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What owning the latest iPhone 15 means for consumers in South Africa

What owning the latest iPhone 15 means for consumers in South Africa
11-10-23 / Shelly Nxumalo

What owning the latest iPhone 15 means for consumers in South Africa

Johannesburg - Social media is abuzz with talk about the recent launch of the Apple iPhone 15 series, which officially became available in South Africa in late September - with a price tag ranging from R22 000 in the region. Undoubtedly, the launch has seen thousands of South Africans flock to get their hands on this latest release, but consumers are reminded to bear in mind that high-ticket items such as these come with their fair share of risk. 

This is according to Youlon Naidoo Executive Head of Claims & Procurement at MiWay Insurance, who explains that in an increasingly digitised world, smartphones are the indispensable pocket companions that many South Africans rely on to stay connected on the go. By virtue of the fact that smartphones are by and large considered portable possessions, there are, however, a few implications that consumers need to be aware of in terms of how to manage the risks involved. In general, insurance can provide an all-important safety net for valuable possessions that are used on the go.

He explains that in the previous era of feature phones, insurance was not deemed as important as it is in the age of smartphones. “With rapid advancements in mobile technology, smartphones have become the Swiss army knives of the digital world, supporting several key functions and transitioning beyond just their use as communication devices.

“The latest smartphones also function as information processing and transfer devices, global positioning and navigation systems, payment processing platforms, photographic tools, and task management machines. This high level of functionality has increased the value of smartphones and by definition, the risks that come with owning expensive digital devices.”

Remember the risks

Some of the risks that are associated with these kinds of valuable assets include the risk of accidental damage. Items carried around in a pocket or handbag are more prone to accidental drops, liquid spills, scratches, and stains. In the event that this kind of accident occurs, repairing the device or asset, or replacing it completely, could be a costly endeavour.

In South Africa in particular, given the high level of petty theft, people owning valuable portable possessions also face the risk of becoming victims of crime. Smartphones are prime targets for criminals due to their high resale value. In these cases, being left empty-handed and without access to valuable information and contacts can be a serious inconvenience and a financial burden when the item needs to be replaced. In such unforeseen circumstances, insurance would cover cases such as theft, loss, and damage of any nature - potentially saving you thousands of rands in repair or replacement costs.

Are you adequately covered?

When it comes to smartphones, insurance is more than just a financial safety net; it's a smart decision that ensures your indispensable device and other valuables remain accessible and functional. As iPhones continue to evolve with each new model, insurance ensures that you can enjoy the latest technology without the fear of unexpected expenses. You can upgrade with confidence, knowing that your investment is protected.

Most South African insurers offer policies that cover portable possessions as part of a homeowners’ policy. “Adding a product like MiMovables to your Home Insurance policy can provide the much-needed peace of mind you need to know that the valuable items you carry around with you on a daily basis, are adequately covered. You could choose to insure your smartphone as part of the policy, along with items such as car keys, a laptop, jewellery and sunglasses,” explains Naidoo.

 “It remains important for consumers to be educated about the type of insurance they take and what add-ons are needed. When deciding what kind of cover will best suit your needs and lifestyle, your insurer can provide valuable insights and guidance.”

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