Paul Sanchez
Phone insurance is a wise investment if you're prone to accidents or travel frequently. Theft is a common problem, and losing your phone can be costly. To protect yourself, you can purchase phone insurance from a third-party provider or your phone carrier, often for less than $8 per month. This insurance covers theft, as well as accidental damage, defects, and loss. Alternatively, you can pay your phone bill with a credit card that offers complimentary cell phone protection, covering theft and accidental damage. Travel insurance can also cover lost, stolen, or damaged phones, but it's important to read the fine print to understand what's included and excluded in your plan.
| Characteristics | Values |
|---|---|
| Insurers | Asurion, Best Buy, Progressive, Wells Fargo, American Express, Ink Business Preferred, SquareTrade, Sprint |
| Coverage | Theft, accidental damage, cracked screens, liquid damage, drops, loss, defects |
| Cost | Varies; Sprint's Total Equipment Protection costs $17 per month; Asurion offers affordable prices; Progressive offers a 5% discount and insurance for less than $8 per month; SquareTrade offers coverage for a fraction of what carriers charge |
| Deductible | Varies; typically ranges from $25 to $100; Wells Fargo offers a low deductible; Sprint's deductible is $275; deductible for iPhone X is $299 |
| Additional Information | Credit card cell phone protection plans are available at no additional cost; travel insurance may cover stolen devices; Geek Squad Protection covers repairs that the manufacturer's warranty doesn't |
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What You'll Learn
Phone insurance companies and plans
Phone insurance can be purchased as an add-on to your homeowners' insurance or as a separate product. Many companies offer phone insurance plans that cover theft, loss, accidental damage, and defects. Some popular options include:
- Asurion: Asurion offers phone insurance plans that cover accidental damage, defects, loss, and theft. They provide tech support via call, chat, and in-person at their uBreakiFix stores. Repairs and replacements are sent quickly, and Asurion has been trusted by 300 million people worldwide.
- Geek Squad Complete Protection: This plan enhances your manufacturer's warranty and provides extended coverage when the warranty ends. It covers loss, theft, and any accessories that came with the phone, including chargers and earbuds. Geek Squad Protection can also be purchased separately, which covers important repairs that the manufacturer's warranty might not.
- Progressive: Progressive offers highly affordable cell phone insurance with two-year policies, a $75 deductible, and a premium of $153. Their coverage includes theft, vandalism, damage due to fire, flood, natural disasters, drops, spills, and power surges. They also offer a 5% discount when you buy their insurance.
- Allstate's SquareTrade: Allstate offers affordable coverage options for single phone owners and families, with monthly premiums ranging from $8.99 to $19.99. They also provide higher annual claim allowances than many other carriers.
- T-Mobile Protection 360: This plan includes both an insurance plan and a service plan, providing coverage for accidental damage, loss, and theft. It also offers access to unlimited live technical support and easy claims filing through the Protection 360 app.
It is important to note that the availability and cost of phone insurance plans may vary depending on your location and the specific details of your device. Be sure to review the terms and conditions of each plan carefully before making a decision.
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Phone protection cases
Another option is to purchase electronic device insurance, which covers theft, accidents, and natural disasters that your manufacturer's warranty might not include. This type of insurance is offered by companies like Progressive, and it protects your phone beyond the standard warranty, including international coverage.
Additionally, you can consider investing in anti-theft phone cases and accessories. These cases use technologies like RFID signal blocking and radio frequency shielding to prevent tracking and hacking. They are designed to block signals and protect your phone's privacy. Some cases even come with anti-lost features, such as lightweight lanyards or straps, ensuring that you don't misplace your phone and making it more difficult for thieves to discreetly take your device.
These anti-theft cases are available at various retailers, including Amazon and Walmart, and they offer an extra layer of protection to deter thieves and track your device if it goes missing. Combining insurance options with physical protection measures like anti-theft cases can provide comprehensive security for your phone, giving you confidence and peace of mind.
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Travel insurance plans
When it comes to travel insurance plans, it's important to remember that they can provide protection against illness, injury, theft, and cancellations. While travel insurance may not cover a broken phone from dropping it, it should cover the loss up to a certain amount if your electronics are lost, stolen, or damaged by a common carrier, such as an airline or tour operator. It's worth noting that there are usually limits on the coverage for items like laptops, cameras, and cell phones, often capped at $500 per item. So, if you're travelling with expensive gear, it's advisable to purchase supplementary coverage to ensure sufficient protection.
