Survey highlights financial risks taken by nation of gadget lovers
Smartphone, laptop and tablet owners in the UK risk losing thousands of pounds every time they step out of their front doors, reveals a new survey released this week by insurance provider, iSmart Finance.
The new survey has revealed that one in four Brits don’t know if they are automatically covered for loss or damage to their gadgets such as laptops, tablets or smartphones under their household or other insurance, which could mean expensive items are not covered and therefore may not be replaced by insurers.
Even leaving the house could prove expensive as the online YouGov survey, of over 2,000 adults, carried out on behalf of iSmart Finance showed that amongst those with insurance which covers gadgets 30% either don’t have or don’t know if they have insurance that covers loss or damage outside the home.
This is despite the fact that just over a quarter (26%) of adults admitted to having lost or damaged expensive mobile equipment in the past.
There seems to be a lack of awareness about the financial implications of losing downloaded films, music, games and apps if their gadgets are lost or stolen.
A third (32%) of those surveyed online own up to £500 worth of downloaded material, yet 98% of those with downloads either have no insurance or have no idea whether they are covered by an existing insurance policy.
Almost half the respondents (45%) were also unaware of whether their insurance policy covers them for fraudulent use or loss of their mobile phone.
A new service specifically aimed at addressing this gap in the market has been launched by a company better known for helping people reclaim mis-sold PPI insurance.
iSmart has just launched an insurance division (iSmart Finance), with one of the first products specialising in mobile gadgets and downloads.
iSmart Finance MD Paul Fakley explained: “We are a nation of mobile gadget lovers. Sticking an ipad, smartphone and laptop in your bag is as normal as carrying a wallet these days, yet it seems far too many people are unaware of the financial Russian roulette they’re playing every time they step outside the front door.
“Our research reveals that many people assume they will automatically be covered by their household insurance. But often they’ll find when they come to make a claim that it’s excluded.
“It’s important that people check the small print to see whether their gadgets are covered outside the home as well as indoors. It’s also unlikely that standard insurance will cover less tangible issues like downloads or the bills racked up when a thief uses your smartphone or mobile. If this is overseas it could cost thousands of pounds.”
For further information about iSmart insurance visit www.ismartfinance.co.uk
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For further press information please contact:
Amy Puttick on 0116 274 6177 or amy.puttick@bigcommunications.co.uk
Diane Kenny on 07702 847147 or diane.kenny@i-smartbusiness.co.uk
Notes to Editors
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2027 adults. Fieldwork was undertaken between 8th-11th June 2012. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
About iSmart Finance
iSmart Finance Ltd has been established to provide smart solutions for our complicated lives.
A newly-formed subsidiary of iSmart Group, iSmart Finance has evolved from a claims management background and is acutely aware that many people who have been mis-sold insurances still have a need for cover, but may distrust many traditional financial institutions.
Given the company’s experience in the claims management field and awareness of how insurance has been mis-sold, iSmart is in a great position to sell insurance properly and see it as a logical move.
To ensure that customers get the very best service and access to products, iSmart Finance has partnered with two organisations: idRisk Advisory Ltd and CETA Ltd, who have many years’ experience in the insurance business.
Paul Fakley, Managing Director of iSmart Finance Ltd has over 20 years’ experience in the industry, having worked with such household names as Churchill, Direct Line and Saga. Paul is ACII qualified and a Chartered Insurer.
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