iPhone-envy is driving mobile phone insurance fraud “through the roof” according to a new report

Carmi Korine, director of Supercover Insurance, says that as fast as new-generation iPhones come on to the market, older models are being lost, stolen or damaged in the knowledge that customers receiving replacements will be upgraded to the later version.

“iPhone insurance is the fastest-growing type of cover in the gadgets sector – no other product drives such demand for insurance; iPhone owners are 60 per cent more likely to take out insurance than other mobile phone users, and, for the unscrupulous, £8.99 a month insurance is cheaper than £500 to buy the latest iPhone,” said Mr Korine.

“While most customers take out insurance because they value their iPhone, we started to notice increases in claims as new and upgraded iPhones were launched – for short periods around new model or upgrade launches, claims for lost, stolen or damaged iPhones go through the roof.”