Revolut users can now enjoy mobile insurance for £1 per week

Revolut users are now able to insure their mobile phones for just £1 per week, as the fintech launches its first phase of insurance offers.

The collaboration with Simplesurance will see Revolut’s 850k users able to ensure their mobiles are protected against water, accidental and operational damage - including cracked screens - for devices up to half a year old.

The process of insurance is said to take just 30 seconds; the signup flow is integrated within the Revolut app. They will also be able to control their policy from this too, and when an accident happens customers can file a complaint online.

Nikolay Storonsky, founder & CEO of Revolut, commented: “80 per cent of our users own a high-end mobile phone and one third of them admit to breaking their screens within the first year of buying their phone.

“We wanted to provide secure and cost-effective cover for all… Particularly those of our users who travel frequently and struggle to get affordable worldwide insurance.”

The two companies aim to have phones repaired in less than 48 hours, compared to traditional providers who can take up to three weeks. If customers sign up to Revolut Premium, they will receive 20 per cent off device insurance and have be offered flexible payments.

Although the device insurance is aimed at Revolut users, it will welcome news to frequent travellers who tend to become the victim of overpriced fees and slow repair service.

Simplesurance, founded in 2012, and Revolut are promising to offer rates of £1 per week and £42 for a whole year.

Robin von Hein, founder and CEO of Simplesurance Group, concluded: “We are proud to partner with Revolut and enable customers worldwide with this unique way of insuring their phones directly within the app. With our worldwide coverage, we make the life of travellers more enjoyable by taking away financial fears of repairing a screen or buying a new phone.”

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