Unlike many other insurance policies, the new policy offered by Town & Country has no excess payment and is available from just £3.33 a month. The cover is worldwide and insures the device whilst in the home, at work and whilst on the move.
“Mobile insurance isn’t compulsory but with hectic lifestyles comes increased exposure to the risks of losing or damaging your phone. We rely so heavily these days on our mobiles that to be without it would undoubtedly cause many people great inconvenience and stress.”
For more information regarding mobile phone insurance, please call us on 01202 514444.
