i have phone insurance through my bank and to set it up all they want is the imei numberof my phone, my phone isn't that valuable but my wife's is, if i give them my wife's imei number so that her phone is covered and mine isn't are they likely to check who owns the phone if i come to make a claim?
How could they possibly check who "owns" the phone. You can insure whatever phone you choose to. And as Twenty20 points out both of them are probably insured already. Usual bank con offering "free" services you don't need or want, then charging for a premium account.