Yes! Monzo Premium customers can save on average £60 a year on worldwide travel and phone insurance.
Monzo Premium is £15 per month • 6 month minimum • Must be aged 18-69 • Ts&Cs apply
When we launched Monzo Premium, we had a very important question to answer. Is it worth paying £15 a month for? We asked the independent market research group Consumer Intelligence to find out how much customers could save with Monzo Premium, compared to buying individual insurance policies separately. They researched comparable insurance policies, and calculated the average cost across all the quotes they received.
Consumer Intelligence found that the average total value of the worldwide travel and mobile insurance is £240.28 a year, which means with just your travel and mobile insurance you'll save, on average, £60.28 a year with Monzo Premium.
There’s a summary of that data in this blog post, and there’s a report attached from Consumer Intelligence with a breakdown of their methodology and data.
👀 What’s included in Monzo Premium?
For £15 a month, it comes with everything you already love about Monzo, and much more.
You get mobile phone insurance by Assurant for phones worth up to £2,000 (including VAT) and accessories up to £300, like headphones and chargers (£75 excess, exclusions apply). And worldwide, multi-trip family travel insurance provided by Zurich, powered by Qover. By family, Zurich means partners and dependent children up to 19 years old (or 21 if in full time education). They’re only covered if they’re travelling with you. Exclusions apply, please read the Ts&Cs. There's a £50 excess for every successful claim.
Monzo Premium gives you all the usual perks of travel with Monzo, like fee-free spending abroad, with extra perks like:
a £600 fee-free withdrawal limit every 30 days (and unlimited in the European Economic Area)
discounted access to international airport lounges at £24 per person per visit
4.60% AER (variable) interest on up to £100,000 in Personal Instant Access Savings Pots (including the Safety Net Pot)
and more.
Learn more about Monzo Premium
🔍 Here's how the savings break down
Monzo Premium costs £15 a month – that’s £180 a year
Travel insurance by Zurich (powered by Qover) is worth an average of £143 a year – that’s the average cost of annual travel insurance across the market.
Phone insurance by Assurant is worth an average of £96 a year – that’s the average cost of annual phone insurance across 6 popular devices.
That means Monzo Premium customers can save, on average, £60 a year. That’s comparing a cost of £180 a year to the average total cost of the worldwide travel and mobile insurance, which adds up to £240.
🛫 The travel insurance is worth an average of £143 a year.
Travel insurance by Zurich (powered by Qover) gives you, your partner and family worldwide multi-trip cover. It covers cancellations up to £5,000, medical bills up to £10m, and lost valuables up to £750, winter sports and more. With a £50 excess per every successful claim (exclusions apply).
Using the travel policy by Zurich as a benchmark, Consumer Intelligence found pricing information on comparable travel insurance policies from the following comparison sites:
Compare The Market
Money Super Market
Confused.com
Go.Compare
They analysed over 60 quotes for comparable travel insurance. Consumer Intelligence found five providers who offer directly comparable policies. These are:
The AA
Ergo
Start Travel
Travel Insurance 4 Medical
Travel Time
To select the most comparable policies on the three price comparison websites assessed, Consumer Intelligence collected quotes using a typical customer profile and key criteria for selection. In total, they selected 16 quotes that offered equivalent products and allowed a like-for-like comparison.
💰 The average annual cover cost across the market was £143.70 (for a comparable product).
📱 The phone insurance is worth an average of £96.58 a year
Monzo Premium’s phone insurance covers theft, loss, accidental damage, even cracked screens. For phones worth up to £2,000 (including VAT) and accessories up to £300, like headphones and chargers, with a £75 excess per claim (exclusions apply).
Using the mobile phone policy by Assurant, Consumer Intelligence compared the prices of comparable policies across 6 popular mobile devices:
Apple iPhone 14 Pro 256GB (RRP £849)
Samsung Galaxy S23 256GB (RRP £899.00)
Huawei P40 Pro 8/256GB (RRP £882)
Google Pixel 7 12/256GB (RRP £699.00)
Motorola Edge 20 Pro 256GB (RRP £550)
Xiomi 12 Pro 12/256GB (RRP £799)
They found quotes for each device from the following providers based on a comparable policy to the one offered by Monzo Premium:
Nova Direct
Trusted
Switchedon
Post Office
Insurance2go
Protect your Gadget
Swipte
Protect your Bubble
Freshcover
Loveit Coverit
In total, across all insurance providers and mobile phone models Consumer Intelligence obtained 60 quotes that covered: Loss, Theft, Damage, Breakdown, Unauthorised network charges and Accessories.
💰 The average annual premium across all devices was £96.58
🧠 An overview of Consumer Intelligence
Consumer Intelligence have an 18-year track record of developing unique consumer insights, exercising their price benchmarking and consumer research capabilities for investors, businesses, governments and regulators who rely upon their data to help manage the market, the economy, and build products that customers love.
You can read more about them on their website.
Monzo Premium is £15 per month • 6 month minimum • Must be aged 18-69 • Ts&Cs apply
Phone insurance by Assurant with £75 excess • Exclusions apply
Travel insurance by Zurich (powered by Qover) with £50 excess • Exclusions apply
By family, Zurich means spouse or legal partner (a couple in a common law relationship living permanently at the same address) and unmarried, legally and financially dependent children up to 19 years old (or 21 if in full time education) living in the country of residence. They’re only covered if they’re travelling with you.