Is Monzo Premium worth it?

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Yes! Monzo Premium customers can save on average £64 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 our worldwide travel and mobile insurance is £244 a year, which means with just your travel and mobile insurance you'll save, on average, £64 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 (£75 excess, exclusions apply). And worldwide, multi-trip family travel insurance by AXA (the age limit for children is 19 years inclusive, or 21 if in full time education, at the start of a trip). There’s a £50 excess (exclusions apply).

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

  •  1.50%/1.49% AER/Gross (variable) interest on up to £2,000 in your balance and regular Pots

and more.

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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 AXA is worth an average of £141 a year – that’s the average cost of annual travel insurance across the market.

  • Phone insurance by Assurant is worth an average of £103 a year – that’s the average cost of annual phone insurance across 6 popular devices.

  • That means Monzo Premium customers can save, on average, £64 a year. That’s comparing a cost of £180 a year to the average total cost of our worldwide travel and mobile insurance, which adds up to £244.

Read the full report

🛫 Our travel insurance is worth an average of £141 a year.

Travel insurance by AXA 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 claim (exclusions apply).

Using our travel policy by AXA as a benchmark, Consumer Intelligence found pricing information on comparable travel insurance policies from the following comparison sites:

  • Compare The Market

  • Money Super Market


They analysed over 60 quotes for comparable travel insurance. Consumer Intelligence found twelve providers who offer directly comparable policies. These are:

  • Big Blue

  • Puffin

  • Planet Earth

  • Post Office

  • Leisure Guard Travel

  • Getcover

  • Insurefor

  • Direct Travel

  • Now

  • The AA

  • Insure & Escape

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 27 quotes that offered equivalent products and allowed a like-for-like comparison.

💰 The average annual cover cost across the market was £141.08 (for a comparable product).

📱 Our phone insurance is worth an average of £103 a year.

Monzo Premium’s phone insurance covers theft, loss, accidental damage, even cracked screens. For phones worth up to £2,000 and accessories up to £300, like headphones and chargers, with a £75 excess per claim (exclusions apply).

Using our mobile phone policy by Assurant, Consumer Intelligence compared the prices of comparable policies across 6 popular mobile devices:

  • Apple iPhone 13 Pro 128GB (RRP £949.00)

  • Samsung Galaxy S22 128GB (RRP £769.00)

  • Huawei P50 Pro 256GB (RRP £1,099.99)

  • Google Pixel 6 128GB (RRP £599.00)

  • Oppo Find X5 Pro 256GB (RRP 1,049.00)

  • OnePlus 10 Pro 5G 128GB (RRP £799.00)

They found quotes for each device from the following providers based on a comparable policy to the one offered by Monzo Premium:

  • Loveit Coverit

  • Protect Your Bubble

  • Swipe Insurance

  • So-sure

  • Gadget Cover

  • CoverCloud

  • Next Gen

  • Trusted

  • Post office

In total, across all insurance providers and mobile phone models Consumer Intelligence obtained 38 quotes that covered: Loss, Theft, Damage, Breakdown, Unauthorised network charges and Accessories.

💰 The average annual cost across all devices was £102.64

🧠 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 • Customers must be aged 18-69 • Ts&Cs apply

Phone insurance by Assurant that covers theft, loss, accidental damage, and even cracked screens. £75 excess. Exclusions apply 

Worldwide family travel insurance by AXA. Age limit for children is 19 years inclusive (or 21 if in full time education) at the start of a trip. £50 excess. Exclusions apply