FAQ

Best Cell Phone Insurance Options for 2022 – Benzinga

do you want to go directly to the answer? The best cell phone insurance is provided by Akko.

The average cost of a new cell phone is nearly $400. If you have the latest wearable technology from the top names in the business, the price can approach $2,000. For a monthly fee, cell phone insurance can help protect your investment, but when is it worth it and which cell phone insurance is better?

Reading: What is the best cell phone insurance

quick look: cell phone insurance

  • best overall: akko
  • best for versatility: squaretrade
  • best for iphone and ipad users: applecare+
  • best for samsung users: samsung premium care
  • best for at&t customers: at&t device protection
  • the best cell phone insurance

    In some cases, you may need to purchase your coverage at the time of purchase. in other cases, you may be able to purchase coverage within 60 days of purchase. some plans are even more liberal. It’s best to know your options before you buy a cell phone so you can choose the best plan for you.

    1. best overall: akko

    akko offers top-tier coverage for your electronics, personal property, and cell phone at super affordable rates. Protect your electronic devices, photo/video equipment, audio equipment, gaming equipment, countertop appliances and more with one of Akko’s plans. You can even get protection for your non-motorized personal transportation items, like your bike or scooter.

    here’s how it works: akko offers 2 levels of plans, the protection plan (phone only) for $5 – $12 per month, as well as the akko plan, which provides comprehensive protection for 1 phone and up to 25 personal items for $15 per month. Once you’ve chosen your plan (if you’re not sure, don’t worry, you can upgrade or downgrade at any time), registration is quick and simple.

    From there, simply add all the relevant information about your personal items, upload some photos, and those items are now protected by akko. The repair and claims process is easy, often allowing you to get same-day repairs. akko will pay directly at the store or refund you via paypal or transfer.

    Your plan offers the following protections:

    • cracks in the screen
    • liquid spills/immersions
    • accidental damage and malfunction (think: dropped phone)
    • malfunction of mechanical or electrical components of the phone only
    • theft
    • vehicle theft by forced entry
    • akko is highly rated by both consumers and publications, so you can get coverage knowing you’re working with a trusted provider. Also, get discounts when you sign up for the family plan or the coverage package. akko also offers business plans.

      2. best for versatility: squaretrade

      Now part of Allstate, SquareTrade offers an affordable solution to cell phone protection. For just $8.99 per month, you can cover any phone from any carrier, and you don’t need to buy coverage when your phone is new.

      As with many plans, a deductible applies for covered claims, ranging from $25 to $149, depending on the type of damage. it is important to note that squaretrade does not cover loss or theft. coverage is limited to accidental damage, but includes water damage.

      if you usually keep your phone safe from sticky fingers but you have butter fingers yourself, squaretrade can be a great solution.

      3. best for iphone and ipad users: applecare+

      You can buy coverage for an iPhone in a number of ways, but many iPhone owners feel comfortable buying their coverage directly from AppleCare.

      There are two plans available, applecare+ and applecare+ with theft and loss.

      the basic plan only covers damage to the phone. screen damage, a common risk, has an affordable $29 deductible. expect higher deductibles for other types of damage, loss, or theft. however, coverage starts at $5.99 per month.

      See also: How do i get health insurance outside of open enrollment

      You may have the option to add coverage up to 60 days after you purchase your phone. applecare+ also comes with software support, making it a one-stop support store for all things apple.

      4. best for samsung users: samsung premium care

      alongside apple, samsung tends to top the charts when it comes to premium phones.

      Flagship phones are priced over $1,000 with some approaching $2,000, making protection a priority. Asurion is the coverage provider behind Samsung brand coverage and has been a proven provider to well-known retailers with an extensive support network.

      samsung premium care parallels applecare+ basic coverage with its focus on phone support and phone damage rather than lost or stolen phones, the latter of which is not covered by the plan.

      Instead, the plan works as an extended warranty that lasts as long as you keep the plan active, up to three years from purchase and also provides coverage for accidental damage, including drops, spills and cracks mechanical breakdown coverage is unlimited. accidental damage claims are limited to three per year.

      Prices range from $11.99 to $19.99 per device per month.

      at&t device protection plans offer basic coverage or a tiered plan that scales with additional benefits like tech support, cloud storage, and ID protection.

      The basic plan is offered at $8.99 per month (per device). The plan may cover phones or tablets against loss, theft, damage, and out-of-warranty malfunctions. screen repair is offered at a reduced price of $49 for eligible devices.

      While deductibles may apply depending on device and claim type, AT&T reduces deductibles by up to 50% if you are claim-free for six consecutive months or more.

      Deductibles are assigned based on your device tier and can range from $25 to $299. check to see how much your deductible is before choosing coverage.

      features to look for in a cell phone insurance policy

      affordability is key because you’re insuring an asset that depreciates quickly. Look for an affordable monthly cost and a deductible that makes sense for the value you’re insuring.

      • Affordable premiums: Some cell phone insurance plans can cost almost $15 or even more. that’s per month for a single phone. take the time to calculate the cost over the course of a two-year contract before committing.
      • reasonable deductible: For lost or stolen phones, some plans charge a deductible of almost $300. consider the deductible and cost of insurance when comparing plans.
      • types of risks covered: most plans have extensive coverage, but a separate deductible may apply depending on the type of damage.
      • Convenient Claim Coverage: Find details on how you can file a claim. some plans require you to return to an authorized dealer and may even require payment at the time you make your claim. ideally, you will be able to file a claim online.
      • what is cell phone insurance?

        Cell phone insurance is designed to cover accidental damage or loss due to theft, so it’s similar to comprehensive coverage in an auto insurance policy.

        Some protection plans, such as Samsung’s Premium Care, also provide coverage for mechanical or electronic problems, acting as an extended warranty. yes, you can choose specific insurance for certain phone operators, but you can also choose the insurance policy that allows you more flexibility. This would be helpful if, for example, you file a phone claim, change phones or carriers, and need to continue your coverage.

        what mobile insurance usually covers

        For most electronic products, the manufacturer’s warranty provides protection against defects in workmanship or materials, but does not provide protection for the most common phone risks and is limited to weather.

        See also: How Much Homeowners Insurance Do I Need? – ValuePenguin

        mobile phone insurance covers what the warranty does not cover. Details vary by plan, but generally, a cell phone insurance plan covers drops, spills or water damage, lost phones, and theft.

        If you have a covered claim, your insurer or protection plan will provide you with a replacement phone to replace a damaged or lost phone. the replacement phone may or may not be new, and may not even be the exact model of the damaged phone in some cases, but you can expect a comparable replacement.

        In damage claims, you will be required to return the damaged phone to the insurer.

        how much does cell phone insurance cost?

        Like other types of insurance, cell phone insurance often has a deductible. The deductible is the portion of the claim you pay, and it can be significant, so it pays to read the fine print carefully before choosing insurance for your phone.

        Cell phone leasing is big, and even if you buy your phone outright, advances in features may tempt you to replace your phone every year or 2. Whether you’re leasing or stuck in a rapid replacement cycle, you can perpetually damage or lose a phone you’re still paying for.

        You can expect to pay an extra $7 to $10 per month for cheaper coverage options. Over the course of a year, you may pay more than $100 for cell phone insurance, even with the cheapest coverage. over the length of a two-year contract, insurance costs can be around $200 or more.

        when is cell phone insurance worth it

        There are cases where it can be a worthwhile investment. the latest phones can exceed $1,000, making them attractive to thieves and expensive to replace if lost, stolen, or damaged. expect to pay a deductible with many plans.

        if your phone was new and expensive. This means you won’t get a replacement phone for free, but for a premium phone, cell phone insurance can still be a good value. If your phone is lost or stolen, you may pay $200 or more for a replacement, but even combined with monthly premiums, it’s still much less than the cost of buying a new phone.

        if you have a tendency to lose or break your phone. let’s face it: some people are more prone to losing or breaking their phones. This can be due to an active lifestyle, not wearing a cell phone case, or being forgetful. Whatever the case, if you damage or lose your phone more than once a year, cell phone insurance may be worth it.

        if there is no room in the budget for a $1000 surprise. If you don’t have a comfortable amount of liquid savings and rely on your phones, you may want to consider getting insurance, especially since spending more than $300 out of the blue can devastate you.

        if you expect the value of your phone to severely depreciate. you can expect to lose up to 60% of the phone’s value in less than a year for some models. If the cell phone you paid $700 for when it was new is worth less than $300 after a year, it may not make sense to pay more than $100 a year for coverage. you can put down the money you would pay for insurance, and if you have a mishap, you can buy the same used or refurbished model.

        if your new phone wasn’t expensive. For lower cost phones, like many Android phones that cost less than $200 new, it’s not worth buying $100 a year insurance. for the protection to be of any value, the loss would likely have to occur shortly after purchase.

        choosing the best cell phone insurance

        In some cases, coverage sold by major brands and carriers is called Asurion-provided or Assurant-branded coverage, but you’ll often find customized solutions for each. If you need comprehensive coverage, including protection against loss or theft, choose carefully because many plans do not provide this coverage. Also, pay close attention to deductible amounts. Most cell phones depreciate quickly, and the deductible can rival the cost of buying a used replacement.

        Cell phone insurance is best suited for high-end phones that may take a long time to pay off, are leased, or may still have considerable value after a year of service.

        Check out benzinga’s guides to the best cheap cell phone plans.

        See also: How much does 16 year old car insurance cost

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