Jeffrey Wade
Credit card cellphone protection is becoming an increasingly common benefit, with many cards now offering free cell phone insurance. This insurance typically covers theft and damage, including cracked screens, but does not cover lost phones or cosmetic damage. To qualify for this insurance, cardholders must pay their monthly phone bill with the eligible credit card. Some of the credit cards that offer this benefit include the Amex Platinum card, the Capital One Venture X Rewards Credit Card, the Ink Business Preferred Credit Card, and the Chase Freedom Flex.
| Characteristics | Values |
|---|---|
| Credit card companies offering phone insurance | American Express, Capital One, Chase, TD Bank, U.S. Bank, Wells Fargo, World and World Elite Mastercards |
| How to activate coverage | Pay your monthly phone bill with an eligible credit card |
| Coverage limitations | Coverage is usually limited to two claims per year, with a maximum of $800 per claim and an annual limit of $1,600 |
| Deductible | A small deductible is usually required for each claim, typically ranging from $25 to $100 |
| Coverage type | Most credit card phone insurance is secondary coverage, meaning it applies only after other insurance coverage |
| What's covered | Accidental damage, theft; lost phones, cosmetic damage, electronic issues, cell phone accessories, mechanical, software or battery failure are usually not covered |
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What You'll Learn
Credit cards with the best phone insurance coverage
Credit card cell phone protection is becoming an increasingly popular benefit. This insurance is free and covers theft and damage to your phone. However, it is important to note that most credit card companies will not cover lost phones or cosmetic damage. Additionally, credit card insurance is usually secondary to any other insurance you might have, meaning you would have to claim this insurance before claiming your credit card benefits.
- Ink Business Preferred Credit Card: This card is ideal for business owners who want to earn elevated rewards on common business expenses, take advantage of a large welcome bonus, and get a suite of protections. The cell phone protection covers up to $1,000 per claim against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay with your card. There is a maximum of three claims per 12-month period and a $100 deductible per claim.
- Amex Platinum Card: This card is one of the best travel cards on the market, offering benefits like access to airport lounge networks, rental car benefits, and hotel elite status. With the Amex Platinum card, you'll receive up to $1,600 in cell phone protection against theft and damage per 12-month period, including cosmetic damage like cracks to your phone screen. Coverage is limited to up to two claims per year, with a total of $800 per claim.
- Wells Fargo Autograph Card: While not as widely mentioned as the others, this card is noted by CNBC as the best for a low deductible.
- Capital One Venture X Rewards Credit Card: This card is highlighted by CNBC as the best for a high coverage limit.
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How to claim phone insurance from a credit card company
Credit card phone insurance is often secondary or supplemental insurance, meaning it is available after other coverage options have been applied. To claim phone insurance from a credit card company, you will need to follow the steps outlined below:
First, it is important to understand the coverage provided by your credit card company. Different credit card issuers offer varying levels of protection, so review the terms and conditions of your specific card. Some cards provide coverage for theft and accidental damage, while others may also include cosmetic damage, such as cracked screens. There may also be limits on the number of claims you can make and the maximum payout amount.
Next, determine if your credit card company is the one processing your claim. In many cases, a third-party vendor will handle the claims process. For example, claims for American Express cards are typically processed through the New Hampshire Insurance Company.
To initiate the claims process, you will need to visit your credit card's customer portal or call their customer service line. You will likely be required to submit documentation, such as a bill for repairs or a police report in the case of theft. Be sure to submit your claim within the specified time frame, which can range from 60 to 120 days from the incident.
After submitting your claim, the insurance company will review it and determine its approval. If your claim is approved, they will contact you to arrange reimbursement, which can be through direct deposit or cheque. The reimbursement amount will depend on your deductible and the terms of your coverage, and you can expect to receive the funds within 10 business days of approval.
It is worth noting that credit card phone insurance usually covers instances of damage or theft. Simply losing your phone may not be covered, and you may be required to provide an estimate for repairs or send in the damaged device. Additionally, most credit card companies require you to pay your monthly phone bill with the card offering the benefit for the coverage to apply.
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Credit cards that offer primary phone insurance coverage
The Ink Business Preferred® Credit Card is ideal for business owners who want to earn elevated rewards on common business expenses, take advantage of a large welcome bonus, and get a suite of protections. It offers up to $1,000 per claim for damage or theft when the bill is paid with the card, a $100 deductible per claim, and a limit of three claims and $3,000 in reimbursement per 12 months.
The Amex Platinum Card is another excellent option, offering up to $1,600 in cell phone protection against theft and damage per 12-month period, including cosmetic damage like cracks to your phone screen. Coverage is limited to up to two claims per year, with a total of $800 per claim.
