Yesterday, two days ago (you know, every past day is yesterday when you’re taciturn), I asked a friend who purchased an iPhone if she also got phone insurance.
Trust me; you wouldn’t want to miss that expression of ‘what the heck is that’ that I got.
Indeed most of us are like that. We see cell phone insurance options as a waste of scarce resources. I concur that, in some sense, this may be true; other times, it is false.
I’ve lost my cell phone several times and just had to replace it. Where in the streets of Baltimore could I have gone looking?
Now imagine how easy it would have been to recover that lost phone if I had cell phone insurance.
They’ll gladly get me a new phone with no extra charge coming from my pocket.
My fellow optimists will be hopeful this ugly incident never happens. See a shocking stat.
According to Channelpronetwork, 70 million smartphones are lost yearly, with only 7% recovered. CBN gave a more clear perspective that 113 smartphones are lost every minute.
If you don’t want to be included in this stat, you need a cell phone insurance cover from the best minds out there. We’ve got you covered.
In the meanwhile, catch a glimpse of what you’ll learn.
Table of contents
Why Do I need cell phone insurance?
So, a new cell phone costs an average of $400, and the expensive ones are up to $2000.
Isn’t it ironic how one can buy a used car below $2000 and insure it while a cellphone with an equivalent value is left to the dogs?
That’s a state of neglect, and the cell phone association will soon revolt.
Meanwhile, it would help to have cell phone insurance when your phone is new and expensive.
Secondly, you’ll find cell phone insurance worthwhile if you tend to lose or break your phone. Let’s face reality, some people are more prone to losing or breaking their phones than others, and insurance is needed.
Lastly, when you’re on a budget. If there is no room for a surprise in your finances, and you depend on your phone, consider getting cell phone insurance.
Can Cell Phone Insurance Not be Worth the Effort?
Nothing under the sun has all positives and no negatives. Likewise, getting cell phone insurance.
Sometimes, cell phone insurance ends up being a waste of resources. And that is if you expect the value of your phone to depreciate rapidly. There is no need to waste resources on a gadget that will depreciate soon. The insurance claim will be lower than the premium paid if any mishap occurs.
Next up is when your phone wasn’t an expensive one. Insuring a phone that costs less than $200 for a $100 premium per year will make no sense.
How do I identify the best cell phone insurance companies if I am convinced to try this? Just read below.
Features of the Best Cell Phone Insurance Policies
When you see these features in a cell phone insurance plan, be assured that they are among the best in business.
Affordable Premium: Affordability is vital when insuring a gadget that is depreciable. Take out time to calculate the cost over a two-year contract before starting. In addition, go for an affordable policy.
Risks Covered: What differentiates insurance companies and their policies is the risks they cover. Pick plans that have broad coverage.
Deductibles: Consider the deductible costs and cost of insurance while comparing plans.
Claim: Research how the claims are made. Choose a plan that exudes convenience and simplicity.
How Much is a Cell Phone Insurance?
Cell phone insurance plans, even the best, have a deductible, and it is part of the claim you pay. Therefore, read the T&Cs correctly.
The payment is up to $100 annually for the cheapest coverages and more for the expensive ones.
What Exactly Does a Cell Phone Insurance Cover?
Cell phone insurance typically covers accidental damages like drops, spills, water damage, loss, and theft. This is similar to car insurance.
Don’t mistake this for a warranty, which covers time-bound defects.
If any of the aforementioned happens, your insurer will provide a replacement. This may or may not be a new phone, and the models may differ, but they will be comparable.
If the phone got damaged, you’d send the damaged phone back to the insurer.
10 Best Cell Phone Insurance Plans in 2023
These are the best mobile phone insurance plans you can use in 2023. Check them out below.
1. Verizon Total Mobile Protection
Verizon allows you to insure multiple devices up to 10 at a time.
The premium is $12 per month to cover a smartphone or wristwatch, and it requires a deductible.
You’ll be covered for lost or stolen phones, water damage, defects found past your warranty, and cracked-screen repair when parts are available.
Verizon offers next-day delivery when possible, so you will not be without a phone for long.
2. SquareTrend
The premium for this cell phone insurance plan is $8.99 per month. A deductible applies only to coverages between $25 and $149.
Note that squareTrend doesn’t cover loss or theft. It is limited to accidental and water damage.
It is the best option for cheap cellphone insurance; your phone can be repaired wherever you are. They have offered protection for over 85 years with excellent customer service and straightforward claims.
3. StayMobile Protect Plan
Staymobile is the best insurance plan for coverage. Perhaps there are issues, but they are addressed quickly, and the site has 247 claim support.
Even a defective pixel, overheating, or this plan covers a broken headphone jack.
4. AppleCare+
This is the best insurance plug for iPhone and Apple product users.
New iPhones come with one year warranty and 3 months of tech support, but you can extend this warranty to two years when you purchase Apple Care. Although the cost is more than $100 plus the deductible, it’s worth it if you’re accident-prone.
5. AT&T
Best package for families. Offers excellent protection at an affordable price.
The basic plan is $9 monthly, covering theft, loss, damage, and other malfunctions. Extra benefits include tech help, cloud storage, and ID protection.
Again, AT&T reduces deductibles by up to 50% of your claims-free for six consecutive months or longer.
Samsung users shouldn’t miss out on this. It is the best plan. A licensed technician serviced all the phone parts with original Samsung parts.
Asurion is the mobile phone insurance service Samsung provides. They have basic coverage that emphasizes phone support and damage. It covers accidental damage, drops, spills, and cracks.
An extended warranty lasts as long as you keep the plan active, up to three years from purchase. Accidental damage claims are capped at three per year, while Mechanical breakdown coverage is unlimited.
Price ranges from $11.99 to $19.99 per device per month.
7. Sprint
Sprint is the best in repairs. Their service is quick.
Sprint has heavy discounts for repairs. For example, you can replace your cracked screen for as low as $30. this can be done on the same day.
If you have a case of a stolen or lost item, you can get a replacement the next day. A replaced phone will be covered for 12 months under a limited warranty.
A con of Sprint is that deductibles can be pretty high asides for minor damages. It can range from $50 to $300.
8. Geek Squad
If you want long-term coverage from a mobile phone insurance plan, Geek Squad is a plug that can protect your phone for up to 5 years.
Geek Squad is offered through Best Buy and other stores, provided they’ve been purchased within the past 30 days.
This service is known for its convenient in-home service and lack of deductible and cancellation fees. However, loss and theft are not covered.
The price is $7.99 per month, and a phone can be serviced 3 times in 24 hours or replaced twice in a 12-month or thrice in 24 months.
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9. T-Mobile Protection
T-Mobile has two mobile phone insurance plans.
The basic Device Protection plan costs between $6 and $14 monthly. For a mechanical fault, T-Mobile covers all expenses with no deductible. Accidental damage, or the loss or theft of the phone, has a deductible fee with a maximum device replacement value of $1,200.
Second is the Protection 360, which costs between $7 and $15 monthly. It has the McAfee Security app and service that includes theft protection. Finally, it offers unlimited screen protector installations for your phone.
10. Protect your bubble.com
Pricing starts at $5.99 monthly; coverage can last up to 2 years.
Apply caution when using this company because they claim a $50 deductible for iPhones but $150 for Samsung smartphones.
Losses and theft are not covered in this mobile phone insurance plan.
Conclusion
Mobile phone insurance plans are necessary if you reside and interact in a damage/theft-prone environment. If you are not ready for some impulse spending on replacement, get insurance cover from the best cell phone insurance companies.
The Wealth Circle cares!
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