Smartphone Insurance for Your Android

By Steve McFarlane

The average price of a smartphone these days is well over $350, with many costing north of $500.  This means that a smartphone purchase is a significant expenditure for quite a few consumers. One way to lower the cost of replacing a lost, stolen or damaged phone is to take out mobile phone insurance.

Cell phone insurance coverage is also referred to as extended cell phone warranties; examples of these plans are offered by Verizon, AT&T and T mobile. The plans usually provide some form of compensation if the phone is damaged or destroyed because of a drop, spill, mechanical malfunction or electrical failure. There are also third party insurers who will compensate you if your phone is destroyed or stolen. The premiums for smartphone insurance can be pretty high though, with some even calling the high prices criminal.

The Cost of Cell Phone Insurance

Nonetheless, it isn’t difficult to see why the premiums are so high. From leaving the phone in a taxi, to dropping and cracking the phone’s delicate display, there are many ways to easily write-off a phone without being careless. Add to that the fact that cell phones are easy to steal, and are relatively fragile and you can understand why cell phone insurance providers such as SquareTrade would charge $99 to insure a high-end smartphone.

Cheaper Options

In any case, it is possible to find coverage that starts at $4 per month. If you are interested in getting insurance for your newly purchase smartphone, you will usually have between 15 and 30 days, after you purchase the phone, to signup for a plan. Also, it may be possible to get mobile phone insurance from your service provider and have the extra cost charged to your monthly bill. If you don’t want to sign a plan from your mobile service provider, you can checkout offerings from SquareTrade and Asurion.

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