Jeffrey Wade
Phone insurance is a type of insurance that covers your device in case of damage, theft, or loss. It is usually offered as a standalone policy or as part of a more comprehensive plan, such as renters or homeowners insurance. Phone insurance can be purchased through a third-party provider, your phone carrier, or the phone's retailer, and it typically covers a range of incidents, including accidental damage, theft, hardware and software issues, and more. The cost of phone insurance varies depending on the phone's brand, model, and age, as well as the coverage amount selected, with more expensive phones generally having higher premiums. Some insurance plans also offer additional benefits, such as tech support and hands-on, in-person help. While phone insurance can provide peace of mind and protect you from unexpected costs, it's important to carefully review the specific terms, conditions, and exclusions of any plan before purchasing it to ensure it meets your needs.
| Characteristics | Values |
|---|---|
| Cost | The cost of phone insurance varies depending on the phone's brand, model, and age, and the coverage amount selected. Typically, the more expensive the phone is, the higher the 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 with Geek Squad Complete Protection. |
| Exclusions | Common exclusions include water damage and cracked screens. |
| Claims | The claims process for phone insurance is designed to be quick and easy, with claims able to be filed online or through a mobile app. |
| Providers | Phone insurance providers include Progressive, Asurion, Geek Squad, T-Mobile, SmartBunny, and Lemonade. |
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What You'll Learn
Phone insurance for theft: what's covered and what isn't
Phone insurance can provide peace of mind if your phone is stolen, but it's important to understand what's covered and what isn't. While some insurance plans may cover theft, others may not, so it's crucial to read the fine print. Here's a detailed look at phone insurance for theft.
What's Covered:
When you have phone insurance that includes theft coverage, you can generally rest assured that you will be reimbursed for the loss of your phone. This means that if your phone is stolen, your insurance company will cover the cost of replacing it. Some insurance plans, like Protection 360™ from T-Mobile, offer comprehensive coverage for loss, theft, accidental damage, and mechanical or electrical failure, even after the manufacturer's warranty expires. This type of insurance can be a great option if you want peace of mind knowing that your phone is protected against a wide range of potential issues.
Additionally, some insurance providers, such as Asurion, offer coverage against theft, accidental damage, defects, and loss. Their plans often include tech support and hands-on, in-person help at their stores, ensuring that you get assistance beyond just financial reimbursement.
What Isn't Covered:
While phone insurance can be a lifesaver in the event of theft, it's important to understand that not all types of theft may be covered. For example, some insurance plans may exclude coverage for accidental loss or misplacement of your phone. In other words, if you simply leave your phone somewhere and can't find it, your insurance company may not reimburse you. Similarly, some plans may not cover theft if it occurs due to an unattended or unsecured phone.
Furthermore, it's important to note that phone insurance typically does not cover pre-existing damage. For instance, if your phone already has a cracked screen before it is stolen, the insurance company may not cover the cost of a brand-new device. Instead, they may offer a depreciated value that accounts for the pre-existing condition.
Lastly, while renters' or homeowners' insurance may sometimes cover your phone in certain circumstances, it is not specifically designed for that purpose and may not provide comprehensive coverage. It's always a good idea to carefully review the terms and conditions of any insurance plan to understand the specific exclusions and limitations.
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Third-party insurance plans
Asurion Phone Insurance:
Asurion is a trusted name in the world of phone insurance, offering coverage for accidental damage, defects, loss, and theft. With over 20 years of experience, Asurion has earned a reputation for providing reliable service. Their plans are purchased through your carrier, ensuring seamless coverage. Asurion offers tech support via phone calls, chats, and in-person assistance at their uBreakiFix stores. Repairs and replacements are typically handled swiftly, ensuring you don't go days without your device.
Geek Squad Complete Protection:
Best Buy's Geek Squad offers enhanced protection for your phone. Their complete protection plan extends your manufacturer's warranty and includes coverage for loss and theft. This plan provides peace of mind, knowing that you're covered if your phone is lost or stolen. Geek Squad also covers accessories that came with your phone, including chargers and earbuds. They offer a one-time replacement for your original battery if it fails to hold a charge.
