Mobile phone cover confirmed as the insurance ‘must-have’
This insight comes as the bank offers a welcome gift for to customers signing up to the product to choose from1 – either a pair of Ear Buds worth £90, £40 cashback, or a night away – for those taking out the insurance.
With a choice of seven types of cover2, customers have a number of permutations to choose from to protect themselves, their family and the things they love, potentially saving hundreds of pounds3 on policies purchased individually.
HSBC UK’s insight shows:
- The biggest priority for Select and Cover customers is to protect their mobile phone, with nine in ten (91%) of customers utilising Select And Cover’s mobile phone cover option.
- Despite the challenges provided by lockdown, travel insurance remains the second most popular type of cover, with the insurance valid for UK breaks as well as for those able to travel abroad who can take advantage of the worldwide cover.
- Up to 15% of customers have utilised the flexibility of Select And Cover and have switched products during their cover period.
- The favourite combination of cover includes Mobile, Gadget, Travel and Motor breakdown continue to be most popular cover options.
- Motor breakdown and Excess Protection are the most requested ‘add ons’ to existing policies when customers policyholders make changes to their cover.
James Hewitson, HSBC UK’s Head of Insurance, said: “Select And Cover’s first year has been quite a year. Through Select And Cover we can confirm the suspicion of the importance of mobile phones in our lives, with people taking out protection to cover their valuable device more than any other cover offered.
“Protecting the thing that could be a lifeline at this difficult time is tremendously important, and I think that is a significant reason for that being top of our list. Importantly, with all phones in a household covered under the policy, people can save significant amounts of money on having to buy four individual policies that would typically only cover one phone each.”
James Hewitson added: “Second most popular cover is our travel insurance which during this tumultuous time has provided customers with important peace of mind when with many holiday and travel plans have changed at short notice. With many more ‘staycations’ in the UK and the likelihood of long-distance drives to the south coast, Scotland or Wales for a break, it is understandable that motor breakdown cover features high on the list too.
“The great thing about Select And Cover is that if a customer’s needs or circumstances change, they can add and remove one option during the year, as long as they maintain a minimum of three, and they can change all their options once a year on the policy anniversary. Combining covers can reduce the aggregated cost, thereby saving customers money when compared to purchasing individual policies, which could be hundreds of pounds.”
Select and Cover is a pay monthly service and customers can cancel at any time without penalty. Each policy covers the policy holder, their spouse, domestic or civil partner and their children4.
More information https://www.hsbc.co.uk/insurance/products/select-and-cover/
Media enquiries to:
Steve Gracey, HSBC UK | Media Relations: steve.gracey@hsbc.com | 020 7991 4118
Email: UKPressOffice@hsbc.co.uk
Note to editors:
1This offer is only available to HSBC UK customers who are registered for online banking. The cover must be purchased for a minimum of 30 days to qualify. Terms and Conditions apply.
2Pricing options are as follows:
Three Options: £19.50 a month (£234 a year)
Four Options: £26.00 a month (£312 a year)
Five Options: £32.50 a month (£390 a year)
Six Options: £39.00 a month (£468 a year)
Seven Options: £45.50 a month (£546 a year)
3 One example of savings that can be made with Select And Cover vs purchasing individual policies:
| Policy | HSBC Select And Cover including Gadget, Mobile and Motor Breakdown | Gadget - Protect Your Bubble | Mobile - Protect Your Bubble | Motor Breakdown - Green Flag |
|---|---|---|---|---|
| Annual Price | £234 | £257.88 | £113.88 | £241.92 |
| Saving per year | (£257.88+£113.88+£241.92) - £234 = £379.68 | |||
4 Children up to the age of 18 or 23 if in full time education and living at the policyholder’s address outside of term time.
5 Eligible HSBC UK customers must hold at least one of the following: a bank, savings, mortgage or credit card account
6Travel, Gadget, Mobile phone, Home emergency and Excess insurance provided by Aviva Insurance Limited.
Motor breakdown cover is provided by RAC Motoring Services and/or RAC Insurance Limited. Life insurance provided by HSBC Life (UK) Limited.
Mobile Phone: Cover at a glance:
- accidental damage, breakdown, loss and theft including accessories
- covers all the mobile phones in your household
- replacement provided with warranty
- unauthorised use of calls, texts and mobile data
- up to 4 claims per year
Gadget: Cover at a glance:
- accidental damage, breakdown, loss and theft including accessories
- covers tablets, laptops, netbooks, eReaders, headphones and wireless speakers
- plus, cameras, smart watches, fitness trackers and portable game consoles
- up to 4 claims per year
Worldwide Travel: Cover at a glance:
- emergency medical treatment for illness or injuries
- missed departures, flight delays and cancelled trips
- lost or damaged baggage, including golfing and winter sports equipment
- cover up to the age of 70
Motor Breakdown: Cover at a glance:
- comprehensive service with vehicle repairs both at home and the roadside
- includes European cover
- transport home or to another UK destination
- transport includes you, the vehicle and up to 7 passengers
Home Emergency: Cover at a glance:
- emergency repairs available 24 hours a day
- boiler and heating system repairs
- plumbing, drainage and electrical emergencies
- damage to roofing, external windows and doors
- pest infestations
Starter Life: Cover at a glance:
- £15,000 lump sum payment if you or your partner were to die
- £5,000 lump sum payment if your child was to die
- maximum age is 50; applies to children under 18, or 23 if in full-time education
- pre-existing conditions not covered for the first 12 months
HSBC UK
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,956bn at 30 September 2020, HSBC is one of the world’s largest banking and financial services organisations.