![]() ![]() “Using a credit card that provides this protection for free is vastly superior,” says Clark. You can check out our full list of credit cards that offer cell phone protection to see the best current offers. Fortunately, there’s no shortage of options to choose from!įor example, American Express has 11 different credit cards that offer up to $800 in coverage with a $50 deductible. Free Cell Phone Insurance From a Credit CardĬlark recommends using a credit card that provides free cell phone insurance if you pay your monthly cell phone bill with that credit card. Here are five alternatives to cell phone insurance that you should consider when buying a new phone: 1. Instead, he recommends taking a different approach to protecting your cell phone and your wallet. If you do opt for cell phone insurance, it’s important that you know what you’re paying for.įor example, many cell phone insurance companies promise phone replacement in several scenarios, but you will often get a refurbished replacement phone- not necessarily a new one! Alternatives to Cell Phone InsuranceĪs you can see, there are several reasons why Clark recommends avoiding cell phone insurance completely. You can visit each company’s website to learn more about what’s covered, what’s not covered and how much it would cost to insure your phone. Additionally, the cost of a screen replacement, standard deductible and phone eligibility, in general, will depend on what model cell phone you own and when/where you purchased your device. ![]() It’s important to know that these plans do not include an unlimited number of claims. *These prices reflect Verizon Mobile Protect’s updated plan valid beginning April 27, 2023.ĪT&T and Verizon rely on a company called Asurion for their smartphone insurance businesses while T-Mobile uses Assurant. Here’s how much you can expect to pay for cell phone insurance, how much it costs to repair a cracked screen and the standard deductible due when you file a claim: There are a couple of different ways that you can insure your phone: You can purchase insurance through your wireless carrier (AT&T, T-Mobile or Verizon) as an add-on fee to your monthly bill or through a third-party subscription service (AppleCare+, Samsung Care+, SquareTrade, etc.) To better understand how cell phone insurance works and how much it costs, I took a closer look at a few popular cell phone insurance plans. I’ll share Team Clark’s top recommendations for cell phone insurance alternatives later in this article. While these charges will only be due if you file a claim, you’ll still be paying the monthly cost of your cell phone insurance regardless.įortunately, there are a few alternatives that can help you protect your phone without paying for a cell phone insurance plan that may not even meet your needs or pay off. Screen repair costs up to $49 with cell phone insurance, and a standard deductible ranges up to $499. Don’t do it.”Įven if you’ve paid to insure your phone, you’ll likely still owe a deductible for fixing a cracked screen or replacing the device if it’s lost or stolen. “It is a horrifically terrible idea to buy cell phone insurance from T-Mobile, Verizon, AT&T or any other cell phone company,” warns Clark. While it may sound like a great deal to insure your brand-new phone, Clark warns against wasting your money. Some plans also cover loss and theft, though these insurance plans are often slightly more expensive. Plans often cover accidental damage, water damage, broken/cracked screens, mechanical failures and more. It’s marketed as a money-saver when you drop, damage or lose your phone. How Cell Phone Insurance WorksĬell phone insurance promises to repair or replace your device when needed. In this article, I’ll take a close look at how cell phone insurance works, how much you can expect to pay for cell phone insurance and why money expert Clark Howard recommends avoiding it altogether. Insurance is absolutely necessary on many major purchases, but what about your phone? While cell phone insurance may bring down the cost of a cracked screen at the register, you may end up overpaying in the long run. ![]()
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