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What is Mobile Phone Insurance?

By Bethany Keene
Updated May 16, 2024
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Mobile phone insurance is a type of insurance policy that is purchased with a new mobile phone. In most cases, people purchase these insurance policies with expensive smartphones, though they may be available for any type of cell phone through the issuing company. Similar to other types of insurance policies, mobile phone insurance will typically carry restrictions such as a deductible, a certain amount of time over which the policy is active, restrictions on the types of claims that can be made, and limits on retail value replacement costs. When purchasing an expensive phone, some individuals find that adding insurance offers extra peace of mind.

Generally, mobile phone insurance may be purchased with a one time payment. These types of insurance policies typically do not feature regular premium payments since the cost to purchase one or two years of insurance, which is often the maximum amount of time available, is quite low. This is because few people choose to keep their cell phones for more than two years without upgrading, and it makes the most sense to simply include the cost of insurance in with the price of the phone or a new contract with a provider. All of the details of the insurance can then be discussed at the point of sale.

Some types of mobile phone insurance will have a low deductible that needs to be met before any money is paid out for repairs of the phone. This might apply in cases where the screen cracks, for example, which does not require the entire replacement of the phone. Limitations might also exist on the number of claims that can be made over the life of the policy. These claims may cover all types of accidents, such as dropping the phone or spilling liquid on it, that a manufacturer's warranty will not cover. The insurance can also cover the phone if it breaks after the warranty has expired.

If the phone cannot be repaired, the mobile phone insurance will cover its replacement. This might be an equivalent retail cost if the phone is no longer available, or simply a new or refurbished phone of the same model if it is still being manufactured. There might be a limit on the cost of the replacement phone as well, which is something else that will be covered in the policy information. When making an investment in a pricey electronic device such as a smartphone, mobile phone insurance can be a good choice to avoid losing money in case any accidents occur. At the same time, for someone who generally takes good care of electronics and rarely has a problem with dropping item, the added cost of the insurance may not be worth it.

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