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Phone Insurance Compared

Compare Lloyds Bank vs. Mobile Phone Insurance Direct

See how Lloyds Bank’s phone bundled insurance stacks up against standalone cover from Mobile Phone Insurance Direct.

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Mobile Phone Insurance Included with Lloyds Bank

Pros:

    • Convenient add-on: Bundled with your Lloyds Bank account, meaning there’s no need to set up a separate insurance policy. It’s a simple way to get multiple perks under one fee.
    • Cost-effective option: Often included as part of a packaged account, which may come with other benefits like travel insurance or breakdown cover. This might seem like an easy, budget-friendly choice.
    • Simple to manage: Payments are typically part of your monthly bank account fee, keeping things straightforward.

Cons:

    • Limited coverage: Policies included with Lloyds Bank accounts may not offer as much protection as standalone options. For instance, some bank insurance might only cover phones for theft or damage inside the home, leaving you unprotected when out and about.
    • High excess fees: Excess charges on claims can sometimes be higher, which might mean paying more if you need to make a claim. For example, some bank accounts may have a fixed excess of £150, regardless of your device’s value, which could be costly for those with older or cheaper phones.
    • Less flexibility: Bank-provided insurance can lack customisation. If you want extras like worldwide cover or accessory protection, it might not be possible. Additionally, there might be a cap on the number of claims allowed per year, which could be restrictive for some users.


Standalone Mobile Phone Insurance from Mobile Phone Insurance Direct

Pros:

    • Customisable cover: Tailor your insurance to fit your needs, whether you need basic protection or comprehensive cover. Unlike many bank-provided policies, you can add extras like worldwide cover, ensuring peace of mind wherever you are. Mobile Phone Insurance Direct’s plans include features such as accidental damage, breakdown, and even liquid damage, giving you more options.
    • Comprehensive policies: Often provides higher coverage limits than Lloyds Bank’s bundled insurance. For example, Mobile Phone Insurance Direct’s Essential Package includes coverage for accidental damage, breakdown, and up to £150 for accessories. This flexibility means your phone is covered for more scenarios.
    • Insure any device: You can insure any phone model, regardless of where you purchased it, and your policy won’t be tied to your bank account. Plus, excess fees are typically tiered based on device value and age, which can lead to savings compared to standardised fees from banks.

Cons:

    • Additional cost: Since it’s not part of a bank package, you’ll pay separately for this policy, which might be a bit more than upgrading your Lloyds Bank account.
    • Requires separate setup: Setting up your policy with Mobile Phone Insurance Direct means handling payments directly, rather than through your bank account.
    • Variety of options: While having more choices is generally a positive, it can be overwhelming to find the right policy if you’re unsure what to look for.

Home Contents Insurance

Taking out a home contents policy is an effective way of ensuring that your phone is protected against damage, theft, or loss inside of your home. The majority of insurers will offer some form of gadget cover, which will extend to most of your precious electrical devices, including your phone. One of the main benefits of choosing home contents cover is that it will automatically include every phone in your home, whereas with a third-party insurer you’ll probably have to take out multiple policies to cover everyone.

Lloyds Bank, as you’d expect, offer home contents insurance, which will protect any valuables inside your home from theft, accidental damage, and fire or flood. Whichever level of cover you choose, your gadgets worth less than £2,000 each are covered in the home as standard up to the contents limit. While this may be perfectly suitable for some customers, it simply will not be enough for others – especially as the phone is not covered outside, where most accidents are likely to take place. On top of this, if you claim for your phone on contents insurance, your premiums will go up across the entire policy, whereas if you have your mobile insured with a third-party, you don’t have to worry about that.

One of the main advantages of insuring your device with Mobile Phone Insurance Direct is that we understand how much your mobile means to you. Should you make a claim with us, whether it’s for a theft or damage, we’ll fix your device or find you a near-identical replacement as soon as possible, so you never have to go too long without your mobile. However, contents insurance with Lloyds only refunds the cost of the phone, which leaves you with the hassle of having to find a replacement yourself.

Bank Account Cover

One of the main ways that customers secure mobile phone insurance, outside of their provider or a third-party, is through their bank. The majority of banks will offer some form of mobile phone insurance in their higher-tier accounts, which usually charge a monthly rate to access. Like with home contents insurance, you cannot simply take out mobile phone insurance – you have to purchase a whole package which happens to include phone insurance in it.

Lloyds is no exception. In order to receive Lloyds mobile phone insurance, you need to have one of five non-standard current accounts, all of which differ in price. The lowest of these is the Select Account, which costs £11.95 per month, and the most expensive is the Premier Account, which will set you back £28 each month. Despite the differences in cost, every account offers the same level of mobile phone cover, so if you simply want insurance for your device, the cheapest option is the best value for money.

Despite it being slightly convoluted to get, mobile phone insurance from Lloyds does offer quite a lot in its cover. If you take out a policy with Lloyds and make a successful claim, you will receive a replacement or repair of up to £2000 in case of theft, loss, damage, or breakdown. The best part is that, regardless of your account level, the policy covers you all over the world. So, when compared to MPID’s cover, you could theoretically get a cheaper deal with Lloyds. For example, if you took out a Select Account with Lloyds for £11.95 a month, you could get basic, worldwide cover on an iPhone 13 Pro Max 512GB for that price, whereas it’d cost £13.59 for Essential Cover with Mobile Phone Insurance Direct. However, Lloyds only allows 2 successful claims within 12 months, whereas MPID offers Unlimited Claims.

Furthermore, Lloyds excess contributions are £100 for all devices. If you make a claim on an iPhone, you’ll have to pay an excess of £100, regardless of the age and model of the device. MPID excess depends on the age, make and model of the device so if you own a cheaper device, our excess starts at £40 which is significantly less than the £100.

While getting phone insurance through a premium bank account may be the cheapest and easiest option of some people, the reality is that, when you claim, you’ll always be dealing with a bank that sometimes does mobile phone insurance. However, if you opt to cover your device with MPID you know you’ll be dealing with experts in mobile insurance from start to finish.

30 Years Experience in the Mobile Phone Insurance Market

By choosing to insure your iphone with MPID, you’ll benefit from over 30 years of experience across our dedicated, expert team. If you want to insure with a company who cares about your phone as much as you do, look no further, get your quote today.

We never outsource your claims

Friendly UK-based customer service team

Over 1 million devices insured