Tech Talk

Is Cell Phone Insurance Worth It?

June 2017
Posted

Not long ago we only used cell phones to make calls or send cryptic, short-hand text messages. Now, we rely on our phones for storing our contacts and calendar appointments, watching videos, checking email, managing our connected devices and, of course, keeping up on social media.

So when your phone becomes lost, stolen, or damaged, it can send the most unflappable of us into a panic. Which is why, most industry experts agree, it is worth considering cell phone insurance.

For those who may still be on the fence about cell phone insurance, consider this:

1. Despite monthly premiums and deductibles, insurance can save owners money. The average retail price of a new smartphone is $590. More than 70 percent of phone claims are filed within the first year.

2. Most after-market “protection plans” are extended warranty plans which only cover accidental damage and malfunctions. Only a cell phone insurance and warranty bundle — available through most wireless carriers — covers loss, theft and damage.

3. Most cell phone insurance programs through wireless carriers include cracked screen repair for smartphones with a lower deductible than what you would pay for a replacement device, and often lower than a consumer would pay to take it to a repair shop.

4. Shoppers now pay the full cost of their phones either up front or in monthly installments. Those who have a loss or theft before they’ve paid off the installments will still have to make the remaining payments. What’s more, without insurance you could be left with both the remaining installments and the payments for a new phone.

5. For the customer that can’t imagine being without their beloved cell phone, many carrier cell phone insurance programs provide a replacement device the next day.

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