Smart phones and mobile phones are becoming superb gadgets in my opinion, but they are a real magnet for thieves, which is why insuring these gadgets is so important. I wonder if the new initiative to stop the recycling of stolen mobile phones will make a difference to insurance premiums from now on?
I was with a friend when she had a iPhone stolen. She used it to make a call, then put it back into her handbag. Seconds later it had been stolen.
It just shows how vigilant thieves are and how worthwhile it is for them to steal iPhones, smart phones and some of the better mobile phones. iPhones are being sold to recycling companies for around £200, are easy to steal, hide, sell and make a lot of money from.
So the very welcome move by the Home Office to set up the National Mobile Phone Register could make a big difference to the marketability of stolen phones. With many recycling companies agreeing to check the register before buying a phone and then reporting the person selling it to the police if the phone is found to be stolen, is a big deterrent.
It knocks a big hole in the market for stolen mobiles, which is great news. Hopefully, it will result in less phones being nicked.
So if mobile phones become less attractive, and more risky to steal, does that mean that insuring them will be cheaper too?
You would like to think so, but being a student of market dynamics, I reckon it will only be stiffer competition that will force insurance premiums lower, however lets see what happens to mobile phone crime figures as a result of this excellent initiative.