The Wells Fargo Autograph® Card is also a good choice, providing up to $600 in secondary coverage if a phone is damaged or stolen when the card is used to pay the monthly bill, with a $25 deductible and a limit of two claims per 12 months.
Other credit cards that offer phone insurance include the Capital One Venture X Rewards Credit Card, which has a high coverage limit, and the Chase Freedom Flex® card, which offers up to $800 per claim and $1,000 per year for damage or theft.
It's important to note that most credit card companies will not process your claim directly but will instead use a third-party vendor. Additionally, coverage is typically limited to phones listed on the monthly bill paid with the card offering the benefit.
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Credit cards that offer secondary phone insurance coverage
Credit card cellphone protection is a type of insurance that covers the cost of repairing or replacing a phone if it is damaged or stolen. This insurance is often secondary or supplemental, meaning it is available after other coverage options have been applied. The specific coverage offered by credit card cellphone protection plans varies, but generally, they do not cover lost phones or cosmetic damage. Some plans may also have limits on the number of claims that can be made and the maximum payout. Additionally, some plans may require the payment of a deductible.
- Wells Fargo Autograph Card: This card offers up to $600 in coverage per claim, with a limit of two claims every 12 months and a $25 deductible. It also has no annual fee and offers bonus rewards across various categories, including select phone plans.
- Capital One Venture X: This card offers cellphone protection as one of its many benefits, including a 75,000-mile early spend bonus and a $300 annual credit for bookings through Capital One Travel.
- Ink Business Preferred Credit Card: This card is ideal for business owners, offering elevated rewards on common business expenses, a large welcome bonus, and a suite of protections, including cell phone protection. The cell phone protection covers up to $1,000 per claim against covered theft or damage for the cardholder and their employees listed on the monthly cell phone bill when paid with the card. There is a maximum of three claims per 12-month period and a $100 deductible per claim.
- The Platinum Card from American Express: This card offers cellphone insurance and covers up to $800 per claim, with a maximum of two claims per 12-month period.
- Choice Privileges Mastercard: This card offers up to $800 in secondary coverage for damage or theft of a phone when the monthly bill is paid with the card. It has a $25 deductible and a limit of two claims per 12 months. Cardholders also earn rewards on stays at participating Choice Privileges hotels and on qualifying everyday purchases, including phone plans.
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Phone insurance coverage limits and deductibles
Credit card phone insurance typically covers theft and accidental damage that causes your phone to be less functional. However, it usually does not cover lost phones, cosmetic damage, electronic issues, cell phone accessories, mechanical, software, or battery failure, and prepaid phones. It's important to note that credit card phone insurance is often considered secondary coverage, meaning that if you have other insurance, such as a monthly protection plan from your phone carrier or coverage under your homeowner's or renter's insurance, you would need to make a claim with them first before using your credit card's coverage for any remaining costs.
When it comes to coverage limits and deductibles, most credit card phone insurance policies have a deductible, which is the amount you must pay out-of-pocket before the insurance coverage kicks in. This deductible typically ranges from $25 to $100 and is usually deducted from the insurance payout. For example, if you have a $50 deductible and your phone is covered for up to $800 per claim, and your phone repair costs $600, your coverage would pay you $550, as the first $50 is your responsibility.
The coverage limits vary depending on the credit card issuer. For example, the Ink Business Preferred Credit Card offers up to $1,000 per claim for damage or theft when the bill is paid with the card, with a $100 deductible per claim and a limit of three claims and $3,000 in reimbursement per 12 months. On the other hand, the Amex Platinum Card provides up to $1,600 in cell phone protection against theft and damage per 12-month period, including cosmetic damage, with a limit of two claims per year and up to $800 per claim.
It's important to carefully review the terms and conditions of your credit card's phone insurance coverage to understand the specific limits and deductibles that apply. These can vary significantly between different credit card issuers, and it's essential to know what is and isn't covered before you need to make a claim.
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Frequently asked questions
Some credit cards that offer phone insurance include the Ink Business Preferred® Credit Card, the Chase Freedom Flex℠, the TD Double Up℠ Credit Card, the U.S. Bank Visa® Platinum Card, the Wells Fargo Active Cash® Card, the Bilt Mastercard®, the Capital One Venture X Rewards Credit Card, the Capital One Venture X Business, and the Amex Platinum card.
You can activate your phone insurance coverage by paying your monthly phone bill with an eligible credit card.
Phone insurance typically covers theft and damage, including cracked screens. However, it usually does not cover lost phones or cosmetic damage.
