1. Despite monthly premiums and deductibles, insurance can save owners money. The average retail price of a new smartphone is $590; even higher for a basic iPhone 7 ($649). More than 70 percent of phone claims are filed within the first year. This means that customers with phone insurance who file a claim at month 12 on an iPhone 7 can save $318 – $342 on a replacement phone after premiums and deductibles.
2. Most after-market “protection plans” are extended warranty plans which only cover accidental damage and malfunctions. Only a cell phone insurance and warranty bundle — available through most wireless carriers — covers loss, theft and damage. This is important because one in four phone claims last year were from loss or theft, according to the nation’s leading mobile insurance provider Asurion.
