Choosing the best smartphone insurance plan, warranty program or best cell phone insurance plan can leave your head spinning. But now that smartphones retail for over $600, you don’t want to be caught without a plan in the middle of a contract if you break or lose your iPhone or Android handset. So after 30+ hours of research, the best of the best is AKKO. It’s comprehensive, covers your laptop and camera gear (and more), and replaces your device with a brand new one.

With that in mind, most mobile phones come with at least a limited warranty – but these plans often don’t cover drops or loss, much like a 3rd party phone insurance can.  Moreover, you may not have the option to purchase an additional protection program after a certain amount of time expires. An insurance plan essentially enhances or extends your phone’s warranty, and could also protect you in the case that it is stolen or you misplace it. You can also read about the best cell phone plans to find out which is best for you.

Some important things to consider:

• Are loss and theft covered with aftermarket insurance plans?
• How much is the plan’s deductible?
• What is the plan’s cancellation policy?
• Is water damage covered – and does that include both spills and immersion?
• Will you be charged a monthly payment or one-time fee?
• Will your replacement phone be the same model as your current phone?
• Are you guaranteed to get a replacement by a certain time?
• Are you limited in the number of replacements allowed?

Many smartphone protection plans are available through Asurion, a third-party insurance company that offers coverage on various phones through each specific participating cell phone carrier:  Verizon, AT&T, Sprint, T-Mobile, Boost Mobile, Clear, Clear Wire, Metro PCS, nTelos, Time Warner Cable and Virgin Mobile. (You cannot buy an Asurion program on its own without a provider.) Though they all use Asurion, each cell carrier has a different name for their protection plan, so it’s not possible to distill Asurion’s features into a single list. Additionally, some carriers also combine Asurion’s protection plans with their own extended warranty programs. Some credit card companies also offer phone insurance. To learn more, check out our credit cards with cell phone insurance guide.

Before purchasing, be sure to check the specific benefits of your provider’s Asurion plan. This can be especially confusing.

For example, Verizon’s Extended Limited Warranty does not cover liquid damage or batteries, but these areas are covered under Asurion’s wireless phone protection, which is part of Verizon’s Total Equipment Coverage package. (If you choose Verizon’s Extended Warranty but not the Total Equipment Coverage, be sure to familiarize yourself with the differences.)

For many consumers, price is the most important factor in choosing a warranty program – but keep in mind that most plans include a deductible, the amount of money you have to pay if you lose your handset.  A cheaper monthly fee likely means a higher deductible. Also, be aware that varying state laws can result in variations of plan terms and conditions.

Here are the 5 best smartphone insurance and warranty programs we’ve found: