For many South Africans, a smartphone is no longer a luxury. It is a bank card, navigation system, communication tool, camera, entertainment centre and workplace rolled into one. The same can be said for laptops, smartwatches, tablets, cameras and even bicycles, which have become integral to the way people work, exercise, travel and stay connected.

Yet while these portable valuables have become increasingly essential, many consumers underestimate both their true value and the financial impact of losing them. National Savings Month affords a good opportunity to prevent financial consequences before it’s too late.

According to Miway Insurance, the growing reliance on personal technology and mobile assets means consumers should be thinking more carefully about how they protect the items they carry with them every day, particularly during periods of increased travel and activity such as during the July school holidays.

“Many South Africans would struggle to get through a day without their smartphones or laptops,” says Sherry Sibeko, Executive Head: Personal Lines at Miway Insurance. “The inconvenience of losing these items is significant, but what often catches people off guard is just how expensive they have become to replace.”

The rising value of everyday essentials^[1]

Over the past decade, personal technology has evolved rapidly. Smartphones that once cost a few thousand rand can now cost as much as a second-hand vehicle, with latest models costing upwards of R30 000. Premium laptops, professional cameras, smartwatches and wireless devices can quickly add up to tens of thousands of rand in value. Bicycles are also costly to replace, with prices ranging from R5000 to R100 000, depending on the make and model, and the activity its intended for.

What makes these possessions particularly vulnerable Sibeko says is the fact that they rarely stay at home. “They travel on the roads, in busy places, in backpacks, handbags, third-party vehicles, coffee shops, airports, shopping centres and workplaces, exposing them to a range of risks including theft, accidental damage and loss.”

Many consumers also accumulate valuable devices over time without fully recognising their combined worth. A smartphone, smartwatch, laptop and pair of premium earbuds can collectively represent a substantial financial investment. When you add a bicycle, replacing these items after a theft or accident can create unexpected financial strain.

The hidden cost of lost valuables

For professionals working remotely or hybrid, a stolen laptop can disrupt productivity and income generation. “A missing smartphone can mean losing access to banking applications, business communications and important personal information. For photography enthusiasts, cyclists and content creators, replacing specialised equipment can be particularly costly,” Sibeko says.

There is also the challenge of inflation and advancing technology. Consumers may remember what they originally paid for an item several years ago, only to discover that an equivalent replacement now costs significantly more. This can lead to unpleasant surprises when attempting to replace essential possessions out of pocket.

Common misconceptions about insurance cover

Personal valuables are not automatically covered in every circumstance, and replacement values need to be updated. Consumers should ensure they understand exactly what cover they have in place and whether it adequately reflects the items they own and how those items are used.

Another common misunderstanding is assuming that because an item is used both at home and while travelling, it is protected in every environment without any additional consideration.

The reality is that insurance needs can vary depending on the nature of the asset, its value and how frequently it is taken outside the home.

“Understanding policy terms, limits, exclusions and requirements is an important part of making sure cover aligns with real-world risks,” Sibeko says.

Protecting the things that matter most

As technology becomes increasingly embedded in daily life, protecting these assets should form part of broader financial planning.

“Portable valuables have become essential tools that enable modern life,” Sibeko concludes. “Whether it is a smartphone that keeps you connected, a laptop that supports your career or a bicycle that helps you stay active, these items play an important role in our everyday routines. Taking steps to protect them, including ensuring you have appropriate insurance in place, can help avoid significant financial setbacks, and save you money and time should the unexpected happen.”