Insurance query

[willi10]

Hi
On the O2 phone insurance (accidental damage) the 'exchange/replacement service' what's the difference between the two or are they one and the same ? Thankyou

[Cleoriff]

Hi @willi10 

With O2 insurance you are usually offered a refurbished phone as near to the one you damaged or lost. It all depends on the level of cover you have purchased.

https://www.o2.co.uk/shop/services/mobile-insurance 

[MI5]

@willi10 

Exchange implies something will be swapped for something else, ie it may not be an identicle device.

Replace implies an exact replacement for the device.

T&C's for insurance policies vary wildly, so research carefully before buying to ensure it suits your needs.

[willi10]

Thanks for the help...
I have the cover at the moment paying £9 for the 1st level insurance accidental but not for lost/stolen. My query is because I've paid off my phone and moved on to SIM only tariff, basically should I take the risk of cancelling the insurance now? I'm generally careful with my phone always have a case on...but in the past I've always changed my phone in 18-24 months.

[MI5]

@willi10 

Honestly, only you can answer that as far as risk is concerned.

O2 would likely supply a refurbished phone now if you claimed but you need to decide if the value of your device is worth paying the insurance on.

[willi10]

Well from new the phone - Huawei P30 cost 500 odd when I paid it off it was down to 400 odd (cheaper in the long run)

[MI5]

Probably still worth paying the insurance then.

[Bambino]

@willi10  Many Homeowner's Contents Insurance policies cover mobile phones. If you have a policy, you may not need a separate one from O2. Most banks offer insurance too. Might be worth shopping around?