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20.5 million people paying too much mobile phone insurance?

Today let’s talk about the subject of mobile phone insurance. It has been claimed that consumers are missing out on millions of pounds simply by forking out for specialist mobile phone insurance.

Apparently, Age Concern Unsurance Services has actually calculated that in the region of 20.5 million people could well be paying for the mobile phone cover unnecessarily as their mobile phones are likely to be included within their home and contents insurance.

The chairman of the Association of British Insurers, Malcom Tarling 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.”

Apparently, according to Age Concern, the average annual premium paid for specialist mobile phone insurance is £83.00.

Source — moneyhighstreet