How to insure your mobile or smartphone
How can I insure my phone? Is my phone covered under my contents insurance policy?
With RACV Contents Insurance (or combined RACV Home and Contents Insurance) your phone may be covered for listed events while it is inside your house. It doesn’t matter whether you have an iPhone, Android phone or another device entirely – they can all be covered under your Contents Insurance*.
However, your contents insurance policy is not the only way you can help protect your phone. You may also have the option of subscribing to a ‘care' type program from the device manufacturer or mobile phone provider.
Single-item insurance also exists which allows you to insure your phone separately to a contents insurance policy. Some credit cards also offer purchase protection which may cover your new phone if the card was used to purchase it.
Consulting the product disclosure statement (PDS) can help determine what your phone may be covered for and whether a certain product is right for you.
How much should I insure my phone for?
Refer to your contents insurance policy to see if you have ‘new for old’ cover like with RACV Contents Insurance. If so, it means your phone may be insured for the full amount it would cost to replace as new and this amount can be factored into the total amount you wish to be covered for as part of your policy – using a calculator can help with this process.
If you underinsure your phone, you may be caught short if you need to repair or replace it after a covered event.
New for old cover means your phone may be covered for the cost it would take to repair or replace it as part of your total contents insurance policy sum, minus the excess level you’ve chosen for your policy.
What sort of damage is my phone covered for?
Check your individual policy’s PDS to learn about what types of damage your phone may be covered for. Under a Contents Insurance Policy with RACV Insurance, your phone may be covered for listed events whilst inside your home (such as fire, flood, storm and theft).
RACV Contents Insurance also allows you to add Accidental Damage cover as an optional, payable extra. This helps protect your phone should it be accidentally damaged (e.g. if you drop it on your kitchen floor and it breaks). Accidental Damage Cover only covers accidents within your home and an excess of $300 applies.