The Apple iPhone 16 series is now available in South Africa. Given its price tag in the region of R20 000 and up, depending on the storage you choose, consumers are reminded that high-ticket items do come with their fair share of risk.
This is according to Siyakha Masiye, spokesperson at MiWay Insurance, who explains that in an increasingly digitised world, smartphones are the indispensable pocket companions that many South Africans rely on to stay connected on the go.
As smartphones are considered portable possessions, there are a few implications that consumers need to be aware of to manage the risks involved in owning a fancy new gadget like the latest iPhone. In general, insurance can provide an all-important safety net for valuable possessions that are used on the go.
Masiye explains that in the previous era of feature phones, insurance was not deemed as important as it is in the age of smartphones. “With rapid advancements in mobile technology, smartphones have become the Swiss army knives of the digital world, supporting several key functions and transitioning beyond just their use as communication devices.
“The latest smartphones also function as information processing and transfer devices, global positioning and navigation systems, payment processing platforms, photographic tools and task management machines. This high level of functionality has increased the value of smartphones and by definition, the risks that come with owning expensive digital devices.”
Remember the risks
Some of the risks that are associated with these kinds of valuable assets include accidental damage and theft. Items carried around in a pocket or handbag are more prone to accidental drops, liquid spills, scratches and stains, and repairing the device or replacing it completely, could be a costly activity, especially without insurance.
Smartphones are sadly prime targets for criminals due to their high resale value. In these cases, being left empty-handed and without access to valuable information and contacts can be a serious inconvenience and a financial burden when the item needs to be replaced.
“iPhones come with limited warranties that cover manufacturing defects for a specified period, however, many issues may not surface until after this warranty expires. In these cases, insurance acts as an extended warranty, covering unforeseen defects and malfunctions, potentially saving you thousands of rands in repair or replacement costs,” Masiye says.
Are you adequately covered?
When it comes to smartphones, insurance is more than just a financial safety net; it’s a smart decision that ensures your indispensable device and other valuables remain accessible and functional. As iPhones continue to evolve with each new model, insurance ensures that you can enjoy the latest technology without the fear of unexpected expenses. You can upgrade with confidence, knowing that your investment is protected.
Most South African insurers offer policies that cover portable possessions as part of a homeowners’ policy. “Adding a product like MiMovables to your home insurance policy can provide the much-needed peace of mind to carry valuable items around with you on a daily basis. You could choose to insure your smartphone as part of the policy, along with items such as car keys, a laptop, jewellery and sunglasses,” explains Masiye.
“This gives consumers the convenience of paying one premium to cover both their household valuables and other items on the go. When deciding what kind of cover will best suit your needs and lifestyle, a broker can provide valuable insights and guidance.”