What Smartphone Insurance Plan Is Best For You?

October 3, 2017

Cell phones have evolved into mini computers that can be dropped easier than ever!  Consumer Reports say about 15% of us get new phones because the old ones break, and around 2 percent of us because of a theft or loss. Considering most carriers require you to pay full price for your smartphone, you might want to insure that expensive investment.  But with who?  Apple, Samsung and most phone manufacturers offer insurance, all carrier offer insurance and even third parties offer to cover your phone. So which one is right for you? First, consider the warranty offered on your phone. Most are for one year and only cover manufacturer defects or issues, so if you drop it and it breaks, you're going to have to pay for that repair.  Then compare the price of the phone in comparison with the insurance. If replacing your phone is cheaper than the monthly cost of insurance then the coverage isn’t for you.  With all the said, there are the differences in insurance plans.  Compare plans from the manufacturer, your carrier, an insurance company and even the one offered from the retailer you bought the phone from (such as Best Buy). Each are going to have their pros and cons.  Overall, plans from the carriers are going to cost the most but they do offer the most coverage, including loss and theft, which are not covered by the manufacturer plans.  Apple requires full payment upfront for coverage while Samsung, the carriers and third parties offer monthly installments. Perhaps it's will come down to the deductible.  While they range from $20 to $100, you should also consider hoe many times you can use the plan.  Samsung allows you to make three accidental damage claims every year while Apple gives you up to two incidents of accidental damage over two years. So, make sure to do some investigating into the insurance plans offered before you make your purchase so that you aren't prone to make a rush decision at the time of purchase that could cost you a lot of money and aggravation.

SOURCE: Gizmodo

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