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February 24, 2023

Should You Buy Mobile Phone Insurance?

When you purchase a new mobile phone (or a mobile phone that’s new to you), you definitely want to make it last. That can mean protecting it with a sturdy case, being extra careful with it, or even purchasing a premium warranty, extended warranty, or phone insurance. Phone warranties come with all new mobile phones and some used mobile phones (if the warranty hasn’t expired yet) and protect against basic device defects and hardware malfunctions. Warranties usually last a year. But what if you want extra assurance that you won’t need to invest in a new mobile phone well before you’re ready? Phone insurance may be an option for you. Before you sign your name to the dotted line though, it’s best to understand the product fully.

What Is Phone Insurance?

mobile phone insurance is a plan that helps pay for repairs not covered by the warranty. If your phone gets lost or stolen, or you drop it and crack the screen, you may be reimbursed for the money you spend to fix the phone. 

Just like with car or health insurance, you pay a premium or monthly fee and a deductible, which is an out-of-pocket amount you spend on top of the premium. You must pay the deductible first before the insurance provider covers anything. 

mobile phone carriers usually offer mobile phone insurance plans. They’re often referred to as device protection plans and have varying options for coverage.




There are also insurance plans specific to the type of phone, such as AppleCare+ for iPhones and Google Preferred Care coverage for Pixel phones. And finally, there’s even SquareTrade, backed by the insurance giant Allstate, which offers mobile phone insurance.

What Are the Pros of Phone Insurance?

Phone insurance is a good investment if you end up having to use it. Replacing a screen or battery or fixing the camera can add up to some serious dough. If your insurance premium and deducible aren’t too high, you can save some of your hard-earned money with phone insurance. 

Another pro is that many phone insurance companies will help you find a reputable repair shop near you. This can be a big plus if you have no idea where to take a broken phone.

Also, phone insurance isn’t a set-in-stone commitment. You can keep it as long as you want and then cancel it. You will need to read the fine print in the contract, but you’re usually not locked into a very long-term commitment. 

What Are the Cons of Phone Insurance?

One of the biggest cons to phone insurance is that it’s only worth it if you file a claim. As with any other insurance, you’re paying for a “what if” that may never come to pass. Another con is that you may end up spending more on the premium and deductible than what the repair or replacement cost would have been. 

Also, you need to be sure to read the contract in full to ensure you’re getting what you think you’re paying for. For example, you may think that if your phone is stolen, you’ll receive the same style of phone you had. But depending on the insurance company, you may end up with the same make and model but in a different color or even a refurbished model.

And finally, be sure to check the cap for the number of claims you can make. Insurance carriers have been known to drop individuals for making too many claims in a given amount of time. 

Deciding if Phone Insurance is Right for You

The average American drops their phone at least four times a week. Only you know yourself well enough to know if you’re prone to phone accidents. But even the most careful person can end up with a stolen mobile phone or even an act of nature ruining their phone. When considering if you want to purchase phone insurance, it’s essential to read and understand the contract you’re entering and what coverage you’ll get for your money.

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