Monzo Premium phone insurance - cash settlement

I recently claimed on the phone insurance for my Galaxy S21 after I cracked the screen.

It’s taken about 2.5 weeks since sending the phone off for repair. Initially it seemed like the phone hadn’t been logged by the repair company (although I had sent it recorded and insured off to them) and I was told I would go on the waiting list for when a suitable replacement model came in. But then I heard nothing more for another week or so and called up again.

Apparently, they are now going to call me in the next week or so and offer me a “cash settlement”. Has anyone else had this before? I’m a little surprised as the phone is still available to buy and it’s hardly a niche model (S21 5g 256gb dual sim). I see I could buy a like-for-like replacement from CeX for £525-£570 depending on the grading. Are they likely to make a reasonable offer or am I likely to have to argue to get the cost for the equivalent phone now?

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Who knows :man_shrugging: Your guess is as good as ours.

Are we assuming that they’ve lost your phone? If so, you want the cash offer to be good enough so that you can buy a like-for-like replacement.

I’d push for a brand new one from Samsung with all the warranty etc if it was me because my phone is always kept immaculate.

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Is there any good things to say about Monzo Premium insurance provider. I always seem to see bad stuff and it’s what I rely on at the moment

Usually a cash settlement is a win. You don’t have to accept it normally, so the balls in your court.

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People don’t often make threads to say something worked well, so that skews our perception.

Having said that, most phone insurance is best avoided.


My partner has Monzo Premium and he successfully claimed and Iphone X and got a refurbished model, which was like brand new, with a new battery too. He also claimed for Airpods he lost and he only had to pay one excess charge. I think for £15 a month, Premium is very good value, especially, if like me, you like to keep track of all your finances in one place.


I’ve posted about it on here before, but I had a near flawless experience when I returned my phone for repair.

The only frustration was that they wanted me to print something off to include in the parcel but as I don’t have a printer that wasn’t possible! I emailed them though and they quickly sorted it.

They don’t know that I’m a staff member either, we’re treated the same as any other premium member.


Thank you for your insight @Dan5

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