Paul Sanchez
Losing your phone can be stressful, and it can happen to anyone. In 2022, 4.1 million phones were lost or stolen, which equates to more than 11,000 phones per day. If you've lost your phone, you'll want to insure your next one to avoid the financial burden of replacing it. Phone insurance can be purchased as a standalone policy or as part of your homeowners or renters insurance. It covers damaged, lost, or stolen phones, but what's covered depends on the type of policy you have. For example, renters and homeowners insurance generally covers theft, vandalism, and fire damage, but not accidental damage or misplaced phones. On the other hand, phone insurance plans can cover cracked screens, water damage, and next-day replacement.
| Characteristics | Values |
|---|---|
| Insurers | Asurion, Progressive, T-Mobile, Lemonade |
| Coverage | Theft, loss, cracked screen, water damage, vandalism, fire, other damages |
| Cost | $8/month for a two-year iPhone insurance plan through Progressive |
| Deductible | Minimum of $50 for plans offered through Progressive |
| Other benefits | Privacy and identity protection, McAfee Security, cloud backups, next-day replacement |
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What You'll Learn
- Phone insurance options: standalone, renters or homeowners insurance
- Phone insurance providers: Asurion, Progressive, T-Mobile, and more
- Phone insurance coverage: theft, loss, damage, defects
- Phone insurance exclusions: accidental damage, misplacement
- Phone insurance claims: contact provider, suspend service, wipe device, change passwords, file claim
Phone insurance options: standalone, renters or homeowners insurance
If you're looking to insure your phone for loss, there are several options available to you. You can either opt for a standalone phone insurance policy or include your phone under your renters or homeowners insurance policy. Let's explore each of these options in more detail:
Standalone Phone Insurance:
Standalone phone insurance plans are offered by retailers like Apple (AppleCare+) or directly by your phone carrier, such as AT&T or Verizon. These plans typically cover accidental damage, including cracked screens, liquid damage, and device malfunctions. Some standalone plans may also offer coverage for theft and loss, although this varies by provider. Standalone plans are convenient if you're primarily concerned about accidental damage to your phone and want coverage specifically tailored to phones. However, they may not provide coverage for theft or loss, and the cost can add up, with prices starting at $9/month for carrier insurance and $11/month for retailer-provided insurance.
Renters or Homeowners Insurance:
Your phone may already be covered under your renters or homeowners insurance policy as personal property. These policies typically cover theft, vandalism, fire, and other damages to your personal belongings, both inside and outside your home. For example, if your phone is stolen while travelling or during a break-in at your home, renters or homeowners insurance will generally provide coverage. Additionally, some insurance companies offer a cell phone-specific rider that you can attach to your policy for full reimbursement in case of theft or damage. The cost of renters insurance is typically more affordable, starting at around $5/month, while homeowners insurance costs vary depending on the value of your home. However, it's important to note that renters and homeowners insurance policies usually don't cover accidental damage to your phone, and they may not cover loss if you simply misplace your phone.
Credit Card Protections:
Some credit card companies also offer supplemental phone protection, especially if you use your credit card to pay your monthly phone bill. This can provide additional coverage in case of loss, theft, or damage, but it's important to check the specific terms and conditions of your credit card benefits.
When deciding between these options, consider factors such as the cost of coverage, the protection offered, and how important it is for you to have a functioning phone. Additionally, remember to review the terms and conditions of each policy carefully to understand what is covered and what is not.
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Phone insurance providers: Asurion, Progressive, T-Mobile, and more
When it comes to insuring your phone against loss, there are several providers and plans to choose from. Here's a closer look at some of the options available:
Asurion
Asurion is a well-known and trusted phone insurance provider, with over 20 years of experience and 300,000 5-star reviews. They offer device protection, tech help, and support for various phone brands, including iPhone, Samsung, and Google devices. Asurion provides insurance through your carrier, and plan benefits may vary depending on your specific carrier and program. Their plans typically cover accidental damage, defects, loss, and theft. Additionally, Asurion has 700+ uBreakiFix stores where they offer hands-on, in-person help, and most repairs are completed on the same day.
Progressive
Progressive offers phone and electronic device insurance by Worth Ave. Group, which provides protection beyond the manufacturer's warranty. Their plans cover various mishaps, such as cracked screens or liquid damage, which are often excluded from standard warranties. Progressive's insurance plans are available for both new and refurbished iPhones and Android devices, and they allow for unlimited claims. The minimum deductible for plans offered through Progressive is $50, and the cost of a two-year iPhone insurance plan can start as low as $8 per month.
T-Mobile
T-Mobile offers Protection 360™, which includes both an insurance plan and a service contract plan. The Insurance Device Protection Plan covers accidental damage, loss, and theft, while the Service Contract Device Protection Plan covers mechanical and electrical failure, JUMP! Upgrades, unlimited screen protector replacements, and access to tech support. T-Mobile's plans are particularly beneficial for Apple device users, as they provide access to AppleCare Services and technical support. It's important to note that device protection is not required to activate service with T-Mobile, but without protection, you may be responsible for the full replacement cost if your device is lost, stolen, or damaged.
These are just a few of the phone insurance providers and plans available. It's always a good idea to carefully review the benefits, limitations, and exclusions of each plan before making a decision to ensure it meets your specific needs and provides the desired coverage for lost phones.