The OneTrip Premier Plan, for example, provides up to $2,000 in coverage for baggage loss or damage. For those who travel frequently for business and require their electronic devices, an annual travel insurance plan tailored to business equipment is recommended. The AllTrips Executive Plan, a business travel insurance option, offers up to $1,000 to cover rental equipment costs if your own equipment is damaged, as well as up to $1,000 for repairs or replacements. This plan also includes comprehensive coverage for emergency medical and dental benefits, and collision/loss damage insurance for rental cars.
To ensure you're adequately protected, it's crucial to carefully review the fine print and understand the minutiae of each insurance plan before making a decision. Additionally, it's always a good idea to take extra precautions to safeguard your belongings while travelling. This can include investing in anti-theft backpacks, rugged laptop cases, or even opting for inconspicuous bags that don't attract unwanted attention. Taking these steps, along with a suitable travel insurance plan, can provide peace of mind and help ensure a more enjoyable trip.
In the unfortunate event of phone theft while travelling, it's important to act quickly. Most travel insurance policies require that you report the theft to the police, a transport carrier, or a travel operator within 24 hours. You'll need to provide the IMEI (International Mobile Equipment Identity) code of your phone, and block the IMEI with your mobile network. Additionally, keeping proof of ownership, such as receipts and phone contracts, is essential for a successful claim.
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Credit card protection plans
To take advantage of this benefit, you must pay your monthly cell phone bill with the eligible credit card. This will provide automatic coverage for your phone and any other phones under your plan. Coverage usually lasts as long as you continue to make your monthly payments with that credit card, so setting up automated payments can be a good idea.
There are a few things to keep in mind: there may be a cap on what card issuers will pay, and you may be responsible for certain fees. Additionally, credit card protection won't usually cover you if you misplace your phone, as there is rarely proof that it has gone missing. In the case of theft, you will likely need to submit a police report to support your claim.
Some examples of credit cards that offer cell phone protection include:
- Wells Fargo Autograph® Card
- Ink Business Preferred® Credit Card
- The Platinum Card® from American Express
- Capital One Venture X Rewards Credit Card
- U.S. Bank Visa® Platinum Card
- Chase Freedom Flex®
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Phone insurance costs and deductibles
Geek Squad Cell Phone Complete Protection (Best Buy)
Geek Squad offers enhanced protection for your phone, including coverage for loss and theft, even after the manufacturer's warranty ends. While the exact costs are not mentioned, there is a mention of a deductible for loss and theft insurance claims, which is based on the non-discounted Best Buy retail price of the device at the time of purchase.
Progressive Electronics Insurance
Progressive offers insurance for phones and other electronic devices, covering theft, screen cracks, spills, and more. The cost of insurance is mentioned to be less than $8 per month, and there is no mention of a deductible specifically for theft.
T-Mobile Protection 360™
T-Mobile's Protection 360™ offers insurance and a service contract plan. The monthly cost ranges from $7 to $25 per device, depending on the device type. The deductible, or service fee, is based on the device model and type of claim, collected when the claim is approved. For loss and theft, you are allowed up to five claims in a rolling 12-month period.
AKKO
AKKO offers protection plans for phones and other devices, covering theft, breakdowns, and accidental damage. The cost of insurance is not explicitly mentioned, but it is said to be only a couple of dollars more than Verizon's phone insurance. The deductible applies in case of theft, but the exact amount is not specified.
It is important to note that the costs and deductibles mentioned above may vary depending on the specific plan chosen, the device being insured, and other factors. It is always advisable to review the terms and conditions of each insurance provider to understand the coverage, costs, and deductibles thoroughly.
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Frequently asked questions
You can insure your phone against theft through your phone provider, a third-party vendor, or your credit card company. Phone insurance covers lost, stolen, or damaged phones.
Some third-party vendors that offer phone insurance include Asurion, SquareTrade, and Geek Squad.
Credit card insurance covers accidental damage and theft. Lost phones, cosmetic damage, electronic issues, cell phone accessories, mechanical, software or battery failure, and prepaid phones are typically not covered.
Aside from insurance, you can protect your phone from theft by using anti-theft backpacks, rugged laptop cases, and travel insurance. You can also leave your phone at home or be aware of where you're keeping it.
