Sometimes you don’t realize how good something is until it’s gone. You might not think that you can’t live without your smartphone, but the second you leave it in the washing machine or crack your screen you’ll feel like you’ve lost a limb.
The smartphone insurance market is now worth a staggering $5 billion in the US alone and is growing every day.
This is in part due to the fact that smartphones are increasingly indispensable in our work and personal lives, but also because phones are much more expensive to replace than they were five years ago.
If you’re considering whether or not it’s time to get insurance, read on to find out if cell phone warranty plans are really worth the money.
Why Cell Phone Warranty Plans Matter
In a nutshell, device insurance exists to keep you covered in the event of an accident. Smartphone hardware is increasingly sophisticated, but also much more delicate.
A broken power button on your iPhone can cost on average $93 to fix, whilst screen repair will run you up at $277 a pop. Meanwhile, the latest iPhone X costs $1449, whilst a Samsung Galaxy s10 Plus will cost at least $1000.
If you damage your phone and have insurance, you can get them replaced immediately, sometimes even for free. When the potential costs of being uninsured are so high, the choice is obvious.
Remember that most people suffer severe damage to their smartphone devices at least once every 12-18 months, meaning that you’ll probably have to confront this at some point.
Should I Get One?
If you’re still wondering whether you need a smartphone warranty, there are a few things you can consider.
First of all, assess the value of your phone. If you have a recent model, as most Americans do, then the cost of replacing it without insurance will be very high. Likewise, the cost of even minor repairs could run into hundreds of dollars.
Second, if your phone is an indispensable part of your job, then insurance is a must. If you break your phone and can’t work without it, then the cost of not having insurance is even greater.
If these apply to you, then it’s time to find a smartphone warranty that works for you.
Cost Breakdown
If you’re asking yourself what does phone insurance cover, there are a few universal things which all plans tend to provide. Most plans range between $5 and $60 a month, depending on the provider, your device, and the plan that you choose.
If your phone is damaged beyond repair, you will most likely not get an automatic replacement for free. Rather, most warranties will charge a deductible. This is always much less than actually buying a new phone, typically ranging from between $50 and $150 as a one-off fee.
Smaller repairs will usually cost very little or nothing at all. Phone accessories such as headphones and cases will not typically be covered by a warranty, even if they came with the original device.
Learn More
Now that you know all about cell phone warranty plans, you can start learning about how to get the most out of all of your tech. Make sure to follow our technology section for all of the latest tips, news, and updates.
