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Everything you need to know about Lloyds mobile insurance

It seems that everyone is looking to get in on the mobile phone insurance action. Wherever you look, from phone retailers to financial institutions, everyone is claiming to have the very best in coverage for your mobile phone.

It's true that most of these packages are much the same, both in price and features, but that doesn't make it any easier to decide on the right one for you. Phones are pricey items and you don't want to run the risk of having yours lost, stolen or broken leaving you out of pocket.

In order to make things easier for the consumer, a number of banks and financial institutions are now offering mobile insurance as part of their value added account offers. This functions as both an excellent customer acquisition tool for these businesses, as well as a great way to keep existing customers happy so that they don't jump ship elsewhere.

Lloyds mobile insurance comes as standard with their value added accounts, and the level of coverage depends entirely on what kind of account you have. Each of their four different value added accounts (silver, gold, platinum and premier) offer customers coverage for loss, theft, accidental damage (repairs or replacement up to £2,000), breakdown (repairs or replacement up to £2,000, water damage (repairs of replacement up to £2,000), unauthorised airtime usage for contract phones (up to £1,500), accessory cover (up to £250), international cover and a maximum of 2 claims per 12 month period.

Both the Platinum and Premier accounts offer £450 cover for unauthorised prepay airtime usage compared to £300 on Silver and Gold, Premier entitles customers to cover two phones instead of one per the other accounts, and while Silver, Gold and Platinum entitle the customer to insure two phones per joint account, Premier adds an additional handset into the mix.

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