According to the research, Brits place a value of £1,117 on the contents on their smartphone, six times the amount of the actual phone. The most value was placed on photos, followed by contacts, banking details, videos, work, music, films and games. It would seem, then, that the value is more sentimental, rather than accurately reflecting the value of the data. Plus, when it comes to loss or theft, we’re not just looking at the content, we’re also looking at the device. Since the research came from an insurer, that part was left out.
According to earlier research released in the UK, the average length a mobile phone will survive is 15 months before it is lost, stolen or broken - that’s shorter than the average contract. As a result, most people find the unsubsidized cost to replace their phone too high, with 40% choosing either a cheaper model or a hand-me-down. Not only is the non-subsidized phone a real cost associated with mobile theft, but you’re also eating the cost you paid for the stolen / lost phone, any costs of charges you didn’t make, and possible identity theft and fraud as a result of any lost device. Sounds more like £1,117 is conservative, doesn’t it?
Also in the study, 47% of respondents said they would rather lose their passport than their smartphone (true, the passport is a hassle, but it’s not as costly!).
A shocking 38% of respondents in the survey admit to not knowing how to back up their smartphone. So, that value on lost photos and data? Quite tangible, and devastating.