Fintech startup Revolut is trying so many things at once that it’s hard to keep track of everything. This time, the company is partnering with Simplesurance to launch a new insurance product. You can now insure your cell phone for £1 per week/£42 per year, which represents $1.35 per week/$56.50 per year.
Most telecom companies already provide cell phone insurance options. But they tend to be more expensive than Revolut’s offering in the U.K. Revolut already talked about launching phone insurance, but today marks the debut of this new product.
Revolut’s insurance covers accidental, water and operational damage everywhere around the world. It covers cracked screen and you can start insuring your device as long as your phone is less than six months old. You can usually get it repaired or replaced in less than 48 hours.
Revolut asks you the device you’re using. So it sounds like it could get a bit more expensive than this price tag with super premium phones.
Revolut is going to take advantage of its app to sign up new users to this new product. You can sign up directly from the company’s app and Revolut Premium users will get a 20 percent discount. Unfortunately, you have to contact Simplesurance directly if you want to find a claim.
Under the hood, Simplesurance and Revolut work with Allianz Worldwide Partners. Simplesurance usually works with other companies to provide B2B insurance products.
But you can also sign up to a similar phone insurance product on Simplesurance’s consumer website. Simplesurance operates in dozens of countries. So Revolut users in other countries can expect to see today’s new insurance product in the future.