- 73% of 18 to 24 year olds do not think they need insurance for their gadgets and over half are put off by the cost
- Only a fifth take out cover for their mobile phones and 14% insure their tablets
- Most popular type of cover for mobile phones and tablets is under a home insurance policy
comparethemarket.com is warning that many young people attending major music festivals such as Glastonbury may befailing to protect their prized gadgets. According to its research, only a fifth of 18 to 24 year olds have taken out cover for their mobile phones, despite many claiming it is one of the most important possessions they own*. Of those who owned a tablet, such as an iPad or kindle, three quarters had not taken out an insurance policy.
Whilst many festival goers will be packing their cameras, smartphones and iPads in the hope of snapping a selfie with Adele or Chris Martin, the research indicates that young people do not see the benefit in taking out protection for expensive gadgets; 73% believe mobile phone insurance is unnecessary and over half are put off by the expense. Tablet owners are no more risk averse; a staggering 79% thought that they did not need insurance and 39% cited the cost of premiums as the main inhibiting factor.
This lack of insurance is worrying given that young people are investing an increasing amount of time and money on gadgets. According to a recent survey, the average university student now owns over £4,500 worth of possessions, around £2,800 of which are gadgets, such as smartphones, laptops and tablets*. comparethemarket.com found that the average adult now spends over two hours a day online using a smartphone and as many as a quarter of people check their phone over 50 times a day.
This underinsurance can leave people considerably out of pocket; over one in ten uninsured 18-24 year olds have had to pay the full value to have a mobile phone fixed or replaced. Given that the average price of a smartphone is £259, replacing a gadget can be a debilitating cost for an age group which is less likely to have a lot of disposable income.
Amongst the general population, the majority of those who had taken out cover for their gadgets did so under their home insurance policy rather than by taking out separate gadget insurance. 42% of mobile phones and 72% of tablets were covered under a home and contents insurance policy, which can be a more cost effective way of protecting your valuables.
However, comparethemarket.com warns that those who believe their valuables are protected under their insurance should double-check their policies before heading to the festival. If you have possessions stolen from a tent, many insurers will not pay out in the event of a claim on your contents insurance, even if you have taken out cover to include possessions damaged, lost or stolen outside of the home. Theft cover is typically provided following a forcible entry or exit from the premises where the item is kept but tents are essentially impossible to effectively secure, so if items are stolen from a tent it is highly unlikely that they will be covered.
Gemma Sonfield, Head of Home Insurance, at comparethemarket.com said:
“With millions descending on Glastonbury this week, festivalgoers will be focusing on the music (and perhaps a little on the weather), but worrying if their personal possessions are properly insured will be low on their list of priorities. We are all increasingly glued to our gadgets and becoming more reliant on our mobile devices, so it is concerning that many of us don’t feel the need to insure our valuables. Whilst Glastonbury and other festivals are generally peaceful affairs, crimes do occur and it’s worth making sure that people don’t come back on a “Blue Monday”, out of pocket, having had their valuables stolen or lost. Bear in mind that, even if you have some form of insurance, whilst you may be covered by tarpaulin after a heavy day of merrymaking, you may not be covered by your insurer in the event of a theft from your tent. Make sure that you check your home insurance policy, to ensure that you’re covered for contents outside the home.”
Unless otherwise indicated, all data is sourced from comparethemarket.com
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