Jane Dotson
Phone insurance is a safety net many of us are willing to invest in, given how prone our devices are to theft, loss, and damage. While standalone phone insurance plans are available, phone insurance is also offered as a supplement to homeowners or renters insurance. Some retailers and carriers also provide insurance plans that protect your phone against accidental loss or theft. Phone insurance can be purchased through your carrier, while standalone plans may be available through your phone retailer.
| Characteristics | Values |
|---|---|
| Cost | The cost of a cell phone insurance plan varies based on the phone's brand, model, and age, and the coverage amount you select. Typically, the more expensive the phone is, the higher your premium will be. |
| Coverage | Phone insurance covers accidental damage, theft, hardware and software issues, and loss. |
| Deductible | The minimum deductible on plans offered through Progressive is $50. A deductible will also apply to all loss and theft insurance claims through Geek Squad Complete Protection. |
| Exclusions | Common exclusions include water damage, cracked screens, and manufacturer defects. |
| Claims | Claims can be filed online, through a mobile app, or by calling the insurance company directly. |
| Providers | Providers of phone insurance include Progressive, Asurion, Geek Squad Complete Protection, SmartBunny Insurance, and T-Mobile. |
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What You'll Learn
Phone insurance can cover theft, damage, and loss
Phone insurance can provide peace of mind and protect you from unwanted costs in the event of theft, damage, or loss. While some insurance plans may only cover repairs or replacements due to mechanical or electrical failure, many plans also cover theft and accidental damage, such as cracked screens or liquid damage. Some plans even offer technical support and same-day repairs.
The cost of phone insurance varies depending on the phone's brand, model, age, and the coverage amount selected. Typically, more expensive phones will have higher premiums. Insurance plans can be purchased through carriers, retailers, or third-party providers, and some plans may also cover other devices, such as laptops or tablets. It's important to carefully review the terms and conditions of any insurance plan to understand what is covered and what exclusions may apply.
For example, some plans may require that you have specific apps enabled on your device, such as "Find My iPhone," in order to make a claim for theft or loss. Additionally, there may be deductibles or service fees associated with making a claim, and the amount may be based on the original purchase price of the device. It's also worth noting that insurance plans may have different coverage options for international travel, so it's important to understand the specifics of your plan if you plan to take your device abroad.
While phone insurance can provide valuable protection, it's important to consider the likelihood of needing to make a claim and the potential costs involved. In some cases, it may be more cost-effective to simply pay for repairs or replacements out of pocket, especially if you have a history of taking good care of your devices. However, for those who are prone to accidents or live in areas with a higher risk of theft, phone insurance can provide a valuable safety net.
Ultimately, the decision to purchase phone insurance depends on individual needs and risk assessments. By weighing the potential costs and benefits, individuals can make an informed choice about whether phone insurance is right for them.
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Standalone insurance plans are available for mobile phones
There are also third-party insurance providers, such as SmartBunny, that offer phone insurance. These plans can cover a range of incidents, including accidental damage, theft, hardware and software issues, and more. The cost of these plans can vary, but they are generally affordable, with some plans costing around $8 per month.
Additionally, some companies offer protection plans that include both an insurance plan and a service plan. For example, T-Mobile offers Protection 360™, which includes property insurance (loss and theft) underwritten by American Bankers Insurance Company of Florida in all states except New York. In New York, T-Mobile offers separate insurance and service protection plans.
Geek Squad also offers a similar complete protection plan that includes loss and theft coverage, although it is not available in New York. Loss and theft insurance can also be purchased separately from Geek Squad as standalone coverage.
It is important to carefully review the terms and conditions of any insurance plan to understand the specific coverage and exclusions, as well as any service fees or claim limits that may apply.
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Retailer- or carrier-provided insurance may protect against theft
Phone insurance provided by retailers or carriers can offer protection against theft, in addition to covering accidental damage and defects. For instance, Asurion, a phone insurance provider, offers coverage against theft, accidental damage, and defects when you sign up through your carrier.
Similarly, Best Buy's Geek Squad Complete Protection plan offers coverage for lost or stolen phones, along with accessories that came in the original box, such as chargers and earbuds. This plan is an extension of the manufacturer's warranty and provides coverage after the warranty period ends.
Another example is Progressive, which offers a two-year iPhone insurance plan for as little as $8 per month, allowing for unlimited claims. This plan covers theft, in addition to damage and defects.
While retailer- or carrier-provided insurance can offer theft protection, it's important to note that the specific coverage may vary by provider and plan. Some plans may have exclusions or deductibles for theft claims, so it's essential to carefully review the terms and conditions before purchasing.
Additionally, some insurance providers may require certain security measures, such as security alarms or locked cases, to mitigate the risk of theft and potentially lower premiums. These security measures can also help protect your device and reduce the chances of a successful theft attempt.
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Home or renters insurance may cover phone theft
Cell phone insurance is available as a standalone policy or as part of a renters or homeowners insurance plan. Renters insurance covers personal belongings, including cell phones, up to the policy's limit. This means that if your phone is stolen or damaged by a covered peril, renters insurance may reimburse you for it.
Theft and loss coverage is included in some comprehensive protection plans, such as Geek Squad Complete Protection, which enhances your manufacturer's warranty and provides extended coverage after the warranty ends. Cellphone insurance, which is often offered by carriers when you purchase a phone and sign up for a wireless plan, typically costs between $10 and $30 per month and usually covers lost or misplaced phones.
It is important to note that renters insurance does not cover identity theft protection if your personal information is compromised due to a stolen smartphone. Additionally, it generally won't cover accidental damage or if you simply misplaced and lost your phone. Before purchasing insurance, it is essential to consider the specific circumstances under which your phone will be covered and decide if the extra cost is worth it.
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Phone insurance costs vary based on the phone's brand, model, and age
Phone insurance is available for theft, as well as accidental damage and defects. The cost of a plan will depend on the insurer, device, and deductible. Typically, the more expensive the phone, the higher the premium. This is because the cost of repairing or replacing a smartphone can be high, making insurance a necessity for some.
For example, a two-year iPhone insurance plan through Progressive can cost as little as $8 per month, with unlimited claims. However, the cost of insurance for an $850 iPhone can be as low as $8 per month with Progressive's Worth Ave. Group plan. The minimum deductible on plans offered through Progressive is $50, but deductibles can range from $50 to $200 depending on the plan.
AT&T offers three smartphone insurance plans: the Multi-Device Protection Pack, which covers three devices for $35; the Mobile Protection Pack, which costs $12 per month per phone; and a $9 plan that offers the same protection without tech support. Sprint also offers various smartphone insurance plans based on the device. A Samsung Galaxy S4 Mini and an LG Viper are in the lowest-cost group at $9 per month, while coverage for an iPhone 8 or Samsung phone costs $13 per month, and $17 for an iPhone X.
T-Mobile provides three levels of smartphone insurance coverage, with the least expensive plan costing between $7 and $10 per month, depending on the device. This includes protection against malfunctions, damage, loss, and theft.
Geek Squad Complete Protection from Best Buy also includes loss and theft coverage, although it is not available in New York. Loss and Theft insurance can also be purchased separately.
Asurion is another option, offering phone insurance through your carrier, covering accidental damage, defects, loss, and theft.
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Frequently asked questions
Phone insurance for theft covers the cost of repairing or replacing your phone if it is stolen.
The cost of phone insurance varies. Mobile carrier insurance starts at $9/month, retailer-provided insurance starts at $11/month, and renters insurance that covers your phone starts at $5/month.
Some companies that offer phone insurance for theft include Progressive, Asurion, Geek Squad, and T-Mobile.
