Cell Phone Insurance worth it or not?

Hemi300c

Honorary Master
Joined
Dec 15, 2009
Messages
19,759
#81
Great!
We can be trusted :) Claims do go through an anti-fraud process but we're not here to try and screw you over. If you do your part by having the necessary proof of purchase and upload images of your device then you're sorted. Make sure you're comfortable with what you are/are not covered for (it's in your policy doc) and you won't have any nasty surprises later.
If you need your policy doc just drop me a message and I'll send it to you.

I'm open to questions if you have any concerns, or you can use the chat option on our website.
What are the exclusions on the policy?
 

Cius

Executive Member
Joined
Jan 20, 2009
Messages
5,174
#82
Just quoted insurance on my wife's new P30 lite. Worked out about R70 per month for a 6K phone. Seems worthwhile as total cost of insurance is under a third of the value of the phone.
 

Areez

New Member
Joined
Jun 6, 2019
Messages
1
#84
Hey @-Prismo-, I'm a dev at Loom. Curious to know if you got any feedback from anyone on this or if you signed up in the end. I've answered a lot of questions on Carbonite about our product offering; happy to do the same here :thumbsup:
Hi there,

When it comes to claiming, do I have to pay the excess first? Why is it not deducted from insured amount as per industry norm? If i need to claim on my device I would need to pay R4800? Why not just deduct the amount from the sum insured? The purpose of insurance is to indemnify me, however by paying R4800 upfront you are not indemnifying me, you are actually putting me in a worse financial position as that prior to the incident. At least if the excess is deducted I could possibly get a similar device with smaller storage capacity. R4800 upfront is more than my vehicle excess. There is no logic in this. On a 500k vehicle excess is R3500, which is deducted from the amount claimed. On a 32k device, I need to pay R4800 before a claim will be entertained. I don’t know how this product was passed by the FCSA or TCF.
 

isie

Honorary Master
Joined
Jan 16, 2010
Messages
10,270
#86
Hi there,

When it comes to claiming, do I have to pay the excess first? Why is it not deducted from insured amount as per industry norm? If i need to claim on my device I would need to pay R4800? Why not just deduct the amount from the sum insured? The purpose of insurance is to indemnify me, however by paying R4800 upfront you are not indemnifying me, you are actually putting me in a worse financial position as that prior to the incident. At least if the excess is deducted I could possibly get a similar device with smaller storage capacity. R4800 upfront is more than my vehicle excess. There is no logic in this. On a 500k vehicle excess is R3500, which is deducted from the amount claimed. On a 32k device, I need to pay R4800 before a claim will be entertained. I don’t know how this product was passed by the FCSA or TCF.
It depends on how the insurance makes the pay out - if they paying the supplier or repair place directly - they will pay them the amount less excess and you pay the excess - if they paying you they will pay you less the excess amount.

What do you mean you need to pay the excess before the claim is entertained? -what product is this
 

iamgigglz

Active Member
Joined
Jul 6, 2011
Messages
46
#88
@Areez...
  1. The excess is only payable if & when the claim is approved. I don't know where you got the idea that you need to pay it before the claim is entertained.
  2. For almost all our claims we do not pay out in cash; we replace your device with a new one (in the event of total loss), so there is no amount being paid to you that we can deduct the excess from.
  3. The risk profile and claim behavior for electronics is extremely different to cars and they cannot be compared.
  4. We are fully accredited & approved and we operate under Compass Insurance. If you feel we're treating you unfairly then by all means contact us directly.
@isie and @Gaz{M} thank you for your answers :thumbsup:
@Hemi300c - that's odd. Can anyone else confirm this? It's working fine for me. :unsure: I've attached the PDF to this post so long.
 

Attachments

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
47,533
#89
@Areez...
  1. The excess is only payable if & when the claim is approved. I don't know where you got the idea that you need to pay it before the claim is entertained.
  2. For almost all our claims we do not pay out in cash; we replace your device with a new one (in the event of total loss), so there is no amount being paid to you that we can deduct the excess from.
  3. The risk profile and claim behavior for electronics is extremely different to cars and they cannot be compared.
  4. We are fully accredited & approved and we operate under Compass Insurance. If you feel we're treating you unfairly then by all means contact us directly.
@isie and @Gaz{M} thank you for your answers :thumbsup:
@Hemi300c - that's odd. Can anyone else confirm this? It's working fine for me. :unsure: I've attached the PDF to this post so long.
Link works, it's a Hemi300c IT issue I'd guess.
 

travcaine

Senior Member
Joined
Nov 23, 2015
Messages
666
#90
I also recently insured some devices with Loom as they were the cheapest. I had some issues in the beginning but they were sorted out quickly over their online channels. So far so good. I know I need to keep all the proof of purchases but I think then I am sorted in the event of a claim. Glad to see some other people have also had some good experiences with them.
 
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