Progressive Phone Insurance:
Progressive offers affordable phone insurance plans starting at $8 per month for a two-year iPhone insurance plan. Their plans allow for unlimited claims and cover both new and refurbished devices. Progressive's electronic device insurance can also cover other devices, such as laptops and tablets. Additionally, they offer automatic cloud backups to ensure you don't lose photos, contacts, and other data in case your phone is stolen or damaged.
It's important to note that the specific benefits and coverage details may vary between carriers and plans. Always review the terms and conditions of your chosen plan to fully understand what is covered and what exclusions may apply.
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Retailer-provided insurance plans
Retailers and carriers often provide insurance plans that cover accidental damage, such as cracked screens or liquid damage. While some retailers do not include theft in their base plans, others do offer protection against theft and loss. For example, Asurion provides phone insurance that covers accidental damage, defects, and loss and theft.
Geek Squad Complete Protection, offered by Best Buy, also includes loss and theft coverage. This plan enhances the manufacturer's warranty and provides extended coverage when the warranty ends. It covers accessories that came in the original phone box, including chargers and earbuds.
Another option is AKKO, which offers protection for phones and other devices, such as laptops and tablets. AKKO plans have low deductibles, ranging from $29 to $99, and cover the entire cost of repairing or replacing devices.
It is important to note that retailer-provided insurance plans may vary, and some may not include theft coverage. Therefore, it is advisable to carefully review the specific details of your chosen retailer's insurance plan before purchasing.
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Carrier-provided insurance plans
Another option for carrier-provided insurance is Asurion, which offers phone insurance through various carriers such as iPhone, Samsung, and Google. Asurion covers accidental damage, defects, loss, and theft. They also provide tech support via call, chat, and in-person assistance at their uBreakiFix® stores.
Geek Squad Complete Protection from Best Buy is another carrier-provided insurance plan that includes loss and theft coverage in addition to enhancing your manufacturer's warranty and providing extended coverage after the warranty ends. This plan also covers accessories that came with the phone, such as chargers and earbuds. However, it is important to note that this plan is not available in the state of New York.
When considering carrier-provided insurance plans, it is important to carefully review the terms and conditions, as well as the service fees and claim limits associated with the plans. Additionally, the cost of the plan may vary based on the phone's brand, model, and age, as well as the coverage amount selected.
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Manufacturer-provided insurance plans
Some examples of manufacturer-provided insurance plans include:
Geek Squad Complete Protection by Best Buy: This plan enhances your manufacturer's warranty and provides extended coverage when the warranty ends. It covers loss and theft and includes accessories that came in the original phone box, such as chargers and earbuds.
Protection 360™ by T-Mobile: This plan includes both an Insurance Device Protection Plan and a Service Contract Device Protection Plan. The former covers accidental damage, loss, and theft, while the latter covers hardware service issues, JUMP!® upgrades, unlimited screen protector replacements, and tech support.
Asurion Phone Insurance: This insurance can be signed up for through your carrier and covers accidental damage, defects, loss, and theft. Asurion has over 700 stores and provides tech support via call, chat, and in-person.
Progressive also offers manufacturer-provided insurance plans that cover theft, with plans starting at \$8 per month for a two-year iPhone insurance plan.
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Frequently asked questions
Yes, there are phone insurance plans that cover theft. These include Progressive, Asurion, SmartBunny Insurance, T-Mobile's Protection 360, and Geek Squad Complete Protection.
Phone insurance covers theft, loss, and accidental damage such as cracked screens or liquid damage. Some plans also cover hardware and software issues.
The cost of phone insurance varies depending on the plan and the phone's brand, model, and age. For example, a two-year iPhone insurance plan through Progressive costs around $8 per month, while SmartBunny Insurance offers coverage for as little as the cost of a few cups of coffee.
The process for filing a claim varies depending on the insurance provider. Some companies allow you to file a claim online or through a mobile app, while others may require you to call or visit a store.
Some alternatives to phone insurance include warranty plans offered by the manufacturer, or adding your phone to your homeowners or renters insurance policy. However, these options may not cover theft.
