Verna vs. home insurance?

1. The value of phones and smart devices in home insurance depreciates by 25% every 6 months.

Traditional insurance companies fully depreciate devices over 18 – 24 months. Consequently, these companies may not fully compensate for devices, instead adhering to their depreciation guidelines.

Here's how these rules operate: Suppose you purchase a new iPhone 14 Pro in December 2022 for ISK 210,000. If the phone is stolen in June 2023, it's 6 months old and valued at ISK 157,500 to the insurance company. (A year later in June, its value would drop to ISK 78,750!) Additionally, in all cases, a deductible must be paid.

After one year of purchase: ISK 157,500 - ISK 30,000 deductible = an additional ISK 127,500 is provided. After two years of purchase: ISK 78,750 - ISK 30,000 deductible = an additional ISK 48,750 is provided.

It's evident that receiving ISK 127,500 after 1 year and ISK 48,750 after 2 years from the insurance won't suffice to replace the stolen iPhone 14 Pro.

At Verna, there's no depreciation, ensuring you always receive a comparable device.

2. What is your deductible?

Most home insurance policies entail a deductible of around ISK 30,000, though this amount varies based on your policies and terms. The deductible is the portion of the loss you're responsible for. Typically, this reduces the compensation from the insurance company by ISK 30,000 or the excess amount.

The minimum deductible at Viss is ISK 10,000, while the maximum is ISK 19,500, depending on the device's purchase price. Refer to the price list for more details.

3. Will you face increased premiums next year or lose out on refunds after a claim?

With most insurance companies, filing a claim carries the risk of losing refunds or no-claims discounts at year-end. Mobile phone damage is prevalent today, potentially affecting your eligibility for refunds or discounts next year.

At Verna, your terms remain consistent even after a claim.

4. Will your phone be repaired if stolen?

Home insurance only covers theft with evidence of a break-in (e.g., a broken window) or if violence or threats were involved. It doesn't cover theft from your pocket or bag while on the go.

Verna repairs all thefts; we only require you to report the theft to the police within 7 days.

5. Will you receive a loaner phone during the processing of your claim?

Home insurance may not provide a loaner phone in case of a loss. Imagine being without a phone for several days—unthinkable, right? Neither do we.

That's why Verna always provides a loaner phone while your mobile phone is being repaired or replaced.

6. Is your insurance coverage global?

We understand your phone is your constant companion, traveling wherever you go. Whether the screen cracks at the Taj Mahal or amidst Western Town's tiles, your insurance coverage remains valid.

Verna's smart device insurance is applicable worldwide.