O2 Customers Report iPhone Insurance Shock

O2 Customers Report iPhone Insurance Shock • New policies for iPhones introduced • Excesses quadrupled in some cases • Customers urged to shop around Friday, 10th September, 2010: Moneymaxim.co.uk, the moneysaving website and mobile phone comparison service have reported increased approaches from disgruntled O2 customers facing changes to their mobile phone insurance contracts. Customers calling the money saving website are complaining about steeply increased excesses, which in many instances have increased fourfold. Mark Bower, Managing Director of moneymaxim.co.uk said: “We are aware that Insurance Underwriters have seen claims rise steadily recently following the launch of a series of higher value gadgets such as the iPhone4. However the severity of the changes are surprising, and given the rates charged by other companies in the market these policies look particularly poor value. “The O2 website now price their iPhone insurance at £15.00 a month, with the latest phones attracting an excess payment of £100, which can rise to £150 if there have been previous claims.” “We really would urge any who is paying any more than £7 for their mobile insurance to research the market, as even top end phones can be covered at that price or less. The fact that our comparison tool highlights the companies that do accept older phones is a real benefit for those who are searching the market.” One caller from Wallington in Surrey had until now insured two of her family’s iPhones with O2. Her monthly O2 premium now included an excess on the policy of £100 (previously £25). She also found that if a phone does need replacing it will be with a reconditioned phone rather than a new one. As her phones were both over 6 months old she was concerned that she would not be able to find alternative cover, but by using the mobile phone insurance comparison service at www.moneymaxim.co.uk she was delighted to discover that alternative policies were available in the market with better cover and at a lower cost. Using moneymaxim she found a policy with Protectyourbubble that would cover her iPhones at a lower cost of £10.98 (as she benefited from an additional 10% discount when buying two policies), and provided breakdown cover on top of the standard benefits of the O2 policy. The excesses were lower at £50 (£75 for accidental losses), and replacement phones would be new rather than reconditioned. The policy is available for phones up to 36 months old (the original receipt will be required in case of a claim). What started off as a real problem for this customer has actually turned to a positive, as through her search she also discovered moneymaxim’s telephone based relationship service which will now keep an eye on many of her household bills, such as her energy and insurance costs. Compare iPhone Mobile Phone Insurance at: http://www.moneymaxim.co.uk/iphone-insurance Notes: Mark Bower, Managing Director of www.moneymaxim.co.uk is available for interview. For Images and interviews contact Dale Lovell on 01753 859 588 / 0779 1414 681 or email: dlovell@searchnewsmedia.co.uk for more information. Protectyourbubble iphone insurance costs £5.99 to cover theft, extended warranty, accidental and liquid damage and fraudulent call costs of £100 calls. Accidental Loss can be covered for a further £1 per month. Full details of the O2 changes can be found at www.o2.co.uk/insurancechange , whilst a new customer policy can be found at www.o2.co.uk/shop/phoneinsurance/ About moneymaxim.co.uk: Launched in 2008 by Mark Bower moneymaxim.co.uk aims to deliver an impartial and independent service both online and through telephone money saving specialists. In May the money saving website launched the UK’s only car hire insurance search engine, and in September the first mobile phone and gadget insurance comparison service. The gadget insurance search engine, currently displays results from Betterbuy Insurance, Gadgetcover, Insurance2Go, JS Insurance, LaptopGuard, mobilephoneprotect, Protect Your Bubble and worldwideinsure. The panel is growing rapidly as further insurers seek to display their products through the innovative comparison service. Visit: www.moneymaxim.co.uk for more money saving advice and information. Moneymaxim are authorised and regulated by the FSA – FRN 496690