We have insurance for most of life's potential mishaps. Baseball through the window? Homeowners' insurance. Fender bender? Car insurance. Broken limb? Health insurance. But not many of us fork out the cash for cell phone insurance. When you think about how much we rely on these little pocket computers and then consider that one in five people will lose, break or have their phone stolen this year, that might be a big mistake.
So, should you get cell phone insurance? There is a good chance the answer is "yes". Just like with any insurance, you need to evaluate your unique circumstances, your ability to pay out of pocket if you and your phone run into trouble, and the kind of insurance options available.
Xfinity Mobile customers can choose the Xfinity Mobile Protection Plan to protect their devices.
What are your phone’s risk factors?
If you put your cell phone through tough times - you work outdoors, use your phone during outdoor sports or exercise, have children under ten years old, or are generally accident prone - insurance is probably a good bet (along with a tough phone case). However, if you've never broken a phone before and rarely put yours at risk - you work from home, only use your cell phone for emergencies, or always keep your phone securely in your purse or pocket - then you might be okay to pass on extra protection. Just keep in mind that if something does happen, you'll need to be able to cover the cost.
Can you pay out of pocket?
If you use an inexpensive phone, it may not be worth insuring it. However, most cell phones are expensive. Even if you don't splurge on a high-end iPhone or Samsung model, they can still cost upwards of $400. They're also relatively fragile; those glass screens are sleek and shiny until they get a giant crack through the middle of them. According to Consumer Reports, a broken screen is the most common phone repair, and can set you back $100 or more. In fact, some models can set you back much more (it's $277 to replace the screen on a Samsung S8+). Other costly repairs include over $90 to repair a broken power button, and nearly $85 if the front camera stops working. Also, it costs somewhere between $800 and $1,200 to buy an entirely new phone should your Samsung or iPhone be lost or stolen.
What does insurance cover?
Cell phone insurance can be confusing. The multiple tiers of coverage, changing deductibles, and unclear terms offered by some cell phone providers and third-party insurance carriers can leave you thinking that you have more coverage than you actually do.
Look for a plan that is simple, affordable, and provides adequate coverage. For example, with the Xfinity Mobile Protection Plan, you have one simple coverage option depending on your device. The fees/deductibles for each claim are clear and easy to understand, so there are no nasty surprises when you go to make a claim. Plus, it covers not only accidental damage but also loss or theft, which is not the case with some manufacturers’ protection programs. Another added benefit of Xfinity’s plan is that it comes with tech support, which can even help you find your device when it’s lost or stolen.
Insurance always feels like a drain, until the day you need it. Then, it’s nothing short of miraculous. Think about how you would cope should you lose or break your phone, and then decide if insurance is the right choice for you. Be sure to choose a plan that will put a phone back in your pocket, without emptying your pockets first.