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Phone insurance coverage: theft, loss, damage, defects
Losing your phone or having it stolen is stressful, but it's a real risk—in 2022, 4.1 million phones were lost or stolen, which equates to more than 11,000 phones per day. Luckily, there are phone insurance options that cover theft, loss, damage, and defects.
Phone insurance providers like Asurion, T-Mobile, and Apple offer plans that include protection from theft, loss, accidental damage, and mechanical and electrical failure. Asurion, for example, provides coverage for loss, theft, cracked screen repair, and water damage, with replacement devices sent within 24 hours. T-Mobile's Protection 360™ offers similar benefits, including $0 front screen repairs and device replacement for loss or theft.
Apple's AppleCare+ with Theft and Loss for iPhone provides up to two incidents of theft or loss coverage annually, subject to a deductible and applicable taxes. This coverage requires the "Find My" feature to be enabled on your device at the time of loss or theft and throughout the claims process. International replacement options are also available for Apple devices, though they are subject to device availability and regional variations.
In addition to insurance coverage, there are several steps you can take to protect your phone and data in case of loss or theft. These include securing your phone with a strong PIN or password, enabling remote tracking, and setting up data backups. If your phone is lost or stolen, you should call your mobile service provider to suspend your service and report it. You can also remotely wipe your device to protect your personal information.
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Phone insurance exclusions: accidental damage, misplacement
When it comes to insuring your phone against loss or misplacement, it's important to understand the exclusions and limitations that may apply. While phone insurance can provide peace of mind and protect your valuable device, there are certain scenarios where your insurance may not cover loss or accidental damage.
Accidental Damage Exclusions:
Accidental damage coverage typically protects against unexpected and unintentional physical harm to your phone, like a cracked screen or liquid damage. However, insurance providers may exclude certain types of accidental damage from coverage. For example, some policies may not cover damage caused by the insured deliberately neglecting their device. Additionally, damage that occurs due to riots, strikes, civil commotion, or acts of terrorism may be excluded. Any alterations or repairs made to the device that are not authorised by the insurance provider may also void coverage for accidental damage.
Misplacement Exclusions:
While some insurance plans offer protection against loss or misplacement, there are often specific conditions that must be met for a claim to be valid. For instance, many insurers require that the loss be reported to the police and/or a dedicated loss reporting service within 48 hours and that you obtain a valid crime reference number or reference. If you are unable to provide this, your claim may be rejected. Additionally, some insurers may exclude claims where the circumstances of the loss cannot be clearly identified, such as when the date and time of the occurrence are uncertain.
Furthermore, insurance policies often have specific requirements for device eligibility. For example, your phone must be less than three years old, supported by a valid proof of purchase, and purchased from a reputable source, such as a VAT-registered company. Second-hand or used devices may have additional restrictions or may not be covered at all. It's important to carefully review the terms and conditions of your insurance policy to understand any exclusions or limitations that may apply in the event of loss or accidental damage.
To ensure that your phone is adequately protected, it's crucial to read through the key exclusions and conditions of your chosen insurance plan. While insurance can provide peace of mind, understanding the specific coverage offered will help you make an informed decision and ensure the long-term security of your device.
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Phone insurance claims: contact provider, suspend service, wipe device, change passwords, file claim
If you've lost your phone, it's important to act quickly to protect your personal information and try to recover your device. Here are the steps you should take:
Contact your provider
Get in touch with your mobile service provider as soon as possible to suspend your service and report your phone as lost or stolen. They can also guide you through the next steps and help you understand your insurance coverage and options for a replacement device.
Try to locate your phone
Use another device to call your mobile phone, or use your carrier's mobile app to sound an alert, even if your phone was on silent mode. If you have text message previews set up on your lock screen, send a text to your phone with instructions on how to return it.
Remotely wipe your device
As soon as you can, remotely delete the data on your device to keep your personal information safe. Thieves can remove SIM cards or use special boxes to block cellular networks, so act fast. You can usually do this through your iCloud or Google account, depending on your device.
Change your passwords
It's important to change the passwords for all your accounts, especially those with sensitive information. This will help protect your data and prevent unauthorised access through your lost or stolen device.
File an insurance claim
Once you've taken the necessary steps to secure your data and try to locate your device, it's time to file an insurance claim to begin the replacement process. Many phone insurance providers, such as Asurion, offer next-day replacement. You can often file a claim online or by calling their customer support line. Be prepared to provide device details, information about what happened, and proof of loss if needed.
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Frequently asked questions
You can insure your phone for loss in a number of ways. You can either get a standalone policy or add it to your renters or homeowners insurance. You can also get phone insurance through your carrier, such as Asurion, or through a third-party plan like Progressive.
Phone insurance covers damaged, stolen, or lost phones. However, what is covered and what isn't will depend on the type of policy you have. For example, renters and homeowners insurance generally cover theft, vandalism, fire, and other damages, but not accidental damage or misplacement.
The cost of phone insurance varies depending on the provider and the plan. For example, a two-year iPhone insurance plan through Progressive costs as little as $8 per month, while the minimum deductible on their plans is $50.
If your phone is lost or stolen, you should first try to find it by using another device to call it or using a carrier's mobile app to override your ringer settings. If you can't find it, you should call your mobile service provider to suspend your service and report it as lost or stolen. You should also remotely wipe your device and change your account passwords to protect your data.
To file an insurance claim, you can contact your insurance provider directly or file a claim online. You will need to provide device details, such as the make and model, and information about what happened to your device. You may also need to provide your user ID, password, and picture ID for verification.
