If some shiny new and expensive tech arrived in your Christmas stocking, you might want to make sure it’s properly protected in case it gets damaged, lost or stolen.

Ellie Martyn, business manager at gadget insurance comparison website protectyourgadget.com, says shopping around can be key.

“When buying a brand new handset, it is all too easy to take out the insurance the phone provider is offering you,” says Martyn. “But what we’ve discovered is that many insurance providers already have prices and plans in place for the newest smartphones, and at very reasonable prices. So don’t go for the easy option – shop around and save a few pounds.”

It may also be worth checking your existing home contents insurance to see what it covers.

According to the Association of British Insurers (ABI), many insurers will automatically raise the amount households are covered for around Christmas to cover the extra value of gifts, but you’ll need to check your policy to see if this applies to you and remember that this extra leeway will fall again at a later date.

Some gifts may also be of a higher value than your limit for single items, so make a new year’s resolution to let your insurer know about them.

Also bear in mind that some insurers will cover you if your phone is damaged when you’re at home, while, perhaps for an extra fee, policies may provide cover for personal possessions such as phones damaged away from home.

And check what the excess is if you need to make a claim – this is the amount that you agree to pay towards any claim you make. If it’s a big excess, it may turn out to be more than the value of your phone.

Some paid-for bank accounts also include mobile and gadget insurance, so you may already be covered that way.

One way to keep handset costs down within the family is to gift ones going spare to other family members, or buy a refurbished phone.

And if you are a serial smartphone updater who has gifted your old handset to a family member, Martyn advises to make sure you keep the original receipt from the retailer to ensure it can be insured properly.

“Keep your original receipt for the phone so the insurer can see the proof of purchase,” she says. And whatever was in your Christmas stocking: “Make sure the fun isn’t over too soon, by insuring it properly and affordably.

“When it comes to phone and gadget insurance, shop around before you buy because the quality and price of cover can vary greatly from policy to policy.”