Most insurance providers offer insurance for cell phones and smartphones. So, is it worth getting insurance? Well, that’s a tough question to answer. It really depends on your situation and what you’re looking for in terms of coverage. There are some who think insurance is just an unnecessary expense while others feel it provides peace of mind if their phone or smartphone were to be damaged or stolen. There are insurance plans that do not break the bank, but there are also those that may cost a little more than you’re hoping to spend.
In order to determine whether it’s worth getting insurance for your smartphone, you need to seriously consider what types of cell phone insurance coverage is available and how much each option costs. Also keep in mind that some insurance providers may offer different rates for the same coverage, so it’s important to do your research and compare policies. Here are a few factors you should take into account when deciding whether or not insurance is right for you:
- The cost of insurance premiums
- The deductible amount
- The coverage amount
- How likely your phone is to be damaged or stolen
- Whether or not you have a warranty from the manufacturer
If you’re using a slightly older cell phone and maybe it’s not even a smartphone, then it might not be worth getting an insurance. However, if you’re phone is not only new but also a modern model by a popular maker, then insurance would be something useful to look into.
Did you ever break your phone?
Is insurance worth the price? It depends. If you want to be completely covered, then insurance should not cost much more than a few dollars extra per month. Phones are expensive and even if it’s just $15 extra for insurance, in some cases maybe even less, that might still save you hundreds of dollars in case something bad happens or is damaged on accident. Since insurance is usually a monthly expense, it’s important to make sure that the phone is worth insuring.
An insurance policy can be very helpful in case of theft or loss as well. If your phone goes missing and you have insurance, you’re likely to get a new one without any extra costs on your end. I dropped a day-old smartphone on the floor once and killed it completely without even thinking about insurance. That was a painful experience and just to share with you, getting a policy to cover things like that could be a nice thing for your peace of mind.
The only thing you really need to pay attention to is the likelihood of your cell phone being stolen or how likely it is going to break (in a way that’s not covered in a guarantee). Think hard about what your phone would cost if you bought a new one and compare it with the monthly price an insurance company would charge you for a policy. In some cases you might also want to look into a renters insurance protects against theft in case you’re not living in a house that you own yourself unless it’s covered in the smartphone insurance but this is something you need to check and compare.
A piece of peace of mind
The insurance might be worth it if you are very attached to your device and use it for business purposes or other important activities that can’t easily be replaced. Usually, though, insurance is something people purchase when they feel like they don’t have any other choice. For the most part, insurance on smartphones is just a waste of money. If you don’t have insurance and your phone breaks, you can either repair it or buy a new one. If your phone is stolen, you can purchase a new one as well. The only time insurance might be worth it is if you are paying for it monthly and your device costs more than $600 to replace. In that case, you’re better off with insurance. Otherwise, you can just save your money and be prepared to lose or damage your phone in the future.
In conclusion, insurance for smartphones is not always necessary. You should weigh the pros and cons of getting insurance and see if it’s worth it for you specifically. If you don’t have insurance and something happens to your phone, you can always buy a new one. From insurance’s point of view, it doesn’t really matter what your choice is as long as they get their money each month and that insurance policy will likely be profitable in the future when smartphone costs go up even more than they already have since smartphones were first invented.
Ultimately, it’s up to you whether or not insurance is worth getting for your smartphone. Just be sure to weigh all of your options and make an informed decision before signing up for a policy.
YouTube: Smartphone Insurance Really Important Or Waste of Money?
Photo credit: The feature image is symbolic and was done by Deagreez.