Yet you can get cheap mobile phone insurance cover from less than £6 per month to protect the latest expensive smartphones available. This includes the recently launched Samsung Galaxy S8, S8+ or any one of its extended family (incl. Samsung S7, S6 or Edge) or the iPhone 7, 7 Plus, 6s, 6s Plus or SE. Are you a loser? No insult intended, but it's important to understand mobile phone insurance isn't compulsory. Deciding whether to get a policy comes down to the fact that you know yourself better than insurers will. In particular, think about this: How likely are you to lose or damage your phone? If your mobile's been permanently clipped to your belt buckle for the last 10 years, the chances you'll lose or break it are slim. Alternatively, for social butterflies who don't know where they'll wake up, a broken or damaged phone (and a hangover) is par for the course.

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Unlike most insurance, mobile cover doesn't usually increase with a history of loss or damage. So those who rarely have issues are cross-subsidising losers. If you've painful memories of the handsets you've lost, insurance is worth considering. If not, think about self-insuring and/or covering your phones on your home insurance. Martin's a loser... Can you self-insure? Self-insuring simply means rather than paying for insurance, you put money aside each month into a top savings account. This way if you lose your phone, you've got cash to pay towards a replacement. If not, the cash and the interest is yours rather than an insurer's. It's great for those who rarely lose or damage phones, though it isn't without its risks. To find out how much you should be saving, either ask your contract provider how much it would charge for a replacement handset or research the costs of buying a new handset – you should get a rough idea from a website such as eBay* (see eBay Buying Secrets). Is it already covered by your home insurance? Most standard contents insurance only covers phones if they're lost in a home burglary or house fire. But some include accidental damage cover, which lets you claim for phones damaged at home. Also check for 'all risks' or 'personal possessions cover', which protects you against loss, theft or accidental damage when expensive items are taken outside the home. You'll usually pay about £25 to £50 a year on top of your annual premium for it. That is the good news. The bad news is there is usually a higher excess which can range from £100 to as high as £500 per claim. This sometimes renders the cover worthless if you need to claim – as the excess is greater than the claim amount. Plus there's the fact that any claim usually leads to the insurer reducing any no-claims discount from your price at renewal. In effect, it could mean higher home insurance prices for up to five years following the claim – on top of the excess you had to pay. So, if the mobile is an expensive model, claiming on your home insurance policy may be worth it. If you go for this option, always check the following: