Is it worth buying insurance for smartphones?

For some people it is their most important asset. It usually comes first before cars. It’s the smartphone. And it’s everywhere. In fact, 90% of millennials take it with them to the bathroom. That makes the smartphone the No. 1 lost item: throw it on the toilet seat.

There is insurance that protects your device from slips and falls and water loss. Some insurance may even compensate for theft. But do you need it? If you’re prone to accidents, how much does peace of mind cost?

Do you need phone insurance?

Whether or not you need phone insurance depends on how expensive the device is, your financial situation and your attitude toward risk. Ask yourself the following questions: If your smartphone is lost, damaged or stolen, can you afford to repair or replace it and pay for necessities like food or bills? For example, if you have an old phone that you can use until you can afford to replace it, you don’t have to worry about phone insurance.

Or try the following: Is it easy for me to lose or break things? Do you tend to put your phone in your coat pocket more often than in your zippered bag (if there is no judgment)? If you consider yourself a “high-risk” phone user, you probably need more phone insurance than others.

What does cell phone insurance cover?

Depending on your plan, cell phone insurance will usually cover accidents and theft, selected limits, or even the cost of replacing your phone. There are different coverage plans for each carrier, but here’s Progressive Phone and Electronic coverage from Worth AV’s cell phone insurance plan. Group cover, whether the phone is used, its manufacturer, model or new, used or refurbished:

• Fluid Damage.
• Theft and vandalism
• Dropping and accidental damage
• Cracked and cracked screen
• Fire, Flood, Natural Disaster
• Power surges accompanied by lightning strikes.

Worthy Avenue.Allow unlimited claims during your term, but deductibles will apply. Check the course of your phone and electronic device insurance at Worth Ave.

How does cell phone insurance work?

Cell phone insurance works much the same way as other types of insurance. You are insured with a cell phone carrier, insurance company or other company. The insurance company agrees to cover some or all of the insured’s damages in exchange for a monthly premium.

It’s important to note that each insurance policy may work differently, from claims to billing procedures. You should read the details carefully and determine exactly what you are insured for.

Warranty and other insurance

Cell phone warranty and cell phone insurance are two different forms of insurance coverage. When you buy a new phone, most companies offer a limited manufacturer’s warranty for the first 90 days. This covers malfunctions. No damage or loss is covered. It only covers limited malfunctions that may occur during the manufacturing process.

You can purchase an extended warranty at the time of purchase. This limited warranty must be purchased in advance. A limited amount of time is available for purchase.

One well-known warranty company is Square Trade, but it is not an insurance company. Loss, theft, and damage are not covered.

Insurance is current and valid as long as you pay a monthly premium or more for your phone. Some plans will cover damage, theft, and loss.

How much is the Insurance for my phone?

Smartphone insurance can cost anywhere from £3.50 to £14 per month, depending on your phone bill and level of coverage. For example, many providers charge extra for loss, theft and water damage. As with other types of insurance, if you qualify for coverage, you must pay the excess. This can cost anywhere from £50 to £125, so you should think about it. Most phone insurance policies require you to pay the excess up front before repairing or replacing your phone.

How Cell Phone Insurance Saves Money

Cell phone insurance can save you money by reducing the cost of getting out of your pocket when something happens to your phone. Depending on the model, it can cost more than $1,000 to replace it if it is lost or damaged. If you sign up for cell phone insurance, you will only get the amount that can be deducted.

Suppose you have a $1,000 phone and an insurance card with a $100 deductible.

You’re bathing the baby when the phone rings, and you’re the looper you’ve been trying to reach for days, and you have to catch it because there’s a leak you desperately need to fix, but you baby, the device accidentally slipped out of your soapy hands and into the water. bathtub, and now the joy of a baby with a new bath toy, shocking despair

So, if you apply to your insurance company, you can get a new phone for just $100. Pretty noble and thrifty. Even if your child loses a new toy, the company will probably ask you to send the old device.

In addition to replacing your phone completely, cell phone insurance may also cost you to repair or replace an individual part, such as the screen.

When should I sign up for phone insurance?

Most phone insurers provide coverage for devices purchased six months in advance. If you’re thinking about signing up for cell phone insurance, you’ll have much less time. You must be insured within 28 days of purchasing your phone. However, gadget covers can be used for up to 18 months.

It’s also worth keeping in mind that if you buy a used phone from an online auction site like Friends, family or Ebay, you’ll have a hard time getting insurance. Most insurance only covers new phones, so it would be better to cover your phone with home contents insurance or self-insurance (see below).