When it comes to protecting your cellphone, insurance is essential, especially for higher-end devices. Whether it’s accidental drops, theft, or water damage, cellphone insurance can save you from hefty repair or replacement costs. For the purpose of this post, we’re going to use the iPhone 11 as a reference device to compare insurance options.
The iPhone 11 is still a popular choice in 2024, with a retail price of approximately R10k in South Africa. We’ll be comparing the monthly premiums from five leading South African insurance companies based on this type of cellphone, factoring in coverage for theft, accidental damage, and loss.
1. King Price Insurance
Monthly Premium: From R119 per month
King Price offers competitive cellphone insurance, with premiums that decrease monthly as the value of your phone depreciates. You can expect to pay around R119 per month to start. King Price covers theft, loss, and accidental damage, making it a top choice for those looking for a balance of affordability and comprehensive protection.
Pro: Your premiums decrease every month as the value of your phone depreciates, saving you money over time.
Con: If you prefer a fixed premium, the fluctuating cost may be a drawback.
Coverage Highlights:
- Theft, loss, and accidental damage covered
- Monthly decreasing premiums as the phone depreciates
- Quick and easy claims process
2. Vodacom Insurance
Monthly Premium: From R145 per month
For Vodacom customers, insuring your cellphone through Vodacom Insurance is simple and convenient. With a starting premium of around R145 per month, their plan includes coverage for theft, loss, accidental damage, and even accessories like earphones or chargers. This makes Vodacom a solid choice for those who want an all-in-one insurance solution tied to their cellphone contract.
Pro: If you’re already a Vodacom client, it’s a very easy add-on to your existing contract.
Con: The premiums are slightly higher compared to other options, such as Naked Insurance.
Coverage Highlights:
- Covers theft, accidental damage, and loss
- Also includes accessory coverage
- Convenient for Vodacom contract users
3. OUTsurance
Monthly Premium: From R125 per month
OUTsurance offers affordable insurance with monthly premiums starting at R125. The coverage includes theft, loss, and accidental damage. OUTsurance’s fixed premium model ensures that your monthly payments remain the same throughout the policy term, giving you cost predictability along with reliable service and fast claims processing.
Pro: Offers fixed premiums throughout the policy, providing predictable monthly costs.
Con: Their premiums start a bit higher than some competitors, like FNB or Naked Insurance.
Coverage Highlights:
- Fixed premiums for the policy duration
- Theft, loss, and damage covered
- Known for efficient claims and great customer service
4. FNB Device Insurance
Monthly Premium: From R110 per month
FNB Device Insurance offers one of the most affordable options, with premiums starting at R110 per month. Coverage includes theft, loss, and accidental damage, and managing your policy is seamless through FNB’s online banking platform. This makes it a convenient option for FNB clients who prefer keeping all their banking and insurance needs in one place.
Pro: Very affordable for FNB clients, and can be conveniently managed through the FNB online platform.
Con: It’s best suited for FNB customers, so non-clients may find it less convenient.
Coverage Highlights:
- Theft, loss, and accidental damage covered
- Easy claims management via FNB’s online banking
- Affordable premiums for banking clients
5. Naked Insurance
Monthly Premium: From R99 per month
Naked Insurance offers a fully digital, flexible insurance platform, making it one of the most affordable options, with a starting premium of R99 per month. The coverage includes theft, accidental damage, and loss, and the app-based platform allows you to manage your policy independently, including the option to pause your cover when needed.
Pro: The most affordable option, starting at just R99 per month, with a fully digital self-service platform.
Con: The digital-only nature may be inconvenient for those who prefer traditional customer service support.
Coverage Highlights:
- One of the lowest premiums available
- Fully digital, self-service platform
- Theft, loss, and accidental damage covered
Comparing 2024 Prices for iPhone 11 Insurance
| Insurance Company | Monthly Premium (iPhone 11) | Coverage |
|---|---|---|
| King Price | R119 | Theft, loss, accidental damage; decreasing premiums |
| Vodacom Insurance | R145 | Theft, loss, accidental damage; covers accessories |
| OUTsurance | R125 | Theft, loss, accidental damage; fixed premiums |
| FNB Device Insurance | R110 | Theft, loss, accidental damage; seamless online management for FNB customers |
| Naked Insurance | R99 | Theft, loss, accidental damage; fully digital and flexible coverage |
When insuring your cellphone in 2024, you have a range of affordable options to choose from. Naked Insurance leads with the lowest monthly premium, while FNB Device Insurance offers competitive rates with the convenience of managing everything through their online banking platform. King Price provides the added benefit of decreasing premiums, and both Vodacom Insurance and OUTsurance provide robust coverage, though at slightly higher rates.
Each insurance provider has its strengths, so choose the one that best fits your lifestyle, whether you’re looking for flexible coverage, affordable premiums, or seamless integration with your existing services.
