Mobile Phones Increasingly Becoming A One Stop Shop For 35 Million Consumers

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One in four people say that their mobile phone is the one item they cannot live without. 75% of Britons now use their mobile phone for more than making calls. A third of us have either lost, damaged or had our mobile phone stolen at some point. However, only one in ten people insure their mobile phone.

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It is clear that we are all relying more and more on our mobile phones, and investing more money in them as a result. Insuring a mobile phone as part of an added value bank account is one of the simplest and most cost effective ways of ensuring that if you are unlucky enough to lose your phone, it will be replaced with minimal hassle.

Three quarters of all British adults are now multitasking on their mobile phones, leading them to place a higher value on their mobile than it originally cost them, according to new research from Lloyds TSB.

Of those mobile phone users,

  •     Over half are using it as a camera
  •     Around 50% use it as an alarm clock
  •     Around a third use it as a calendar
  •     One in five has it as an MP3 player
  •     19% access their emails on their phones
  •     One in ten use it as a satellite navigation system.

Considering phones can now be used for anything from social networking to mobile banking, it is unsurprising that one in four adults state their mobile phone as the one item they cannot live without: amongst 18-25 year olds this rises to one in two. However, that doesn’t stop us being careless with this valuable gadget with a third of people having at some point either lost, damaged or had their mobile phone stolen.

The research also indicates the average value of mobile phones as being just under £85. Men tend to spend more than women, with men more likely to part with over £100 on their gadgets and women around £70.

BANKING ON MOBILE PHONE INSURANCE

However, despite the cost of our phones and the uses they now have, alarmingly almost nine out of ten mobile users do not have any insurance for their phone, with three out of four feeling it is not worthwhile and about two thirds not prepared to pay for it. However, people would be around three times more likely to insure their phone if it was offered as part of a package, which is underscored by the fact that half of those with mobile phone insurance have it as part of a packaged bank account.

Jatin Patel, Personal Current Account Director Lloyds TSB, comments: “It is clear that we are all relying more and more on our mobile phones, and investing more money in them as a result. Insuring a mobile phone as part of an added value bank account is one of the simplest and most cost effective ways of ensuring that if you are unlucky enough to lose your phone, it will be replaced with minimal hassle.”

Lloyds TSB has a range of added value accounts with a variety of benefits to suit our customers’ needs. All the accounts include mobile phone insurance which covers mobile phones in the UK and abroad for loss, theft, damage (including accidental), electrical or mechanical breakdown and airtime abuse. In addition, from 15 October customers will no longer be required to activate their cover and will be automatically covered for this benefit as soon as they sign up to the account.

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Notes to editors:
For more information on Lloyds TSB Added Value Current Accounts please visit http://www.lloydstsb.com/current_accounts.asp

ICM interviewed a random sample of 2003 adults aged 18+ in GB from its online panel between 24th-26th September 2010. Surveys were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules. Further information at http://www.icmresearch.co.uk

Further information: contact Claire Barratt, media relations manager, Lloyds Banking Group: 020 7661 4668

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Claire Barratt
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