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File photo of a broken smartphone Shutterstock/Oleksandr Berezko

Some people are paying 'on the double' for phone insurance

Companies don’t give enough information about benefits and how to make a claim, the Central Bank has said.

SOME CONSUMERS ARE paying for gadget insurance twice because they didn’t cancel an existing policy when taking out a new one, according to the Central Bank.

One in five people (21%) are paying for cover they no longer need and can be paying ‘on the double’, new research has shown.

Sellers of gadget insurance are required to consider any relevant existing insurance cover when recommending a new policy to a consumer, the Central Bank said.

Mobile phone insurance is the most common type of gadget insurance and is generally sold to consumers as an add-on when they are buying a new phone.

A report published today also found that companies which sell gadget insurance sometimes provide insufficient information and “need to do more to ensure that consumers are made aware of the key product features, benefits, exclusions, how to make a claim, and the total cost of the product”.

Three insurance firms, which account for over 80% of the market in Ireland, were inspected as part of the research. These firms sell gadget insurance through brokers and retailers.

About 700 consumers were also surveyed to examine their attitudes, behaviours and experiences when buying gadget insurance.

Other findings of the research include:

  • Inadequate information is provided to consumers at the point of sale and during the life of their policy, which can be up to five years. The Central Bank expects firms to provide an annual statement to consumers detailing their policy, including benefits/exclusions, premium details and how to make a claim.
  • The overall price of gadget insurance is not clearly presented to consumers. Insurance firms are expected to provide additional information on price to empower consumers to make informed choices.
  • Claims acceptance rates on gadget insurance are high, at an average of 91.6% across the firms inspected.

A number of recurring reasons for declined claims were identified, the most common being where consumers:

  • Had not reported the loss or theft of the handset to their mobile phone provider, the gardaí (where required) and to the insurer within the timeframes specified in the policy terms and conditions; or
  • Did not supply the insurance firm with all information and evidence required, in order for the insurance firm to verify the validity of the claim. Firms are required to ensure the documentation issued to consumers, at point of sale and thereafter, is clear around how to make a claim.

Christmas shopping 

Commenting on the findings, the Director of Consumer Protection, Gráinne McEvoy, said that with the Christmas shopping period well underway, many people will be “making practical decisions to buy gadget insurance for their new phones”.

“Our inspections and consumer research show that there is a gap between what most consumers believe their gadget insurance covers and what it actually covers.

As many consumers buy this type of insurance as an add-on when buying a new mobile phone, it is really important for sellers to ensure that the product they sell meets the consumer’s individual needs.

McEvoy added that sellers of gadget insurance “must also be very clear to consumers about the product terms, cost, conditions and limitations” and “inform consumers that they have a cooling off period if they subsequently decide that they do not want to keep the insurance product.”

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    Mute mary carey
    Favourite mary carey
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    Aug 4th 2015, 5:31 PM

    While I’m not glad she’s gone, I’m glad she did not suffer. She was a gentle person who suffered greatly with grief after her husband passed. I’m glad she didn’t suffer

    478
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    Mute paul farrell
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    Aug 4th 2015, 5:37 PM

    Old Skool saturday evening TV, RIP cilla

    234
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    Mute Eamonn O'Regan
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    Aug 4th 2015, 5:32 PM

    Rest in peace, luv- and thank you for the music.

    223
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    Mute Eamon Mac Gowan
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    Aug 4th 2015, 8:13 PM

    @Eamonn O’Regan,
    Music? She sounded like a tomcat screeching.

    18
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    Mute Francid Dooley
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    Aug 4th 2015, 11:33 PM

    Yes she was not a grate singer but that dident stop her. Don’t let your handy cap stop you.

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    Mute Stephanie Phillips
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    Aug 6th 2015, 11:17 AM

    That’s such a cruel comment to make about another human being but judging by your inability to spell correctly, not surprised!!!

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    Mute Francid Dooley
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    Aug 4th 2015, 5:34 PM

    Poor old cilla, all the best in the next place.

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    Mute tom
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    Aug 4th 2015, 6:27 PM

    If she entertained you all great but a casual review will tell you there were 2 Cilla’s.
    I’m sorry she’s died but I a bit perturbed by all this idolising. I think we need balance. Sorry to rain on anybody’s parade.

    http://www.dailymail.co.uk/femail/article-444286/Surprise-Surprise–Cilla-nice-think.html

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    Mute Catherine
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    Aug 4th 2015, 6:54 PM

    I don’t think that’s a casual review. More like a bit of click bait for a well know rag.

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    Mute Philip Horan
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    Aug 4th 2015, 6:55 PM

    I think you’ll find it’s the same when every light entertainment figure dies. Nothing unusual about Cilla.

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    Mute Maria Conroy Byrne
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    Aug 4th 2015, 7:28 PM

    Funny how the interviewer could damn her completely in such a short space of time. It seems to me she was determined to write a negative article. I’m sure most of us have our good and bad days. RIP Cilla.

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    Mute Paul Dunne
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    Aug 4th 2015, 7:59 PM

    ah Tom is a Irish thing everyone is a great bit of stuff when they pop their clogs no matters how much of a bollix they where in life.

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    Mute Trevor Weafer
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    Aug 4th 2015, 11:08 PM

    TV legend. Remember always watching her on blind date as a kid. True show biz performer. RIP Cilla.

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    Mute OneTrueVoice
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    Aug 4th 2015, 8:21 PM

    Of the 151,232 people who died the same day as Cilla … I hope they all had a peaceful passing.

    Something close to 151,231 are not on our radar.

    Many were of old age and natural causes. But too many were young, oppressed, tortured and died a horrific unjust death. But we don’t really care, do we.

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    Mute Joe Harbison
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    Aug 4th 2015, 11:52 PM

    Don’t want to be picky but thats not a stroke, its a head injury. Irish coroners wouldn’t accept it as a stroke as there was head trauma. Stroke occurs due to the spontaneous occlusion or rupture of a cerebral vessel.

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    Mute Eamon Mac Gowan
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    Aug 4th 2015, 8:11 PM

    She made a tiny bit of talent go a very long way, also she was supposed to have been really obnoxious. She would not even speak to the builders who were doing up her house

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    Mute OneTrueVoice
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    Aug 4th 2015, 8:25 PM

    Makes Tubridy and O’Connor even more wondrous.

    They make zero talent go to infinity. Cilla wasn’t even in their league.

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    Mute Ruth McCann
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    Aug 4th 2015, 11:42 PM

    have a bit of respect! she was such a kind lady, loved her fans, and had more talent than you, you troll!

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    Mute Eamon Mac Gowan
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    Aug 5th 2015, 10:23 AM

    @Ruth McCann,
    Oh, so you knew her personally?

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    Mute Linny
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    Aug 4th 2015, 6:57 PM

    In other words she fell over in a happy stupor. How lucky is Cilla?

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    Mute tom
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    Aug 4th 2015, 6:29 PM

    There are plenty of similar articles on the net but I guess most fans won’t want to read them, which is fair enough.

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    Mute tom
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    Aug 4th 2015, 7:02 PM

    There are loads of these articles. Just google them.

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    Mute Mindfulirish
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    Aug 5th 2015, 3:49 AM

    If you can’t say anything good about the dead say nothing.

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