New for old is a type of item insurance that is usually reserved for home and contents cover within the home. It provides a brand new item if the original is damaged or stolen and applies to most insured items within a home.
It’s a useful cover that ensures you get a new version of whatever it is you lost. To our mind, it fulfils the entire purpose of insurance. To put you back in the position you were before whatever happened, happened.
When it comes to mobile phone insurance, you will find new for old cover sadly lacking. In almost all cases, any replacement phone will be a refurbished unit. While there’s nothing wrong with that, if you lost a brand new iPhone 5s or Galaxy S6, would you want a refurbished replacement or a new phone?
While a refurbished phone may work as well as the original, if you're spending the next two years paying off the phone along with the contract, wouldn't you rather pay for a new one?
While it could be argued that a phone you have owned for a year is hardly new, the purpose of insurance is to help you. Why should the policy not favour you instead of the insurance company?
Why pay an insurance premium just so you can have someone else’s reject or old phone? Or a phone that had been faulty and repaired? While the phone may work flawlessly, it isn’t new. It isn’t what you bought in the first place and it isn’t what insurance is designed to provide.
You're not being put back in the position you were in, you're being put backward. If your phone is only a few days or weeks old, a refurbished unit is not what you lost. A refurbished phone also doesn’t enjoy the same kind of warranty a new one does.
One of the few, if not only, mobile phone insurance providers who offer new for old cover is BMPI. We're also one of the few, if not the only companies, that are up front about not covering loss. When it comes down to covering your most prized possession, who would you choose to cover it properly?
Choose mobile phone cover designed with you in mind. Choose BMPI mobile phone insurance for honest, straightforward, real world phone cover that won't let you down.