If you are thinking about purchasing or recently have purchased a smartphone and are currently on Verizon’s network plan, you may be wondering if you should purchase their proprietary top tier cell phone insurance plan.
KEY TAKEAWAYS:
- Verizon mobile insurance plans are generally a good deal to those on the Verizon network.
- These plans offer a slightly lower deductible than found with many competitors, with these deductibles coming in at the $49 to $199 range.
- Verizon insurance plans typically offer coverage for loss, theft, damage, and malfunction.
Is Verizon Protect Phone Insurance Worth It?
This will depend on your specific needs, but Verizon’s Protect service is generally well-considered and is a good investment for many smartphone owners who use the carrier. Verizon insurance plans are typically underwritten and exclusively handled by industry giant Asurion.
Insider Tip
The deductibles with Verizon Protect plans range from $49 to $199 per year, meaning that once you pay that amount for repairs the plan will kick in and begin to offer benefits.
Should You Buy Coverage?
Before you buy into Verizon’s Protect program, including the company’s Total Mobile Protection service, it is important to understand what the company has to offer as far as coverage. This will help you make a solid financial decision.
Low Deductibles
On average, the yearly deductibles found with Verizon insurance plans are slightly lower than what other companies force consumers to pay before offering coverage. The deductibles with Verizon Protect plans range from $49 to $199 per year, meaning that once you pay that amount for repairs the plan will kick in and begin to offer benefits. This deductible will fluctuate on the previously mentioned range depending on how expensive your smartphone is. Be sure to consider the deductible before purchasing an insurance plan.
Insider Tip
Smartphones are extremely expensive pieces of equipment, typically more than $1,000, and a Verizon insurance plan will pay for a replacement phone in the event of a loss or theft.
Loss and Theft
One of the primary reasons a consumer would purchase a Verizon insurance plan, or any smartphone insurance plan, is due to fear of their phone being lost or stolen. Smartphones are extremely expensive pieces of equipment, typically more than $1,000, and a Verizon insurance plan will pay for a replacement phone in the event of a loss or theft. This benefit can remove a serious source of financial stress in the lives of most consumers. Be sure to read the fine print to be sure that your individual plan covers loss and theft. And if you own an iPhone, you may also wonder if SquareTrade is worth it, when looking for device protection and warranty services.
Device Malfunction
If a smartphone malfunctions a Verizon insurance plan can be a great resource to have, particularly if the manufacturer’s warranty has expired. Most Verizon Protect plans will offer coverage for device malfunction, particularly if the consumer is not at fault. This type of coverage is similar to what is offered via manufacturer’s warranties and extended warranties. Keep in mind that manufacturer’s warranties tend to not cover loss, theft, water damage, or cracked screens.
Smartphone Damage
Verizon mobile insurance plans typically cover many types of damage that typically happen to smartphones. This includes water damage, cracked screens, broken ports, and other types of accidental damage. The company will repair the damage or issue a replacement phone if the damage is too severe to be fixed.
Warning
Be sure to consider the deductible before purchasing an insurance plan.
F.A.Q.S
Is phone insurance worth it?
This depends on the consumer and their specific needs. It is worth noting, however, that consumers typically pay in more money than they are paid out, as these are for-profit insurance plans.
Are there alternatives to smartphone insurance?
Yes. You could purchase an extended warranty, which would cover device malfunction and certain damage types. Some renter’s and homeowner’s insurance plans will also offer coverage to a smartphone.
Should you get month-to-month phone insurance?
This will depend on the monthly price, the amount of coverage offered, and the number of exclusions to said coverage.
STAT: According to Verizon, nearly 60% or more of customers can get their device repaired on the same day. (source)
