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Mobile Phone Insurance: Everything You Need to Know

Those who are more accident-prone than others should really think about opting for mobile phone insurance. This type of insurance can help you save quite a bit of money over the years. While some people think about this cover is nothing more than a scam, the truth is that it can be very helpful. If you have a very expensive phone, you should have it insured. The last thing you want is to have to buy a whole new phone if yours breaks for any reason.

Value vs. Cost

The first thing that you will need to consider before opting for mobile phone insurance is determining if it’s really worth it. You need to think about how much your phone is worth versus how much you could end up paying each month to insure it. Those who have a £500 phone should definitely consider paying for insurance.

Don’t go Cheap

A lot of people choose the cheapest insurance policy for their mobile phone, but this can be a huge mistake. You should take the time to explore your options, and consider paying a bit more for a better policy. A lot of the dirt cheap policies will have a lot of exclusions tied to them. This means that you may not be covered if your phone breaks, depending on the circumstances. There is no point in paying money for an insurance policy if you cannot take advantage of it when you need it. Paying for some of the extras could save you a ton of money at some point.

Check Your Existing Policy

Make sure that you check your current account’s policy to find out if you are already covered. Usually mobile phone insurance is something that you have to pay extra for, but certain providers include it with each customer account. If you do have cover, find out what it is like. You may want to upgrade, depending on what your cover is like right now. Take the time to find out what exactly you are covered for if you already have this type of insurance.

Limits

You should also find out what kinds of limits your provider has in place for mobile phone insurance. When you get this information you will know how many times a year you can file a claim. Some providers limit each customer to one or two claims per year, while others are a bit more lax. It is very likely that there will be some limitations. You also need to find out what the rules are for filing a claim. For example, some providers require customers to report theft or losses within a period of 24 hours. There can also be a certain period of time that you have to file your claim.

Getting Cover Through Home Insurance

Anyone who has home contents insurance will have their phone covered in the event of a flood, fire or some other disaster that occurs inside the home. If you want to get cover for your phone outside of your home, you’ll have to opt for “all risk personal possessions cover”. This additional cover will require you to pay extra, but it can definitely be worth it.

Make sure that you update your provider when you get a new phone. Those who fail to do this will not be able to file a claim if something happens to their device. Most of these policies do not over any unauthorized phones, so keep this in mind.

Standalone Cover

You can also choose to take out a policy with a company that specializes in phone/mobile device insurance. There are quite a few of these companies, so you will need to spend some time looking into each of them and what they have to offer. You could get a policy for as little as a few pounds a month.

Network Cover

One of the easiest means of getting your phone insured is a network cover policy. You will find that these policies will provide you with cover in the event of unauthorized calls and downloads, should your device get stolen. You can choose “accidental damage”, which costs the least, or an all-inclusive policy that covers theft, accidental damage and loss. The latter option can be quite expensive, but you will be covered no matter what.

Final Thoughts

A lot of people who buy new phones are really pushed to get the insurance, but it’s not the right option for everyone. Make sure that you take the time to think about it before making a decision. The fact is that mobile phone insurance isn’t right for everyone. This type of cover can be very helpful, but you need to make sure you get adequate cover. The more time you take to research your options, the better off you will be in the end.

Important Traits of DIY Investors

It is possible to make a lot of money investing without help from a professional. There a few very important traits for those who want to invest on their own. When you learn about each of these traits, you will set yourself up for success. Many people who go off on their own to invest fail miserably because they did not possess the necessary traits from the start.

Spare Time

The fact is that you won’t be able to become a truly successful investor if you do not set aside the necessary time. Most people don’t have a lot of additional time for something like this, but it is usually possible to make it. If you have decided that you really don’t have the time for this sort of undertaking, it is best not to get started at all. This is a great option for those who are retired because of the huge time commitment it requires.

Self-Discipline

Investing also requires a lot of restraint and discipline. You will need to make tough decisions and stick with them. This is not something that you should get into if you have problems with committing to things long term. It also requires a careful and considered approach, so you cannot get emotional. Those who make investment decisions based on emotion quickly lose everything. The more disciplined you are, the more likely you will be to do well in the world of investing.

Confidence

You also need to be very confident to be a good investor. There is a fine line between cockiness and confidence though. If you get carried away with yourself, you could end up in a very bad spot. You must have the confidence to execute investment decisions instead of spending all your time fearing the outcome. The more decisive you are with your choices, the better off you will be. Those who lack confidence usually have serious problems dealing with stress, and you’ll find plenty of that when you start investing.

Ability to Weigh and Assess Risk

Investing requires knowing how to skilfully handle various types of risks. You are going to make mistakes when you invest on your own, but the important thing is to learn from them. You can use the knowledge you acquire from your mistakes to properly assess the risks of each investment opportunity. The better you get at doing this, the easier it will be to make money. Very few investments are without any risk, so this is a trait you must have.

Experience

The more you experience you get with investing, the better off you will be. You can start investing without any experience at all, but it will take time to really get good. Those with years of investing experience tend to have the best instincts and make the right choices. Make sure that you find someone with more experience than you to learn from. Chances are you will be able to find a person who can give you some pointers.

Staying Current

If you really want to do well an investor, you also need to stay current with market trends and events that will impact the decisions you make. Those who stay on top of the news tend to make better investment choices, so you will need to keep that in mind. If you don’t think that the new affects how people invest their money, you’ve got a lot to learn. It’s also a good idea to stay up on politics, because this too can influence the stock market in a big way.

Detail-Oriented

Those who only look at the big picture and aren’t very detailed-oriented tend to do poorly when it comes to finding great investment opportunities. When you are trying to decide if a certain investment is worth your time and money, it is important to scrutinize even the smallest details. By doing this you will be able to reduce the amount of risk you are taking. Overlooking even one small detail could mean losing a lot of money on an investment. The better you are about looking at these details, the more success you will have.

Final Thoughts

There are many different ways to invest your money, but it’s important that you are prepared. You should take careful stock of yourself before you decide to do anything to boost your chances of coming out on top. Some people are better-suited for investing than others, but that doesn’t mean you can’t make money this way. It’s also crucial to remember that investing is not simple or easy. If you are a patient and meticulous sort of person, you have the best chance of doing well in the stock market. You should always be very careful and never let your emotions get the better of you.